Introducing the Three Guild Classes to iPirates
Three new Guild classes (Merchants, Pirates, and Royal Navy) are to be introduced to iPirates dapp running on the IOST blockchain. In addition to encouraging more active playing and increasing user engagement, the Guilds create a more balanced and sustainable tokenized ecosystem that generously reward shrewd player strategy.
In iPirates there is a two token system. BOOTY is a fixed supply token that was airdropped to all iPLAY token holders that had frozen it by the snapshot occurring on Dec 12, 2019. LOOT is the mineable reward token issued out for playing the game and is auto-staked earning real-time dividends payable in IOST tokens.
All existing and new players will start out in the Merchant Guild. At any time, players can opt to switch to a different guild at the cost of a 2% burned LOOT fee of your existing holdings.
Merchant Guild
Only Merchants are able to unpledge their staked LOOT in order to compete in the weekly leaderboard contests. All mined LOOT are instantly staked and earn real-time dividends paid out in IOST. Merchants are required to pay a daily protection fee of 1% of their pledged LOOT to the Pirates Guild. This fee can be lowered by purchasing and holding BOOTY for a reduction of 0.1% for each 1000 BOOTY held up to a maximum of 0.5%.
Pirate Guild
Pirates temporarily burn their staked LOOT in order to receive a share of the Pirates reward pool that is paid out in IOST. Up to 1% Protection Fee from the Merchants Guild goes directly to this reward pool and is subject to a daily 1% tax in which half (0.5%) is paid out in LOOT to the Royal Navy Guild and the other half (0.5%) is burned. Any mined LOOT for Pirates are temporarily burned to maximize a larger percentage share of the reward pool, thus making Pirates ineligible to compete in weekly leaderboard contests. All temporary burned LOOT is returned back upon switching to a different Guild.
Royal Navy Guild
Royal Navy receives a daily 0.5% reward in LOOT from the tax levied to the Pirates reward pool. There is a temporary burn of all your staked LOOT (that is returned back to you upon switching to a different Guild) in order to receive a share of the Royal Navy rewards. This class is the only one that is free from any taxes. Royal Navy members receive only LOOT as rewards (that automatically compounds every second) and can not compete in weekly leaderboard contests nor receive any rewards in IOST.
Changing Guilds
Each Guild has its own unique advantages and disadvantages. Royal Navy Guild offers the benefit of not receiving any IOST rewards in exchange for the ability to compound your LOOT holdings. Pirate Guild allows you to maintain a steady level of LOOT while receiving IOST dividends from the Pirates LOOT reward pool. Merchant Guild provide a consistent stream of IOST rewards and the ability to compete in leaderboards, but at the cost of a slow, steady decline in your LOOT holdings.
Rewards will be determined upon switching to a Guild based on your initial percentage holding relative to the reward pool. The net amount of rewards received will be significantly influenced by the number of members and whether any "rich whales" reside in each Guild. Consequently, this will require you to observe and anticipate trends and to also make timely adjustments along with opportunistic switching of Guilds in order to maximize your earnings. Choose wisely!
