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In this article, I will analyze the TrustDice casino’s in-house token, TRUST (TXT).Stake Casino: Play with Crypto and Win Big
Initially, it is necessary to stipulate that the Trust Dice token has the same abbreviation as the Taxa Token. Both TXT. Be careful not to be confused when buying on exchanges.Stake Casino: Play with Crypto and Win Big
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The TrustDice token was launched shortly after the launch of the casino itself in November 2018. TXT was created on the EOS platform. The token is used to reward players for using the gaming platform. According to the whitepaper, the token was created by a team of developers worldwide. In 2019, the developers added support for the ERC20 network. Since then, the Trust Dice token has operated on two blockchains, EOS and Ethereum.
The total TXT supply is 5 billion (5.000.000.000). 50% of this amount is allocated for mining, 10% for the token sale, 10% for bounty, 10% for strategic partners, and 20% will be distributed to the development team and TrustDice employees.
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There are several ways to get TXT, and all of them are not so simple.
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Every day TrustDice.win releases a certain amount of TXT as a mining pool. By placing real money bets in different games, players will get Mining Power. It doesn’t matter if the bet was won or lost, you’ll get Mining Power in any case. The mining round ends every day at 09:00 UTC, and based on your power, you will get part of the pool. Your mining power is calculated using this formula:
bet (in USD) * game house edge * (1 + Bonus Percentage) * 20
House edge values:
- Dice 1.5%;
- Crash 1.5%;
- Sports 3%;
- Slots (depends on the game, but the average is 3%).
The mining Bonus value is 0 by default, but you can increase it by locking TXT.
The mining Bonus value is 0 by default, but you can increase it by locking TXT.
| TXT Staked | Claiming Bonus |
|---|---|
| ≥ 3000 | 5% |
| ≥ 10000 | 10% |
| ≥ 30000 | 14% |
| ≥ 50000 | 18% |
| ≥ 100000 | 22% |
| ≥ 500000 | 25% |
| ≥ 5000000 | 28% |
| ≥ 50000000 | 30% |
But still, the TrustDice token has something in common with Bitcoin mining. Namely halving. Every 250 days, the mining pool halves, so the rewards for the Mining Power will decrease. Now mining is in period 7.
| Period | Start and End Dates | Amount of TXT to Be Released | As % of the Total Supply |
|---|---|---|---|
| 1 | 1st – 250th day | 1.25 B | 25% |
| 2 | 251st – 500th day | 0.625 B | 12.5% |
| 3 | 501st – 750th day | 0.3125 B | 6.25% |
| 4 | 751st – 1000th day | 0.1563 B | 3.125% |
| 5 | 10001st-1250th | 0.07815 B | 1.5625 % |
| ... | ... | ... | ... |
| Total | 2.5 B | 50% |
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Every 6 hours, you can get 3.3 TXT absolutely for free. This is a local faucet where other tokens are also available.
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TrustDice gives you a list of tasks for which you will receive TRUST tokens. Tasks like making the first deposit, subscribing to the casino social network, etc. Also, you will get 1 TXT just for login every day.
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If you managed to get some TXT, you can try to play in-house TrustDice.win games Crash and Dice. If you’re lucky, you can increase your balance. But obviously, this is not the most reliable way to obtain TXT.
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Yes, there is a way to buy TXT, and unfortunately the only one to date. I’ll describe in my personal experience how to buy this token.
- Step 1. Install the Metamask decentralized wallet.
- Step 2. Create an account on Ethereum’s main network.
- Step 3. Buy ETH. If you don’t have ETH you have to buy them to proceed. It’ll be used for a commission payment. I didn’t have ETH, so I bought some on Binance.
- Step 4. Send ETH to Metamask wallet. Make sure that you choose the ERC20 network. And be ready to pay high fees. I’ve paid around $25.
- Step 5. Open Uniswap and connect it with your Metamask wallet.
- Step 6. Import TXT to Uniswap. Insert TXT Address in the “Search Token” 0xb12907dcd65e09871bbd6f1659436f3be310af65
- Step 7. Choose ETH and TXT pair for swapping and enter the desired amount of TXT you want to buy. I decided to spend 0.01 ETH.
