Extended REDC Utilities
RedChillies (REDC) is extended from governance token to "Reserve Currency" token that enables multi-token denominations into game playing feature of ZilChill platform. The core development of REDC token is maintained by "RedChillies Labs, Inc.", a US-based company governed by REDC token that contributes in the development of decentralized applications to support the mass adoption of open blockchain technology. REDC token is used in ZilChill platform for gaming purposes.
Last Updated: Nov 21, 2021

Abstract

The future of our financial world is multi-token. A single token can not fulfill the demand and sentiments of everyone. Based on different communities, based on different use cases, based on different emotions and based on different influences, there will exist many tokens. This is the world we are heading towards. While we tirelessly advocate for open, permissionless and borderless gaming platform, we are moving forward to bring Zilliqa, Bitcoin, Ethereum and more communities together. Hence, we are proposing to upgrade ZilChill Gaming Platform by integrating a "Reserve Currency" into its gaming core so that users will be able to play games with tokens they already have, without any hassle.

Introduction

As of now, users are limited to owning ZIL tokens in ZilChill platform to play games while there exists Zilliqa Bridge and other powerful communities of ZRC-2 tokens. Hence, we are integrating REDC token as "Reserve Currency" in ZilChill games to open up the possibility of multi-token game-play. Initial version of this project will enable users to play games with zWBTC, zETH, zUSDT, ZIL and REDC. And the final version of this project offers acceptances of BTC, ETH, ZIL and REDC into ZilChill taking all the bridges and swaps outside of user-front.

Reserve Currency System & Multi-Token Economics

ZilChill Gaming Platform offers various multi-player games, PredictionDEX, p2p Prediction Markets, Player's Profile Build, Collectibles, Fantasy Games and supports GameFi for lending and borrowing options. In Scorpio Phase of ZilChill (2021), users were able to create or host games using REDC token; joining or playing fee was transacted in ZIL token and same ZIL tokens were used for rewards.
With the introduction of REDC token as "Reserve Currency" of ZilChill Platform, multi-token game playing is enabled. REDC token acts as the Reserve Currency of ZilChill while players are able to use ZIL, REDC, zWBTC, zETH, and zUSDT. For chess games, ZCH token may be used to play, and for UFF Sports, SCO tokens can be used to play games. Winners are by default rewarded in REDC token while there can be other tokens in some collaborated games for prize withdrawal.

