ICONBet(IB) Improvement Proposal 2.0 Draft1

Every business needs to re-invest a part of its earnings in itself to grow. For IB the role of growing the business has been taken by the ICONbet Community P-Rep apart from the founding team, However the P-Rep rewards are not enough to concentrate on all the aspects of business (Development, Marketing/Promotions, Adding value to TAP/ICON, Node Costs, Bond etc), Hence I as a TAP holder, propose the following to help grow IB at a bit faster rate and build a robust IB platform to secure the future.

2% of whatever the games generate, which will be referred to as platform fee henceforth, be diverted to a Platform Fund(PF). This PF will be in addition to the current treasury. The reason to have a PF is to have the flexibility to achieve multiple actions which the treasury cannot, since treasury has a definite function and cannot be altered. As and when the PF has enough ICX, the following actions (listed according to the priority) can be taken on the need basis.

1: Increase the treasury threshold from 250000 ICX.

a) Since the treasury amount is the factor which decides the Max bet of the games. Increase in treasury will allow to increase the max bet of the games. This will also allow IB to have multiple high variance games as well.

b) Since TAP holders have a claim on treasury, Increase in treasury also means securing a certain value of the TAP token. Treasury is considered an asset and adds to the NAV(Net asset value) of the TAP token. As the treasury grows, the NAV value of the TAP token grows as well. This will also add to confidence of the new TAP on-boarders knowing TAP has some intrinsic value.

2: Buyback TAP and make it available for mining.

3. Any other action deemed fit by the TAP holders.

After IB Improvement Proposal 1.0

IB Platform games

  • 100% to Reward Pool

3rd party games

  • 80% to Reward Pool
  • 20% to partner developer

After IB Improvement Proposal 2.0

IBbet Platform games

  • 98 % to Reward Pool
  • 2% to Platform Fund(platform fee)

3rd party games

  • 80% to Reward Pool
  • 18% to partner developer
  • 2% to Platform Fund(platform fee)

Since Improvement Proposal 1.0 is in implementation. This is the right time to consider the Improvement Proposal 2.0 so that if this passes vote, both can be implemented together rather than waiting for proposal 1.0 to complete and then considering proposal 2.0.

Please share your feedback so that the thoughts of the community are known, even if this proposal doesn’t move forward at least it will be a nice community exercise which will demonstrate that any TAP holder can propose an improvement and other TAP holders can vote on it.