LigerCoin

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Template:Infobox cryptocurrency/sandbox LigerCoin is an online cryptocurrency token based on the underlying technology provided by the Ethereum ERC-20 technical standard.[1][2][3]

Overview

LigerCoin is designed for use in offline and online casinos, fantasy sports, gaming and sports betting. It uses the principle of smart contracts on the underlying Ethereum Blockchain[4] to authorize transactions on the decentralized platform made using the LigerCoin currency.[5]

The existing problems related to the Casino gaming industry, most notably the lack of transparency, presence of intermediaries and varying speeds of settlement[6] seem to be solved by introducing blockchain technology by using a unique method of authenticating transactions. Mitigation of risks associated with transfer of funds, including withdrawals and deposits, also seem to be accomplished by using a decentralized ledger system such as the Ethereum platform.

Uses and exchanges

The laws and regulations related to gambling, sports betting can vary heavily depending on the region and country where the operations are based. Conventional casinos and other commercial establishments related to betting cannot offer experiences and privileges like instant transactions, anonymity or insulation from having their credit score jeopardized.

The company, Liger claims to address these shortcomings of conventional casinos by allowing their currency as a standard means of exchange and implementing a way to maintain a stable rate of exchange with a decentralized and fast way of conducting transactions.

The company announced the conception of an app for mobile platforms which would enable holders and users of Liger tokens to participate in live games and tables at affiliated casinos, thereby reducing the effect that geopolitical restrictions have, on a user's ability to participate.

While the LigerCoin tokens are currently accepted at affiliate casinos in Zambia and Sri Lanka, there are plans to expand into South east Asia and Eastern Europe, as well as online casinos where users can play games and participate exclusively using Liger tokens.

Staking mechanism

The algorithmic implementation of the currency allows the holders of LigerCoins to 'stake' their tokens with the casino, which the affiliated casino would then use to bet on behalf of the holder. A percentage of the winnings (after provisioning and accounting for operational expenditures, reserves and taxes) of the casino would then be distributed to all holders who staked their currency, with each payout proportional to amount that the respective holder staked. Long term holding of the currency with stakers is thus incentivized by this mechanism.[7][8]

Burning mechanism

LigerCoin's implementation of smart contracts provisions for a part of the casino's winnings in LigerCoin tokens to be periodically 'burned' or invalided out of circulation to maintain the value of the currency and keep the number of units in circulation under control. [7][8]

History

The idea was conceptualized in July 2017 with the pre-initial coin offering (ICO) phase beginning in April-2018. The parent company is registered with the Malta Financial Services Authority.[9]

References