PredictionDEX of ZilChill

A decentralized exchange for trading and swapping conditional-tokenized predictions is PredictionDEX of ZilChill. This DEX is similar to Uniswap or ZilSwap with AMM feature but the trade happens for conditional tokens of outcomes of events. This project delivers an autonomous market making (AMM) application by leveraging the power of decentralization to make reliable forecasts. This will also become a hedging tool against unexpected event outcomes based on socio-political changes. REDC token acts as a reserve currency and base pair of all outcomes in PredictionDEX.
How is the market created?
Markets in PredcitionDEX are always created by Users. These markets are kept for REDC voting for 24 hours. Each market needs to get at least 1,000 REDC votes (on theory 10 governors with 100 REDC) and must achieve positive favors with 10% margin.
All markets must have 8 info submitted:
a. Category [ Sports, Politics, Finance, Housing, Crypto, Science, Social, Environment]: Pre-defined b. Sub-category [ Eg; league names; if no sub-category, use this for Hashtag]: User-input c. Location [ Specific City, Country, World-wide]: Pre-defined with type-ahead d. Title [Limited to characters]: User-Input e. Conditions [ Yes or No or Optionals limited to 5]: Y/N -> Pre-defined; Options -> User-input f. Resolution case + source [ URL] --> Winner must be only 1 “condition”: User-Input g. Market Trading Kickstart (starts receiving prediction) + Expiration Timestamp (stops receiving prediction): pre-defined h. Information source [ URL with paragraph - optional]: User-Input
Market creator gets 10 Loyalty Points if approved from voting.
How is market available to users?
Availability of market to users means “user will have opportunity to host the market for collecting 10% of pool prize”. Markets created by “Users” need to meet voting requirements and then they are available for all users to host via bidding mechanism on “Liquidity Factor”. Bidding opens for 24 hours and the bidder with highest bid on Liquidity is declared as “Host”. While bidding for Host, SC must charge “REDC” fee + “Liquidity Bid Amount” together. Bid losers can claim both REDC fee + Liquidity Bid Amount when bidding expires. Host spends 0.1 REDC – 1.0 REDC for a game.
Hosted games will offer 3 features:
a) Accept Ads – Host can enable this by paying 1 REDC. Host can advertise for free or accept other ads and receive 80% of ad revenue. 1 REDC as fee + 20% ad revenue goes to Oracle + Governor. This feature gets locked before 24 hours of market expiration.
b) Promote Market – Host can enable this by paying "current placement bid + 1 REDC". Promoted markets are listed on home page “Sponsored” section for 24 hours. All fee goes to Oracle + Governor. This feature gets locked before 24 hours of market expiration.
C) NFT Mint Coupon – Anyone can bid on Hosted game for winning NFT Mint Coupon before 24 hours of market expiration. Bid price starts from 1 REDC. Winner gets 1 NFT Mint Coupon that can be used for “random minting” or “minting that bided game”. NFT Owner can unlock “Accept Ads” for game page ownership. Bid paid amount goes to Oracle + Governor. This feature gets locked before 24 hours of market expiration.
Host receives 10% of 2.5% of every trades directly sent to wallet. All APM market, which are hosted, opens for a limited time as they must come with opening + expiration timestamp. APM Markets can open up to 1 year maximum & for 72 hours (3 days) minimum from the submission date.
How is market traded + liquidity provided – Conditional Tokens?
Users can use REDC token to buy the prediction shares on “option/condition” of market. Users can trade their prediction share any time before the market gets expired or resolved. When expired or resolved, only the “correct” prediction shares can be redeemed for value 1. Prediction Shares can be traded to any verified markets of PredictionDEX. Users can provide liquidity to the market to receive “their contribution %” of 80% of 2.5% of all trades.
[info on trading + liquidity]
A source of revenue is generated through 1 process before 24 hours of market expiration time or immediately when resolved by “condition met”: (a) Bidding on NFT Game Page ownership – starts with 100 REDC (threshold). Bid winner can choose either “Game page Ownership” or “Fresh Minting Coupon”. If there is no Game page ownership, NFT goes into “Un-minted NFT Pool”. The bid amount goes to Oracle + Governor.
How is market resolved?
Markets are resolved by 2 processes: (a) Market Expiration Condition (b) Market Resolution Met Condition
Resolution of markets created by “Users”: These markets can be resolved by the process of “Expiration” or “Resolution Met Condition”.
(a) Resolution Met Condition: When these “Users” created markets are live for prediction trading, “Request Resolution” button becomes active. Any user can click “Request Resolution” by paying 10 REDC as collateral. “Governor/Maintainer” will check such request. If found valid, requester receives 10 REDC + 100 Loyalty Points back. This will turn market status “Finished” with 1st answer from “Governor/Maintainer” and “Dispute Resolution” button becomes active for 6 hours.
If “Request Resolution” is invalid, requester loses the collateral and market stays “Open” for prediction trading.
(b) Expiration Condition: When these “Users” created markets reach Expiration date, market status is turned “Finished” and “Submit Resolution” button becomes active. Any user can click “Submit Resolution” and choose “Winning Option” by paying 10 REDC as collateral. Once the system gets 1st “Submit Result”, “Dispute Resolution” becomes active for 6 hours.
If no one disputes within 6 hours, Oracle will automatically verify the resolution and market turns “Verified”. User who submitted “1st Answer”, if correct, gets 100 Loyalty Points.
If a user disputes, user needs to deposit 100 REDC collateral. Resolution is then manually checked along with public voting in Community Channel by “Governor/Maintainer”. If dispute is valid, disputer receives 110 REDC + 1000 Loyalty Points back. If dispute is invalid, 100 REDC collateral goes to Oracle + Governor.
Once the dispute is resolved, “Governor/Maintainer” will update the result and “Dispute Governor” button becomes active for 6 hours. If no one disputes, Oracle will trigger the correct result set by Governor/Maintainer to turn the market “Verified”.
For “Dispute Governor”, it costs 100 REDC collateral. This will create appeal in “Governance Portal” for finality in case of disagreement with “Governor/Maintainer” where official REDC voting takes place.
How is reward paid out?
All “Verified” markets are considered resolved and "correct” shares can be redeemed for value 1. Host is auto-paid 10% of 2.5% of all trades. Liquidity providers are paid 80% of 2.5% of all trades. Winners can redeem for value of 1. Losers’ shares become worthless (0).
GQR receives 5% and Oracle receives 5% of 2.5% of all trades. REDC Holders need to claim for GQR.

