Mystic Poker Review: Linking Traditional Poker to Crypto to Increase Value for Players
Gaming has been an essential part of the history of mankind. While the industry keeps on evolving, the world continues to witness advancements in handling games. The 20th century opened doors to gaming on technological devices rather than on the ground. Likewise, many of them received online representation, including gambling games.
Poker is among the trending gambling games, owing to the introduction of numerous online casinos during the COVID-19 global pandemic. Additionally, blockchain support for poker has in itself presented multiple benefits, including but not limited to increased security, transparency, anti-manipulation, better gaming models, and anonymity.
Mystic Poker is one of the recent projects utilizing this opportunity to progress poker games. It reveals a new outlook, bringing traditional poker into the blockchain world to give players better winning opportunities. That being said, what is there to know about the project? Read on to quench your curiosity.
Introducing Mystic Poker
The market size of online poker is constantly growing each year, with more participants and games coming up. Considering the multi-billion dollar online gaming industry today, online poker plays a heavy role in its market's income annually. According to current statistics, online poker accounts for over 2 billion dollars of the online gaming industry.
This trend is expected to grow exponentially over the next few years, profiting both platforms and players. Considerably, there is more to online poker, accounting for social media sites with such games and location-based casinos and gambling places.
However, the sector is not without shortcomings that may limit its expansion to its full potential. One of the main stress points is the constant legal constraints in different countries. The lack of proper regulations for the industry creates uncertainty for both site owners and players. Landing into problems with tax authorities is also another issue to look into.
Others include the presence of bots making the games harder to navigate, the time it takes to withdraw winnings, funding the online poker account, security, fraud, and sticking to traditional trends.
Mystic Poker presents itself as a site exploiting the growing industry while eliminating the pain points limiting its expansion. Furthermore, it hopes to go along with the legal limelight that will improve the overall condition of the market.
Leveraging Crypto as a Solution
Mystic Poker is shining light on the advantages of having cryptocurrencies in online poker. It developed a cryptocurrency to run transactions on its gaming site, utilizing Binance smart contracts. Likewise, the currency will be a BEP-20 coin, available globally for users to acquire and use during their time on the platform.
As the site progresses, the coin will launch on different exchanges to make it extensively available for interested parties. Anyone can also use it as long as they are in a permitted region. This factor applies to where online poker is legal due to its ranking as a credible game, where there are no regulations controlling online poker participation, and where online poker runs under the surveillance of an authority.
Moreover, the crypto will eliminate any third parties, which could compromise the credibility of the platform and its games. Consequently, it will carry the general advantages crypto serves in the market today.
Why Mystic Poker Settled on Binance Smart Contracts
Mystic Poker values the smooth running of its operations once it starts offering services to users. As such, the Binance smart contracts serve the central purpose of ensuring a decentralized environment to carry out its endeavors. Furthermore, they maintain anonymity among participants, creating a free space devoid of third parties.
Smart contracts are also a cushion against fraud and other unfair dealings associated with online poker. Combined with its blockchain infrastructure, users can rest easy thanks to an immutable transaction history. Also, the platform will employ randomness in most processes to give everyone an equal chance of participation.
Using the BEP-20 structure for its token shows the continued trust of developers in the coin standard. All its contracts will be available for the platform’s users to view and keep up with the changes.
Lastly, unlike most traditional blockchains, the Binance Smart Chain battles the problems with traffic, transaction speeds, and fees. Utilizing the smart contracts gives Mystic Poker an upperhand in maintaining fast transaction settlements and cost-effectiveness.
Tokenomics
As earlier mentioned, the Mystic Poker token (MYP) is a BEP-20 coin, with a maximum and circulating supply of 100 million coins. To view more details on its smart contract, visit here. It has a market capitalization of $367 593, selling at $0.003751. Anyone can participate in any game the site offers using the coin, which is not limited to use only on the platform.
The site scheduled its presale for Q1 2022, forming partnerships with Pinkslip, PancakeSwap, Coinmarketcap, and StakeMaster. It directed 38% of the coin’s maximum supply to the event, leaving:
23% for game rewards,
7% for investors,
24% for liquidity,
3% for marketing,
4% for development,
And 1% for the team.
It expects changes in the coin's value, further explaining its obligation to change the game limits where necessary. The platform adds that its growth and that of its coin largely depend on the jurisdictions involved globally. Likewise, it can be positive or detrimental to the platform's health and its coin.
Dividends
The MYP token aims at rewarding its holders from the proceeds gathered from every transaction. Therefore, from the 6% fee acquired from buying and 12% fee acquired from selling, 2.5% and 5% will purchase BNB to reward MYP holders, respectively.
Notably, every user should expect payment of their rewards in BNB. To automatically receive the rewards directly to the consumer wallet, a user needs to purchase 20 000 MYP. Otherwise, there will be extra action from their end for the process.
Marketing, liquidity lock, and burning will each receive 1% from the fees. 0.5% will go to continued developments on the platform.
Pros of the Platform
Security and anonymity: Through blockchain technology and the Binance smart contracts, users can enjoy transparent, fraud-free, safe, and private participation on the platform.
Fast and cheap transactions: Unlike the traditional poker space, users can enjoy instantaneous settlements at low costs without worrying about intermediaries.
Randomness: Besides the assured advantages of decentralization, the site employs random selection during participation to ensure fair chances for all.
NFT marketplace: Once the custom games launch, the platform will allow users to rent or sell unique card decks featuring mystic entities on its marketplace, which is currently under development.
Rewards: Users can derive value from games while earning passively from holding MYP tokens.
Affiliate programs: Users can refer others to increase the Mystic Poker community while earning from it. The blockchain infrastructure will allow users to monitor and train anyone they refer to the platform, depending on their proficiency level.
The Cons
The MYP token’s value could be influenced by external factors, which could be detrimental to its market progress.
What Next?
The platform is yet to develop fully and integrate games for users to participate. While preparing for the site’s audit, it has 3 platforms ready for testing by the team: the NFT marketplace, the mint platform, and staking platform.
It is also working on the NFT card decks before the ultimate launch of the ecosystem. Eventually, it will release game versions, follow up on more listings, plan tournaments, and develop mobile apps.
While it is still too early to determine the complete scope of how it works, there may be a promising future for its online poker evolution. Everyone is encouraged to exercise caution during participation to prevent losses.