What is Hero?
HERO radically changes todays centralized way of online betting. The token enables you to join or create games on the ethereum blockchain.
The design of HERO enforces active and passive income streams for all participants in the ecosystem. This transparent and decentralized way of betting breaks the traditional "the house always wins" paradigm.
With HERO the community always wins.
How HERO Works
The HERO ecosystem consists of game creators and players. Everyone is able to participate by simply joining or creating games. The whole community benefits from a growing activity as every HERO token holder is ensured to receive a general reward of all played games. Additionally, those who take the effort to create games receive a provider reward.
WHO GETS WHAT?
Token Holders : All token holders are guaranteed a general reward out of all distributed prize pools.
Players : Game winner receive their respective part of the prize pool.
Game Creators : Game creators are rewarded for their effort to create and manage games.
The HERO System And The HERO Coin
Use of HERO
HERO is a crypto currency to be used in connection with the HERO Network („HERO Network“). The HERO Network is a decentralized pooling system that allows predicting future events in a cus-tomized game atmosphere. Different to today‘s betting system, the Developer has created a fully transparent system allowing a natural expansion by its own community creating games (Contests) on top of the HERO Network. This new decentralized model gives back a part of the rake to the community to let users participate on HERO success. In designing the HERO Network, the Developer has strived to address the following issues that the market for esports betting currently faces.
Pain (Current Betting Systems)
Unfair conditions - “The House” always wins
Online sports betting and esports betting is a fast growing and highly segmented market. Currently, there are many actors who only slightly differ in their offers. Most well-known betting websites exclusively offer fixed odds. In the process betting providers or bookies collect high margins and players lose their money. This system is based on the business model of bookmakers which only allows revenue for the company if the user loses.
Transparency and trust issues
In the opinion of the Developer, today‘s betting system is neither transparent nor trustful. Nobody can accurately track how much money is poured into the system or how the odds are created. Additionally, no one can fully guarantee payout, even if you technically won a bet. There are scam sites on the market that are known for declining payouts and even well-known betting providers ban professional players.
Lost social character
A bet itself has historically seen a very social character which was unfortunately lost in the last decades, especially in the age of the online betting boom. Players bet solely against companies and anonymous bookmakers, rather than with their friends and colleagues. Bookmakers offer unfair odds and leave users with the feeling of money having been stolen from one’s pocket.
Vulnerability to manipulation
Online betting is frequently involved in scandals due to manipulation. One of the reasons is definitely the centralised characteristic of today’s betting providers. Centralized systems are perfect targets for attacks from inside and outside.
Solution (the HERO Network)
Inspired by the above stated observations, the Developer has created a system that could potentially lead to a solution for some of the most pressing issues.
What if the community becomes the middleman?
Here‘s where the blockchain technology comes in place. The HERO Network allows peer two peer predictions of the outcome of games to take place independent of middlemen, such as bookkeepers or betting providers. The system relies on an innovative pooling system that makes it possible for players to challenge their friends or the community directly instead of using the services of bookmakers. The objective is to revolutionize the monotonous betting market and to bring back the lost social thought of betting.
The Ethereum blockchain allows for the creation of smart contracts that run business
logic autonomously in the blockchain. These smart contracts enable secure and reliable processing of the games created and the transaction structure behind them. In order to join contests, players have to pay a buy-in. Payouts are processed automatically by the smart contract on the Ethereum blockchain. HERO serve as the currency for these games. All HERO Coin transactions as well as all games created are publicly verifiable, viewable, resistant to counterfeit, and not subject to the risk of institutional processing.
Additionally, the decentralized model reduces transaction and operating costs which gives the HERO Network not only an advantage over centralized competitors in safety and transparency but also enables the Developer and other providers of online betting to run on lower margins than usually seen on traditional betting providers.
Technical Description
The following part of this Coin Offer Document outlines a technical overview of how the HERO Network and the HERO work.
The Contest System
First, an overview of the relevant entities of the HERO Network is given. This is a simplified view of how the entities work together. The entities are described in the definitions below. After that you will find a detailed visualization and description of a possible process flow.
Contest Interface : The Contest Interface acts as pattern for Contest Implementations. It can be compared to abstract classes in programming languages. It implements common contest properties and interfaces that all Contest Implementations must include.