GameFi (Deposit/Lending-Borrowing) in ZilChill

The GameFi platform of ZilChill allows users to deposit or borrow REDC tokens at varying interest rates depending on the GameFi programs. For borrowing REDC token, GameFi smart contract accepts ZIL, zWBTC, zETH, zUSDT, gZIL tokens only as collateral. Users can utilize their borrowed REDC token to play games.

Collateral

Users can deposit ZIL, zWBTC, zUSDT, zETH, gZIL tokens as collateral to withdraw REDC token from the RedChillies GameFi vault. Any token that has been voted and accepted by the REDC community can also be used as collateral in the GameFi platform.

Staking

RREDC token holders will be able to stake their REDC tokens in the platform. Staking incentives will be provided through the GameFi platform to the people who stake their tokens. These tokens will be used to lend REDC tokens against the collateralized tokens.

Liquidation

An oracle calculates the collateral and debt ratio from the decentralized exchange i.e, ZilSwap. If the collateral provided by the user becomes undercollateralized then the collateral provided by the user is liquidated and the fund collected is supplied back to the pool. The benefits from the liquidation of the collateral i.e, the amount that is left after deducting the amount of borrowed tokens are left as staking reward in the pool.

Borrowing

Users can borrow REDC tokens after depositing certain collateral in GameFi. After they borrow the tokens, they need to repay the loan and the interest generated by GameFi to redeem their collateral. The repaid loan will be supplied back to the pool whereas the interest will be left as staking rewards in the pool. In case the users miss the deadline to return the loan, the collateral will be liquidated.

REDC Token For Gaming Mechanism in ZilChill

REDC Token enables a new gaming mechanism in the ZilChill Gaming metaverse. Host and Players can have their own profile, level up their profile with a player ranking system, called ZCR ( ZilChill Rankings). Leveling up a profile depends on the number of games the player has hosted or played. ZilChill Rankings (ZCR) is a positive number, that represents a direct reflection of player skill. The more you win, the higher your ZCR will be.

Fantasy Games, Collectibles & Marketplace of ZilChill

ZilChill will launch Fantasy Games in parallel to further boost real sports. All games of ZilChill are by default minted as a NFT's with the feature of game page ownership and sponsorship. A play-to-earn gaming mechanism will be introduced in the form of ZilChill Collectibles(ZCC). Players and hosts can win unique Gaming NFT based on games, levels, rankings, profile scores, and milestones. ZilChill Collectibles(ZCC) is presented as a reward f the games that can't be minted by monetary value without climbing the ZCR ranks. ZilChill Collectibles(ZCC) will always have special value while playing games on ZilChill Platform.
These NFT's may be available for resale or auction in other marketplaces like Mintable and ZilSwap's ARKY.

100% of the REDC tokens utilized in ZilChill platforms are recycled back to the ecosystem as rewards for game winners, hosts, oracles, and governors. RedChillies Labs does not charge anything on any of its applications now.

Roadmaps & Milestones

These are some of the tentative roadmaps. Extended utilities REDC token gets fully integrated into ZilChill from early Q1 2022.
Category
Prediction Market/DEX (PMG)
Real-time Multiplayer Games (RMG)
Third-party Games (TPG)
Fantasy Sports Games (FSG)
Gaming Finance (GameFi)
Q1 2021
p2p Football Prediction
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Q2 2021
p2p Cricket Prediction
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Q3 2021
p2p Basketball Prediction
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Q4 2021
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Ludo Dice
Chess
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Q1 2022
p2p Prediction Market - User
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p2p UFFSports Prediction
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Q2 2022
Adv. Liquid PredictionDEX
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Q3 2022
NFT Collectibles - PMG
NFT Collectibles - RMG
NFT Collectibles - TPG
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Lending/Borrowing
Q4 2022
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Fantasy Premier League
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Team & Partnerships

Currently, 4 Blockchain Developers, 5 Full Stack Developers, and 2 Operation Maintainers are working on RedChillies.
We are officially in collaboration with IgniteDAO, ZilChess, Review Capital, ZilHive, and UFF Sports