What Is vSlice? - for Beginners
There is a high chance that you must be aware of the cryptocurrency Ethereum, which is the second-most popular cryptocurrency after Bitcoin. Ethereum came into existence in 2014. Just like Bitcoin, Ethereum is also an open-source blockchain cryptocurrency platform. However, what distinguishes Ethereum from Bitcoin is Smart Contracts.
What is vSlice?
vSlice(VSL) provides access to a particular Smart Contract on the Ethereum Network. Holding the vSlice tokens gives you access to the Smart Contract. It is a self-operating computer program running on the Ethereum blockchain that executes specific actions following a set of rules.
Smart contracts can be used in many different ways including the exchange of money, property, and anything of value. Since the smart contracts run on the Ethereum blockchain, you can expect zero interference from third parties.
The Ethereum Virtual Machine(EVM) allows everybody to run any program on the Ethereum Blockchain without creating a new blockchain for their program.
Ethereum is a decentralized platform, and it runs decentralized applications. These decentralized applications are called dApps and vSlice is one of these dApps.
vSlice is a token for vDice. To play the game vDice, you need Ether vDice is another dApp on the Ethereum, and every dApp on the Ethereum blockchain uses Ethers for payments. vDice is a gambling game, and it can produce profits.
vSlice is a meta-token on the Ethereum blockchain, and it operates with three smart-contracts.
- The first smart contract is called as VVallet Smart Contract: It is used for holding your coins.
- The second one is called, 'Token Smart Contract: It identifies you with your Ethereum address. It determines your payments and how many tokens you receive.
- The third smart contract is called, 'Profit Container Smart Contract: The profit from the vDice game goes straight into this part of the contract. It also works with the 'Token Smart Contract' to validate the balance.
The holders of the vSlice tokens receive vDice profit share. The number of tokens determines the proportion of profits received by the token holders.
To Sum Up
vSlice(VSL) is a smart contract system built on the Ethereum blockchain technology. It is well integrated with the vDice game, and it is used to distribute vDice profits among the vSlice token holders.
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