MAGIC Token: Expanding the Steem Ecosystem
It is amazing the evolutionary process of applications.
Steem is in a wonderful position because there are a number of applications already released. This is the first phase. After that, it is crucial to watch what developments take place as the projects are upgraded and enhanced.
One of those is @magicdice. This is a game of chance that is on the Steem blockchain. It is also one of the more active applications in terms of Steem used. This is only natural for a gaming application since transactions are taking place all throughout the day.
The team issued an update the other day which is really exciting.
To start, they are issuing out their own token. The MAGIC is going to be released at some point next month. It is designed to reward users. Each STEEM (or SBD) wagered will earn MAGIC tokens. 60% of the total distribution of 7B will be done this way.
There is also a referral pool where Steemians can get MAGIC for sending people to the application. This is where another 10% will be distributed.
We all know the SMTs are delayed. This was a bummer to most of us yet it is not deterring the developers. They realize the protocol will be released at some point hence they are proceeding as planned. Sure, there are some adjustments along the way which will end up leading to the same place.
The major premise of the @magicdice announcement is to stimulate use. People will only return to an application like that if they are getting rewarded. The magic (no pun intended) of SMTs is they enhance the rewards people get for doing the same activity. With the MAGIC token, players will not only be rewarded in STEEM but also MAGIC.
One of the things I found most exciting about their announcement is the fact they will accept all SMTs once they are released. This means any Steem based application that issues a token will be accepted by this application.
It is logical to look at each application on Steem as it's own individual ecosystem. However, it is imperative that we step back and look at the whole. SMTs are going to create an entire economy which will allow people to move across many different applications. This is an example of how it works. By accepting any SMT for the games, it enhances the value of every SMT.
Ponder the situation when there are hundreds of different SMTs people are earning on a monthly basis. All those tokens will have more value because they can be used within this self-contained ecosystem.
@magicdice is going to be one of the first to implement this.
For those who are not into games of chance, yet want to support this endeavor, there is a delegation program where MAGIC are paid out for each SP.
They are also planning to add other games such as lotteries.
The entire post can be viewed here.
We know games like this have a way of attracting a large following. Leaving personal views aside, from a business perspective, this could be huge. Some of the most popular DApps today are games like this. Bitcoin and EOS did very well with them. Hopefully Steem will see similar results.
I am not personally into games such as this but I love what I am seeing out of this team. It is a project that really could jump amount of activity on the Steem blockchain. If I am reading this properly, since MAGIC are paid out for each SP wagered, there is a guaranteed reward each time. It obviously might not equate to what is wagered yet it is something to offset the loss a bit.
This could be a very interesting project to watch.
If you found this article informative, please give an upvote and resteem.
So it seems that you get the same number of tokens whatever the risk you choose for your bet. This means that you can set it at a 95% chance to win and basically farm tokens this way. I'm not sure this was their intention. I have this in post from here if anyone wants more info.
Its very common to "mine" gambling dapp tokens, just like eos dapps and Tron dapps, although if they leave it open sourse then there will be the same problem as what happened with eos, Copy & Paste devs, create a dapp, and exit scam. eos dapps are pritty much already fucked cos of this and mannnny people have been proper rekt. Tron bet however decided not to keep it open source so noday else can copy there game and take peoples investments and fuck it all up lol.. i just got my 2 mill Magic, and will see what happens to them in the future. Open source is great for transparency, but not that great for buisness for the devs nor the players/token holders/investors..
That's crazy, surely all they had to do was link the token to the risk in the game and they wouldn't have this problem. Unless I've fundamentally misunderstood whats going on here. Oh well, I'll keep going until my 5 steem has earned me 20 000 tokens and then stop. Maybe I'm the fool here somehow and just cant see it.
It all depends on how much you need crypto to be a sucsess i guess, like for myself i enjoy my freedoms and have and will keep working just to invest on crypto, ive turned into a div addict 😂
Posted using Partiko Android
Yes I think that's a good way to be. Sometimes its all to easy for my stupid monkey brain to get carried away with all this fake internet money! None of it is worth anything unless its worth something.
Oh i forgot to say i am completely no tech minded so for me I have no fucking clue about it all 😂
Posted using Partiko Android
If you're wondering just how much MAGIC tokens could actually be worth and if the game is worth playing right now, here's a bit of maths I did to calculate just that!
To listen to the audio version of this article click on the play image.
![](https://steemitimages.com/640x0/https://s18.postimg.org/51o0kpijd/play200x46.png)
Brought to you by @tts. If you find it useful please consider upvoting this reply.
Thank you so much for participating the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!
I made a video about this topic. My mind is blown this is really a masterstroke of decentralization!
Posted using Partiko Android
I will check out your video @ivansnz
awesome id love to hear what you think about it :)
Im a little bit concerned that the steem blockchain cant process this game smoothly? anyone else?! or is it because is new coding or something tech that I dont understand?
Edit some hours later: and there i was thinking that 100% RC meant you had 100% Rc's not it was 100% finished!!!! hahahahahahaahahah
No Im not concerned.
The steem blockchain is capable of much more
Posted using Partiko Android
That what i know to be true but for today partiko keeps telling me "its busy,try later 😂"
Busy?! Whats it doing,homework?! 😂
We are still in alpha, if you wanna call it so.
If you don't want to experience such problems. Buy Steem Power!
Then you have more RCs and shouldn't have such issues anymore.
Pfff
Posted using Partiko Android
Sehr shoen,ich habe über 2000 euro steem shon gekauft.. Und sie?!
Posted using Partiko Android
Ich habe bisher ungefähr 100€ ausgegeben ;) und das zu einem ziemlichen Hoch.
Der Rest ist selbst aufgebaut.
Aber selbst wenn ich jetzt 2000€ investieren würde, wären das nicht viel..
Dann hätte man evtl gerade genug SP um sich einen neuen Account (über RCs) zu claimen.
your lucky! I remember one time happily buying 100 steem for 400 euro, and thinking it was still a great price hahahahahahaha
Haha
I would prefer if all my steem were earned and none bought.. :)
But well.. Trying to invest again soon, altough it's really not easy as student.
Posted using Partiko Android
but one thing is, why hasn't my password been saved on steem connect on the magic dice website? would it be completely safe to input it, even if my passwords should already be saved as i have them saved on Brave Browser?
Edit: I see know that we can give over our private posting key which is ok i guess :) Also I think its crashed the blockchain hahahahaha
The ecosystem continues to expand with diverse offerings which will result in better distribution of interests across the DApps that evolve.
Posted using Partiko iOS
Great article.
If not smts then
Stratos or Vaporchain
I totally agree with you, especially with the end ;)
Posted using Partiko Android
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