This week we take a look at what the SLOT token is and how its mining is verified.
The SLOT token (ERC20) is a utility token that will be used across the Alphaslot platform. It will be the first dominant token to be used widely across the casino gaming industry.
SLOT is “mined” as players play the games in the casino. No matter how much they wager, SLOT will be mined when they play a SLOT-enabled gaming machine. The mining logic will vary from machines and the calculation process will initially occur off-chain. In general, the amount of SLOT that a player mine per game will be predetermined by the amount wagered, speed of play, and other game-related circumstances. SLOT can also be mined by playing on free-to-play online games on the Alphaslot Platform, although at a much reduced rate than in the casino games.
In the initial phase, SLOT mining transactions will be verified and secured via Ethereum smart contracts. It will provide a safe, transparent and reliable infrastructure. Each time a SLOT-generating game event occurs on a game machine, the machine in question will report to a central mining validator (validation box in each casino) that will validate the authenticity of the game event and report the mining event to the blockchain. Alphaslot is also taking advantage of the fact that casinos have the most physically secure server rooms in the world, and these facilities are where the validation box will be located in most cases.
Each validator will have a private and public key associated with it that can sign mining events when verified on chain. If any behavior appears erratic, other trusted token holders can propose a vote, which may revoke the public key of any misbehaving casino. This, combined with daily mining limits per private key, will ensure the integrity of the ecosystem while preserving the interests of the primary stakeholders.