Good luck have fun (GLHF) is an esports tournament platform that hopes to merge the worlds of defi and eSports in a fun and interactive way.
We do this by hosting tournaments, allowing you to bet on those tournaments, allowing staking, then generation, NFT generation, and bringing people from all over the esports space to compete in all of these tournaments.
What problems is GLHF trying to solve?
There is one main issue we are trying to solve in the esports space: payment.
For anyone who had competed in a larger esports tournament or even local tourneys you know that payment becomes a nightmare and ongoing stress.
In most cases, it becomes almost impossible to get what you are owed, and even then, you end up following up for weeks on end, attempting to secure your winnings.
There have been many larger instances of this occurring, especially here at home in Australia, and it’s one of the main discussion points when people are discussing competing.
For anyone not familiar, the process is usually as follows. You sign up for a tournament, usually as part of a team. After competing, the winners are announced, and everybody goes home. Sometime after the tournament, the hosts will usually send payment to a team manager or appointed individual who sends the amounts owed to each member.
However, on most occasions, one of those steps will break down, and the payment is disappeared.
This is what GLHF appeared to solve.
How will we solve them?
In short, escrow. GLHF acts as an escrow agency between tournament hosters and tournament competitors.
We do this using smart contract (SC) automation. Once a tournament is created, all its details are secured by an SC directly on the ethereum main net. There are several types of tournaments described below, but let’s assume it’s a paid entry tournament for this particular example.
As participants want to sign up, their payment is required. That payment (usually ETH) is taken from their wallet and stored directly on the SC.
The SC logic will automatically pay that ether out to the tournament winner once the tournament is completed.
By building GLHF in a decentralized on-chain way, it gives competitors peace of mind that there’s no delays or issues with collecting your winnings as it’s all automated. Something sorely missing in this space.
Let’s go into the particulars in more detail below.
How do tournaments work?
There are four main tournaments run on the GLHF platform.
- Open tournament
- Private tournament.
- Premium tournament.
- League tournament
A tournament host will set up a tournament by browsing to gl-hf.io and selecting the “host a tournament” button.
They will then fill in all the tournament details (round-robin, amount of rounds, amount of winners, entry fee, payout percentages, tournament type, and so on).
They will then receive a unique link for their tournament to share publicly to facilitate competing.
If the host selected a prize pot, the host would be required to pay at the time of creating the tournament. This prize pot, which can be an ERC20 token or any major currency (USDT,ETHER,BTC,TRON), will be stored in a smart contract ready to be paid out at the winning time. In the case of BTC or TRON this is a cross-chain contract that will trigger sends on the relevant chains.
If the tournament fails or does not get enough competitors to continue, the host will be refunded their full amount without any fee being deducted from the value they submitted.
Once all this is complete, competitors are ready to join the tournament once it opens. In all tournament types, there can be an entry fee or no entry fee option selected. If an entry fee is required, the competitor will pay at the time of sign up, again in any currency listed above.
If a private tournament is selected, they will be required to use accounts whitelisted by the tournament host.
In a premium tournament, they must hold a minimum of GGWP tokens (4500 at this stage) to enter.
Once an entry payment has been taken, the tournament or league season begins.
As the time for your match arrives, GLHF’s tournament matchmaking service will connect to your game account, if available, or will provide you with the server details to enter your specific match. If you are not online at this stage, the mobile application will send you a push notification that it’s your time to play or email the same effect.
If the game has relevant API’s available, they will be queried to automatically determine the match’s results forcing the smart contract automation to kick in, moving you to the next round, or paying out if it’s the finals.
If the game doesn’t have available API’s, all participants must submit VOD’s to prove their winning result. If no VOD is uploaded, then it goes to judging, which is a DAO vote.
If a VOD is uploaded, our automatic video scraping service will determine the winner, and if a human component is needed, it will go to a DAO vote.
All winners will receive the relevant payout pots, but also GGWP tokens depending on the tournament type. 20 GGWP for a standard tournament and 100 GGWP for a premium tournament.
That is the basics of how tournaments will work. We will release more documentation shortly going into each specific tournament type and how they will play out (round-robin etc.), but that’s for another medium article!
How does staking work?
So far, we’ve discussed how the esports portion of the platform will function, but the other component is our #defi side, the main component of which is staking.
As it’s released, any GLHF holder will be able to go to staking.gl-hf.io and visit our staking landing page. Here you will see your current stakes, payouts, and so on. You will be able to deposit GLHF, withdraw GLHF, and withdraw stakes.
The staking is relatively simple. Your GLHF is sent to a staking contract. At 00:01 every day, the contract looks at all balances currently staking. If a balance has been sitting there since 00:01 the previous day, it’s considered a valid stake.
The contract will then mint and allocate GGWP tokens relative to the staked balance. At a rate of 20 GGWP per cycle. For example, if you stake 1 GLHF token, you will receive 20 GGWP tokens per day. If you stake 0.5 GLHF, you will receive 10 GGWP tokens per day. There is no minimum of GLHF to be staked.
The process is identical for GLHF-LP tokens, however, it is rewarded at 200 GGWP tokens per day.
