About WITT
A country needs currency. A currency represents social wealth and performs functions such as payment.
A business needs equity. Stock and profit sharing are examples of equity, which represents the right and incentive to be a part of a company.
WiNNit’s ecosystem is huge and inclusive as a global decentralized betting platform. As well as being a consumable token, WITT also represents the equity in the ecosystem, with that being said, WITT serves as both circulating currency and equity within the WiNNit ecosystem. It represents the core value of the WiNNit ecosystem and carries the common interests of all participants.
WITT Application Scenarios
There are mainly 5 major application scenarios for WITT
Staking
1. As part of running a WiNNit betting club, you need to hold Bookie NFT as well as stake a certain amount of WITT.
2. After staking a certain amount of WITT, holders of Highlight Collectibles can invite and bind new users to get a share of the prize pool.
Consumption of Featured Games
WiNNit is not just for sports betting. We will introduce more betting options and upcoming games to our users and cooperate with other platforms to offer a richer betting experience. With the addition of non-sports games on WiNNit, WITT will have more consumption scenarios available.
Ecosystem Incentives
WITT will be rewarded for online and offline promotion of betting clubs, and early users can also get WITT as rewards.
Buyback and Burned
Using a smart contract, 10% of WiNNit protocol revenue and 30% of the bet amount put by users who haven’t joined any club or agent will transfer to the treasury automatically, and the circulating WITT will be bought back and burned regularly.
Decentralized Governance
Staking WITT gives you access to WiNNit ecosystem governance and voting rights.
Demand and Burn
There are three kinds of participants in WiNNit ecosystem: betting clubs, Highlight Collectible holders and users. As part of the ecosystem, they have corresponding needs for WITT.
1. Staking Demand for Betting Clubs
Apart from holding Bookie NFT, club operators are required to stake a certain amount of WITT as a prerequisite for opening a club. Betting clubs operate for the same period as the stake. The WITT remains staked unless the betting clubs are closed. It is a long-term demand for betting clubs to stake WITT.
2. Staking Demand for Highlight Collectibles Holders
Highlight Collectibles holders need to stake a certain amount of WITT in order to invite and bind users.
3. User Consumption
WiNNit is a comprehensive betting platform focusing on sports betting. Users participate in sports betting games and use mainstream cryptocurrencies (USDT, ETH, etc.) to participate in betting. In addition, WiNNit will continue to introduce a variety of non-sports betting games. Users need to bet WITT to participate in more interesting and exciting games. with more to be introduced, the demand for users’ consumption of WITT will increase.
4. The Demand for Decentralized Governance
Betting club owners, Highlight Collectibles Holders and users, are all interested parties in WiNNit ecosystem. All of them demand to participate in platform governance. They stake WITT to obtain WiNNit governance and voting rights and vote on WiNNit proposals. By participating in the decentralized governance of WiNNit, they can protect their own interests and promote the healthy and benign development of WiNNit. The demand for participants to stake WITT to engage in decentralized governance will increase correspondingly with the growth of the project.
5. Burn
On the WiNNit platform, as long as there is betting happening, WITT will be re-bought and burned. The more betting, the more circulating WITT will be destroyed.
In conclusion, the endogenous destruction mechanism of WiNNit ecosystem effectively guarantees the scarcity and value of WITT in the market.
Supply and Distribution
The total supply of WITT is 1,000,000,000, and they will be distributed as follows:
The highest proportion of WITT is used for incentives or marketing. Among them, 37% is used for ecosystem incentives, 5% for marketing, and 3% for consolidating casino partnerships, for a total of 45%. The distribution of WITT is conducive to improving WiNNit’s influence and reputation, bringing new blood to WiNNit, and promoting the expansion and prosperity of the platform.
Economic Cycle
Supply makes WITT flow out of the WiNNit, and demand makes WITT flow back, thus forming the economic cycle of WITT.
In terms of the tokenomics of WITT, nearly half of the supply is used for incentives and marketing promotion. The distribution of the WITT will bring prosperity to WiNNit and lead to the further burning session of WITT. Such a mechanism will make sure that WITT is always in a continuous virtuous economic cycle.
The Future of WITT
Betting, especially sports betting, is an extremely large and rapidly growing industry, also the blockchain and cryptocurrency market is an emerging industry with great potential for development. WiNNit has pioneered the perfect integration of sports betting and blockchain technology to build an innovative betting platform which will definitely promote the explosive growth of WiNNit ecosystem.