Contest Implementation : The Contest Implementation is a concrete implementation of the Contest Interface. It embodies an actual Contest (games) where Players participate. A Contest Implementation must implement all functionalities of the Contest Interface. It is deployed on the blockchain when a Provider creates the Contest. Thus, it is changeable and extensible in the future. In its initial simplest form, it is responsible for the buy-in and pay-out. Future implementations may decide the winners and pay-outs trustless and decentralized on their own.
Provider : A Provider offers a platform where Players can place their bets or predictions. The Provider creates (deploys) Contest Implementations on the blockchain and is able to manage them.
Player : The Player is a user of the platform of a Provider. He participates in Contests which a Provider offers.
Pot : The Pot is the sum of all buy-ins. It is stored within the Contest Implementation during the Contest. After the Contest is finished, it is paid out to the Players and Coin Holders.
Process Flow
The following graphic shows the process flow of how Contests, Providers and Players will use the HERO. Each process step is described in detail hereinafter.
Contest Creation
A Provider can create new Contests. In order to do so, the Provider deploys a new Contest Implementation. Contests are implementations of the Contest Interface. The Contest Interface defines that every Contest Instance must have a reward of at least 1.00 percent (General Reward). The Contest Instances are exchangeable. This means that new Contest Implementations with new functionalities can be added later. That way, the long-term goals of the Developer can be reached step by step without the need of forking. In the future, the Developer intends to offer templates of Contest Implementations which fit the needs of different Providers. As a result, the HERO Coin gets more and more use cases and fields of application.
During the setup of a Contest, the Provider has to specify the data, which is required for the Contest Implementation used. The first Contest Implementation will be rather simple and only needs the fol-lowing data :
Wallet ID of the Provider :
- Buy-in callback address of the Provider
- Provider reward (percentage of the Pot)
- General Reward (percentage of the Pot, at least 1.00 percent).
With this set of data, the Contest can handle the buy-ins and pay-outs of all Players.
Contest Joining
If a Player wants to join a Contest, he or she triggers a buy-in at the Provider. The Provider triggers the transaction on the wallet of the Player. The buy-in is transferred from the Player‘s wallet to the Contest Instance and is now part of the Pot. After the buy-in transaction was successful, the Contest calls the buy-in callback address of the Provider. As a result, the Provider can guarantee that HERO are now in the Contest smart contract and the Player has certainly paid the buy-in. In the end, the Contest smart contract knows how many HERO are currently in the Pot and how many and which Players (wallet ID from buyin) are participating in the Contest.
ICO process – technical view
The following outlined process gives an overview of how the crowdsale will work from a technical perspective.
Create Contracts
First the contract owner (the Developer) has to create the Crowdsale Contract (C1) and the ERC20 Contract (C2). The Crowdsale contract is used to collect and authorize user addresses, collect ETH payments and compute Hero Coin balances at the end of the ICO. If a minimum amount is not raised, then the contract can refund all users. If a maximum amount is raised the contract can stop collecting funds. If for any reason the contract owner decides to stop the crowdsale campaign, the contract can be refunded. The crowdsale contract is only active during a specific time period.
Register for the ICO
Due to legal requirements, potential investors have to register and accept the terms of the Hero Coin ICO before they invest. For this registration, a valid email address and the wallet ID from where the user wants to invest into the ICO are required. After a successful registration, the provided wallet ID is whitelisted for the crowdsale and the user is authorized to invest.
Invest
Users become investors by transferring ETH from the wallet which was provided during the registra-tion, to the crowdsale contract. If the sending wallet ID is unknown by the crowdsale contract because it was not whitelisted before, the investment transaction will be rejected.
Distribute the token
After the ICO has finished, the ERC20 contract initializes itself with the Hero Coin balances, which were distributed through the crowdsale. Now the Hero Coin balances for all participants are available for the users who participated in the ICO.
