Peerplays Blockchain Distributes First Rakes to Stakeholders
On November 4, 2017 at 16:00 GMT, the Peerplays blockchain distributed its first rakes with stakeholders of the provably-fair peer-to-peer gaming network. The previous 30 days included the playing of the first decentralized app (DApp) on the main network called Helmbet which is a classic rock-paper-scissors game published by Pacatum. During that time, 21 tournaments were played for a total prize of 25.5 PPY. 3% of that prize (0.765 PPY) was collected as a rake by the blockchain. 0.76481 PPY, was shared with 679 stakeholder accounts in proportion to their holdings of the core token, PPY. The remainder of the 3% (0.00019 PPY) was too small to distribute with the available numerical precision of the blockchain and is being retained for the next sharing on December 4, 2017.
Details of the Rake Sharing
The process of how the Peerplays blockchain shares rakes with stakeholders has previously been described by the Peerplays Blockchain Standards Association (PBSA) in fairly technical manner. The process effectively goes through three phases: (1) collection of the rake by the blockchain, (2) allocation of the rake to stakeholders, and (3) paying out the allocation.
Collection of the Rake
When a tournament has successfully concluded, a portion of the prize is collected as a rake by the blockchain. This amounts to 3% of the prize as the blockchain is currently configured. The rake is set set aside until the next periodic allocation cycle.
Allocation of the Rake
The allocation cycle is currently configured to occur once every hour. At this time, the blockchain checks to see whether the available rake is greater than a minimum threshold before proceeding. If the threshold is exceeded, then the available rake is allocated to stakeholders in proportion of their stake relative to all others at this moment in time. (Whether the account held any PPY before or after this moment is irrelevant. What matters is what the account holds when this allocation cycle occurs. During this first month, there were 720 allocation cycles.) If an account’s allocation falls below the minimum precision that can be measured for that asset by the blockchain (e.g. 0.00001 for PPY), then that allocation is effectively zero.
To reiterate, whether any particular account receives an allocation during a particular cycle depends on:
(a) the amount of rake collected since the prior allocation;
(b) the proportion of stake held by the account when this allocation cycle occurs; and,
(c) whether that allocation exceeds the minimum precision that can be measured for that asset by the blockchain (e.g. 0.00001 for PPY).
This allocation is internally aggregated by the blockchain with the account’s other “pending payouts” until the next payout cycle.
Paying Out the Allocation
The payout cycle is currently configured to occur once every 30 days. At this time, the blockchain distributes the pending payouts to every account that has been allocated since the prior payout cycle.
Next Rake Sharing
Although the next distribution of rakes will occur on December 4, 2017, the reader should be reminded that the sharing of rakes occurs every hour that a rake is collected and from every DApp that is integrated with the blockchain.