As you can see, all the methods of obtaining TXT are not ideal today. You need to either accumulate tokens for a very long time or spend your other tokens that are more valuable.
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So, you got TXT tokens in one of the ways described above. What to do next? There are also several answers to this question. Let’s take a closer look at each.
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TXT staking was launched in 2018. It was designed to encourage users to keep TRUST tokens for as long as possible.
How does TrustDice staking work?
The casino allocates 50% of the profit from the Dice game for staking rewards. This amount is distributed among all users who have locked their TXT. Every day at 9:00 UTC, users receive 1% BTC, 1% of USDT, 1% of EOS, and 1% of ETH from the total pool for rewards. The size of the reward depends on the number of TXT that you have locked.
On the staking page, you can see the total pool, the time until the distribution of awards, the number of awards, and the total number of staked TXT.
If you want to unlock your TXT, you will need to wait 72 hours until you have access to them. During these 3 days, you will not receive dividends.
Trustdice TXT locking is it worth it?
You must answer this question yourself. It depends on the amount you are going to stake. You can use the calculator to estimate the income level.
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TXT can be used to play the in-house game of Trust Dice Crash and Dice. These games are known to the entire crypto gambling community, and we will not dwell on their description. The games are quite interesting and addictive, and both support the Provably Fair algorithm, so you can be sure that every round is fair.
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If you want to sell your TXT you can do it via Uniswap. Follow this simple guide.
- Step 1. Withdraw TXT from your TrustDice account to Metamask. Chose ERC20 chain, enter your Metamask address and amount of TXT you want to withdraw.
- Step 2. Open Uniswap and connect your Metamask wallet to it.
- Step 3. Import TXT to Uniswap.
- Step 4. Choose TXT and the token you want to get for it. Please note that you need to have ETH on Metamask’s balance in order to pay the Swap fee.
The minimum amount of TXT you can withdraw is 30000.
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Finally, you can just hold TXT. And as practice shows, this method is far from the worst if you consider this token as a long-term investment. Unlike staking, you can transfer or sell your tokens at any time and you don’t have to wait 3 days for them to get unlocked. You can store tokens both on your casino account and on third-party wallets. A casino account is not the most reliable place, because it can be blocked, so it is better to choose a third-party wallet for long-term storage.
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Trust Wallet
Network: ERC20.
Platforms: Mobile
Price: free.
TXT support: can be added manually.
How to add TXT to Trust Wallet?
1. Open Trust Wallet and go to tokens search.
2. Press “+” in the upper left corner
3. Insert the Contract Address: 0xb12907dcd65e09871bbd6f1659436f3be310af65 and press “Save.”
Metamask
Network: ERC20.
Platforms: Mobile, Web.
Price: free.
TXT support: can be added manually.
How to add TXT to Metamask?
1. Open Metamask and press Import Tokens.
2. Select Custom Tokens. Enter the Token Contract Address: 0xb12907dcd65e09871bbd6f1659436f3be310af65 and press “Add Custom Token”
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At the time of this writing, TXT costed $0.00011. It was in November 2021. The current token price is around $0.00006. The all-time high price was on March 16 2021 and it was $0.00874. As you can see, the token doesn’t experience its best time.
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In its letter to the TXT holders, the TrustDice team shared their plans for further work on the token. The main point of the article was to improve the liquidity of the token and raise its value. In the near future, the developers promise to add the token to other decentralized exchanges such as SushiSwap and PancakeSwap. Also, following the example of the Binance exchange, the TrustDice team plans to buyback TXT and burn them. To do this, the current pool of staking rewards, which is 50% of the income from the Dice game, will be reduced to 10%, and the remaining 40% will be used for a buyback. The developers said they want to raise the TXT market cap from the current $5,000,000 to $1,000,000,000 within 5 years.
But this letter was written in 2021, and since then, we have not heard any more news about TXT from developers. None of their promises were fulfilled. So, the future of this token is very foggy.
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- https://medium.com/@trustdice/letter-to-txt-holders-2021-f9b63176e9ee
- https://trustdice.win/txt/faq
- https://trustdice.win/txt/payouth
- ttps://trustdice.win/txt/mine
