The New E4ROW Token is Live!
The E4ROW development team is very proud to unveil its new token, an increased-liquidity upgrade to the original E4ROW token. In the coming weeks, we expect E4ROW to appear on the world’s most popular token exchanges and increase in value as its unique attributes become known to the larger Ethereum, poker, gaming, and investment communities.
About E4ROW The E4ROW project is dedicated to the popularization of Ether through the creation of compelling games that enable players to bet and win Ether. The E4ROW contract that is at the core of all these games acts as an automated escrow, enabling players to bet and win Ether without the need for a third party entity such as an online casino. Instead, games are head-to-head, there is no “house”, and bets and are held and distributed by the E4ROW smart-contract. The contract collects an escrow fee on each pot that is awarded, and this fee is proportionally distributed to the E4ROW token-holders, providing ongoing returns that will increase as more players play and more games are released. The first game that utilizes E4ROW, Uncle Finney’s Poker, is a simple 5 card draw-style poker contest for Android devices. A new version of UFP is available for download now at https://www.unclefinneys.com/. If you have a prior version, please update to the latest version. The next game to be released is Texas Holdem’, currently in development.
Before getting into the new token’s feature list, We’d like to express our deep appreciation to the dedicated E4ROW community for their patience, feedback and support while we created, tested, improved, tested and tested some more. The new E4ROW token is officially live, and instructions for converting old tokens to the new tokens are now available on the E4ROW website at https://www.e4row.co.il/how-to.
1. Token Split! Every original E4ROW token can be converted into 1,000.00 new tokens.
Notes: -Beyond the multiple above, no new tokens will be minted! Original token holders will experience zero dilution. -Only pre-existing, original E4ROW tokens will be converted into new tokens. -Developer tokens will remain locked for the original time frame per the original contract.
2. Streamlined Payruns The payrun function has been streamlined. E4ROW will be able to handle the much-larger number of token accounts, without forcing token-holders to wait for payruns. We borrowed heavily from a technique outlined by Mr. Nick Johnson, so many thanks to Nick. See: https://medium.com/@weka/dividend-bearing-tokens-on-ethereum-42d01c710657
3. New Fee Structure We have made some significant refinements to our gaming fee structure that will benefit token-holders and motivate outside developers. Before outlining these refinements, let’s define two terms for the sake of clarity, the Escrow Fee and the Arbiter Fee:
Escrow Fee defined: This is the fee charged by the escrow contract for the escrow service. This fee always enures to the benefit of E4ROW token-holders. The escrow fee in the original version of the escrow contract was fixed at 2%.
Arbiter Fee defined: This is an optional fee that can be set by a developer which is charged by the escrow contract to create a profit for the arbiter/game-developer. This fee, if set greater than zero, enures to the benefit of the game developer/arbiter.
With these 2 terms defined, we will now elaborate on each one:
3(a) New Escrow Fee In the original escrow contract, the escrow fee was fixed at 2% of the “pot”. In contrast, in the new escrow contract each arbiter can specify an escrow fee. We made this change after consulting with some members of the pro gambling community, who convinced us that for many games, a fixed 2% fee was below market. A larger escrow fee will obviously benefit token-holders by yielding larger dividends, so long as it is not too large to dissuade usage by gamers.
Notes: - The escrow fee CANNOT BE SET LESS THAN 2% to preserve returns to token-holders. - For Uncle Finney’s Poker, in the original version of the escrow contract, the escrow fee was 2%. For the new version of Uncle Finney’s Poker, the escrow fee will be set to 2.1%. We felt the market wouldn’t mind this very slight increase, and it would increase token-holder dividends. 100% of this increased escrow fee goes to E4ROW token holders. - The escrow-fee is set at the time the arbiter registers, and cannot be changed thereafter. - You can see the escrow fee that an arbiter has set via the getArbInfo function.
3b) New Arbiter Fee We’ve been approached by several developers who expressed an interest in writing E4ROW games — but they wanted to have some profit potential. In the original escrow contract, there was no provision for an arbiter to charge a fee for themselves. In contrast, in the new escrow contract, each arbiter can set an “Arbiter Fee”, which will be paid directly to the arbiter. We made this change to encourage outside developers to create E4ROW games independent of us.
Notes: - The Arbiter Fee CANNOT BE SET TO MORE THAN 1% - In Uncle Finney’s Poker, in the original version of the escrow contract, there was no Arbiter Fee. Likewise, in the new version of Uncle Finney’s Poker, the Arbiter Fee will still be ZERO. The E4ROW team is not taking any fee as developers. - 100% of the arbiter fee goes to the arbiter (game developer account). - The Arbiter Fee is set at the time the arbiter registers, and cannot be changed thereafter. - You can see the Arbiter Fee that an arbiter has set via the getArbInfo function.
4) Gas Cost Reimbursement In the original escrow contract, there was no provision for an arbiter to recover actual gas-costs associated with payouts. These costs have been going up (measured in fiat) with the price of Ether. For example, consider a simple transaction that consumes 20,000 gas: When the USD price of Ether was $10, the gas-price was approximately 35GWei, yeilding a transaction cost of 35(10^-9)*20,000 = 0.0007 ETH, or $0.007. Now, with the USD price of Ether at a recent $400, the gas-price has only gone down to 15GWei. So that same transaction costs 15*(10^-9)*20,000 = 0.0003 ETH, or $0.12. In order for arbiters (including us) to be viable for the long term, we wanted to remove these variable costs.
Notes: - Gas cost is calculated in the contract from the gas price during transactions - The gas consumption cannot be modified - The gas-price (cost per unit of gas) is extracted from the actual escrow transaction. It cannot be modified. - Arbiters are only reimbursed for gas-costs associated with transactions that they initiate (not bets, which are initiated by the players).
5) Fee Maximum Cap In the original escrow contract, there was no provision for a maximum cap on fees. In contrast, in the new escrow contract each arbiter can set a maximum fee at the time the arbiter registers. We made this change after consultations with some members of the pro gambling community, who convinced us that the game would be more appealing to serious poker-players if it included a maximum cap.
Notes: - The fee cap applies to the SUM of the escrow fee and the arbiter fee (if any). The fee cap does not apply to gas costs. - For Uncle Finney’s Poker the maximum fee for any game will be 20 Finney. - The fee cap is set at the time the arbiter registers, and cannot be changed thereafter. - You can see the fee cap that an arbiter has set via the getArbInfo function.
6) With the new token and contracts formally launched, dividends have stopped accruing for old E4ROW tokens, and are now accruing for the new tokens. If you do not promptly convert your old E4ROW tokens to the new tokens, that is totally fine -your dividends on the new contract will accrue, regardless of when you convert your tokens. You will recover those accrued dividends when you finally perform the conversion. - You will be able to withdraw any accumulated dividends on the old E4ROW contract until the time that you finally convert to to the new token.
The source code for the new escrow and token contracts can be found at: https://github.com/liveplayergames/E4RowEscrow
In both cases the new code is on the LAVA branch. Please post any comments you have regarding the code on the #ask_us_questions Slack channel.
It is our belief that the new, highly liquid E4ROW token, with all its new features, will increase value for all token-holders. We very much appreciate your continued support.
-E4ROW Development Team