GLHF-LP tokens are liquidity tokens. As you add GLHF liquidity to uniswap, you will receive UNI-v2 tokens. These are what we refer to when we say LP tokens.
This rate is set and will not change. It is determined to be the payout of 1 tournament a week or 2 premium tournaments per week, respectively.
That’s it! A set APY and send your tokens to a contract to kick start the process.
How does GGWP work?
GGWP tokens are our mintable currency as part of our tournament platform. You will earn GGWP tokens for doing just about everything on GLHF. You will earn them for winning tournaments, staking payouts, and betting payouts.
They have an unlimited supply and are minted at the request of the GLHF SC’s. This is important. The GLHF team has no control to mint GGWP tokens (this will be audited and verified before launch). Only the smart contracts can do so.
In our particular case, we require a mintable token to reward users for participating at an unlimited rate. However, the danger with mintable tokens is that it becomes a real rug pull risk. By handing minting over to the smart contract arrays, users can be assured that there are no inbuilt functions to mint GGWP at will.
So what do you use GGWP tokens for? Simply put, to redeem real-life value. The GLHF team will be offering steam vouchers, in-game currencies, and in-game skins!
GLHF will contain a marketplace (market.gl-hf.io) where skins for all popular games will be auctioned off for GGWP tokens. The general public can also use this service. A user can send a skin to the GLHF marketplace and auction it off to other users to receive GGWP tokens.
We attempt to pin the price of GGWP to keep it relatively stable, so in that effort, 300 GGWP tokens will earn you a 10$ steam gift card, and it will scale from there. We are unlikely to adjust this pin, but it may be required to adjust for inflation as total supply skyrockets.
When GGWP is used to purchase something on the marketplace, 0.5% is allocated as a fee to the GLHF team, and 0.5% is burnt forever.
You will also buy entry tickets into the premium tournaments (which require GGWP for entry and have a minimum prize pot of 1 Ether) using GGWP.
That’s the general gist of GGWP!
How does betting work?
Ah, if you made it this far, you most likely want to go full #degen. Betting.
On all tournaments and league matches hosted on GLHF, there is an option to bet your GLHF tokens against the results (up to 1 hour before the match begins).
If you are right, you will earn GGWP tokens relative to the amount you have placed as a bet. The GGWP -> GLHF ratio is different for every tournament. You will also receive your GLHF bet back to your wallet.
If you are wrong, your GLHF bet will be burnt. Forever. Gone. Never to be returned.
The stakes are high, but it should bring about a fun environment of betting on high-stakes matches to earn GGWP without competing.
It’s a game within a game!
How does governance work?
Governance is the final component of our platform. Due to our availability to offer any game as an option, we need a way to verify a match’s results. To do this, we use governance.
To participate in governance, a user is required to hold a minimum of 1 GLHF token. The more GLHF tokens you hold, the more weight given to your vote.
As a tournament result comes into “disarray,” it will be put on our judgment site (judge.gl-hf.io) for governance holders to vote on. There will usually always be video available (as players upload VODS on contested results) for a judge to download, watch, and then decide.
For this not to be completely controlled by whales, the team will always have final approval before a result is sent until we grow enough post-sale to allow equal distribution of GLHF tokens.
Governance is not expected on the vast majority of matches, as we use in-game API’s to determine results automatically and also do VOD scraping when required to assist.
How are we planning on growing?
Growing an esports platform is difficult alone, nevermind also growing a blockchain platform!
Our main focus sits on three avenues. Marketing our token, marketing our defi functions, and marketing our tournaments themselves.
We plan to bring players, traders, and defi degens together in an automated platform where they can all enjoy what we offer in the same space.
To be more specific, we will constantly push twitter marketing until our launch focusing on the token and upcoming defi functions. We will also be pushing resources into youtube marketing as we go along to bring hype and value to the early investors.
At the same time, we will be speaking privately with esports organizations here and abroad to organize sponsored tournaments before and after our launch. We are already locking this in currently.
We will be sponsoring tournaments across a wide variety of games and some esports organizations before we even launch, driving engagement through the roof and putting our name out there in the eSports world.
Specifics of our tournaments will be announced soon.
What connections do we have to grow this platform?
I have been around in the eSports sector here in Australia for quite some time. I competed in major halo tournaments, ran an eSports team, and competed in some local fighting games and COD tournaments.
Sloppy has been around in blockchain for quite some time, working for some well-known companies. His focus is to bring that side onboard while I bring the eSports world onboard.
Using our connections in both avenues, we should merge the two in a nice and #hype way.
Who are we?
Unfortunately, we have decided to remain anonymous for private security reasons. We are KYC’d directly through DistX, so we aren’t entirely anonymous :)
I (Floppy) am a developer who has worked in solidity quite a bit, built previous tournament sites, and am a competitor in Halo here in Australia.
Sloppy comes from a marketing background and specifically a blockchain PR/Marketing background. He’s worked for some major companies here in Australia and abroad in that role.
Wrapping up
We hope this explains a bit more of the particulars for you guys. As always, join our discord channel to ask us anything and get ready for our sale!