ICO
600m HERO will be sold at the ICO. The aim is to raise USD 14m, which equals 42,000 ETH at current rates, with the crowdsale at a token price of USD 0.024. Exchange rate: 1 ETH = 14,000 HEROcoin (HRT) - this may change with ETH exchange rates. The crowdsale will start on September 14th 2017. Some of the numbers may change with ETH/USD exchange rates and volatility, but numbers are best effort estimates as of August 28th 2017. The final numbers and fixed ETH amount will be announced before the start of the crowdsale. Details on the exchange process will be published in the Coin Offer Document.
Use Of HERO and Proceeds
Ethereum Proceeds
- 40% Hero Development
- 30% Sales & Marketing
- 12% Third Parties (PR, engineering, Marketing, Affiliate programs…)
- 10% Administration (legal, security, accounting..)
- 8% Contingency (unforeseen costs)
As of the date of this Whitepaper, the exact amount of Ether obtained from Participants in the Initial Coin Offer (the „Total Exchange Amount“) is uncertain and depends on the ETH Coin Value set by the Developer and (ii) the amount of HERO exchanged. The Developer intends to use 40 percent of the Total Exchange Amount for the further development of the HERO Network underlying the HERO, especially for the development of additional Contest smart contracts; 30 percent of the Total Exchange Amount is reserved for marketing and sales measures; 12 percent of the Total Exchange Amount will be used for the payment of third parties such as for public relations matters, engineering, marketing, and affiliate programs; 10 percent of the Total Exchange Amount will be applied towards administrative costs such as legal fees and accounting and 8 percent are reserved for unforeseen costs. However, the Developer is under no legal obligation to use the proceeds as described before.
Total Supply of HERO
- Total Tokens: 2 Billion
- 30% Token Sale
- 15% Team Pool
- 20% Development (Employee expansion, future Development)
- 20% Marketing & Partnerships
- 8% Esports and Third-Party Implementation Fund
- 7% Company Cold Storage and Betting Reserve - (Liquidity & Backup)
A total amount of 2 billion HERO will be created by the Developer. The Developer intends to exchange only 600 million HERO (or 30 percent of the Total Coin Amount) in this Initial Coin Offer for Ether. The remaining 1.4 billion HERO (or 70 percent of the Total Coin Amount) will be used for other purposes. The Developer explicitly reserves the right to exchange the retained portion of 1.4 billion HERO for other virtual currencies or sell it for Euro or any other fiat currency at a later point in time at any marketable price. However, the Developer will commit itself to adhere to the following restrictions in the use, exchange or selling of HERO on the market. Especially, the Developer will commit itself to only exchange or sell such amounts of HERO that, to the best knowledge of the Developer, would not have a visible impact on the market value of HERO.
After the Initial Coin Offer, the founding team will receive a 15% allocation of HERO subject to special holding conditions. Those will ensure a long-term incentive for the HERO founding team. Additionally, 8% will be allocated to a Third Party ecosystem fund to grow out the HERO network and bring additional providers to the network. A part of this fund will be used for brand awareness in the esports scene, where the Developer plans to host tournaments and sponsor teams. The Developer is setting aside 7% of all HERO created as a Company fund and betting reserve. It is possible that some of these Tokens will never be issued but it is necessary to have a backup if needed. In any way HERO will engage directly with its holders to seek their guidance before any of the reserved token will be brought into the market. At the end of the Initial Coin Offer, token creation will be closed permanently.
Road Map
Team
Investor
Advisory
Visit For More Information
Website : https://www.herocoin.io/
Whitepaper : https://www.herocoin.io/#whitepaper
Facebook : https://www.facebook.com/HEROcoinio/
Twitter : https://twitter.com/HEROcoinio
Slack : https://herocoin.slack.com/join/shared_invite/MjMxMzUyNzM4MzM4LTE1MDM1OTc3NjEtZmJkNmE4NGY0MA
Bitcointalk ANN THREAD : https://bitcointalk.org/index.php?topic=2116864.msg21169697#msg21169697
Author
Bitcointalk (Giebaymax) : https://bitcointalk.org/index.php?action=profile;u=782329
My ETH Address : 0x51789F81CE815119e41aBB66704766A4Fa08289A
Wow, amazing strategy for herocoin,....Great work....I upvote your post but i don't have voting power in the moment...
@dobartim okay thanks and it does not matter if you do not have the voting rights, you just enough to join this project it has become very good participation for this herocoin success :)