FAIRGROUNDS

Fairgrounds is a decentralized ecosystem of provably fair chance-based games built on the Ethereum blockchain. The site will offer a variety of games that give players an opportunity to bet and win Ether (ETH). Players are rewarded for participating via the Fairgrounds Rewards Token (FGR), which in turn provides incentive to continue playing on the system.
Players have an opportunity to refer their friends, providing both the referrer and the one referred with bonus FGR tokens. Finally, the system will offer profit sharing via the Fairgrounds Token (FGD).

GAMES

The Fairgrounds website will provide a variety of different chance-based games to bet and win Ether (ETH). The site will require a browser or browser extension that is capable of interacting with the blockchain. At the time of this writing Metamask for the Chrome browser and the Mist browser work well. At launch the only game available will be Raffle.
However, there will be multiple raffles to not only allow greater participation from players, but also to demonstrate the incentive reward system. Other games will launch shortly after the token sale.

CONVENTIONAL RAFFLE

Players buy tickets with Ether (ETH) for a chance to win a jackpot. A single winner is chosen at random in a provably fair manner. All participants are awarded Fairgrounds Reward Tokens (FGR) as reward for their participation. The FGR tokens can then be used in multiple ways to win back or buy back ETH.

The mechanics of the conventional raffle are described as follows:

• A conventional raffle has a fixed ticket price in ETH for each entry.

• Multiple raffles can exist at differing price points to allow for the widest adoption.

• Players can purchase 1 or more tickets to enter the raffle with each additional ticket purchased offers a greater chance of winning the jackpot.

• FGR tokens are rewarded at a 100:1 ETH ratio based on their bet size.

• A conventional raffle has a target number of tickets to be sold. [Min: 20]

• Once all tickets are sold for a single raffle, a winner is chosen at random.

• 10% of all funds in ETH for the raffle are transferred to a progressive raffle.

• The remaining 90% of the funds in ETH (after fees) are awarded to the winner

PROVABLY FAIR

Raffle’s random number generator uses a third-party open source blockchain-based library provided by Oraclize.it. Oraclize’s random data source generates an integer outside of the blockchain that is safe from manipulation of miners and other 3rd parties. Smart contracts will be verified on Etherscan so that original source can be checked.

REFERRAL SYSTEM

The Fairgrounds ecosystem also includes a built-in referral system. This incentivizes players to recommend other users to the system in a mutually beneficial relationship.
When a player accesses the system via a referral code and plays a game, the system will payout a bonus reward to the player of 10% extra FGR tokens. The system will also pay out the equivalent 10% bonus FGR tokens to the referrer. This relationship is stored in the blockchain and persists across all future games that the player participates in.

OPPORTUNITY

The size of the online gambling market is expected to reach upwards of $50 Billion Dollars USD in 2018. We believe that blockchain-based apps provide a unique opportunity given the transparency offered over traditional online establishments. Players can have full confidence that they are playing a game of chance that is provably fair that provides the best possible outcomes.

Ethereum currently has a market cap of $98 Billion USD, and we believe it still has massive potential. It has quickly become the platform for distributed applications, earning a great deal of developer mindshare that includes support from large enterprises. The platform is advancing at a fast pace and is at the forefront of the decentralized application space.

A number of privately held cryptocurrency based competitors exist today, with the largest among them primedice.com having over $250M wagered. Most of these sites are set up in a centralized fashion requiring logins and deposits. Fairgrounds will be completely decentralized, without signup of any kind. Further other competitors offer wagers and payouts in Bitcoin (BTC). The recent challenges with scale have meant that withdrawing or depositing BTC costs significant transaction fees, or takes a long time.

FAIRGROUNDS REWARDS TOKEN (FGR)

The Fairgrounds Rewards Token (FGR) is an Ethereum ERC20 standard token. The total supply of FGR tokens is 1,000,000,000,000,000,000. With a target participation reward ratio of 100:1 FGR to ETH, this amount is designed to be more than enough to support the Fairgrounds ecosystem. Since games like the progressive raffle will be available only to those holding FGR tokens, the majority of distributed tokens will make their way back into circulation.
Token ownership will be provided 100% to the reward distribution smart contract. There are no plans to list the FGR token on exchanges at the moment.

TOKEN SALE

Fairgrounds will offer 50,000,000 FGD tokens (50% of the total supply) as part of a token sale. This token sale will raise ETH to primarily fund a bankroll to support certain chance-based games like a lottery or roulette. The token sale will begin February 7, 2018 and end April 11, 2018, or until all tokens are purchased. The only crypto-currency accepted will be ETH, and the exchange rate will start at 1:10000 ETH to FGD. Every week the exchange rate will decrease by 1000. E.g. Week 2 will offer 1:9000, Week 3 will offer 1:8000 etc. Any FGD tokens from the sale that go unsold at the end of the 2 month period will be burned. This will reduce the overall supply of FGD tokens, and should provide greater value for those participating in the sale, as their percentage of ownership will increase.

FGD BONUS REWARDS

Fairgrounds will offer 25,000,000 FGD tokens (25% of the total supply) as a bonus reward for early adopters to the platform. That is, early adopters of the platform will receive both FGR and FGD tokens for playing games on the platform. Referral bonuses will also pay out an additional 10% reward to both referrer and player in FGD tokens. The FGD bonus reward will be offered at a rate of 10000:1 FGD to ETH.

The remaining 25,000,000 FGD tokens (25% of total supply) will be stored in cold storage to fund future development, operations etc.

USE OF FUNDS

40% BANKROLL

With an appropriate bankroll, it will be possible to some types of chance-based games (E.g. a jackpot lottery) that would otherwise be impossible to add.
Expanding on the types of games will bring a broader audience and greater value to the ecosystem.

35% DEVELOPMENT

These funds will cover the development costs of additional chance-based games as defined in the roadmap.

15% OPERATIONS

These funds will be used to cover expenses associated with infrastructure, support, accounting, business development, and other administrative overhead.

10% USER GROWTH AND MARKETING

Fairgrounds will use these funds to cover expenses associated with marketing and promotion of the entire Fairgrounds ecosystem.

ROADMAP