What is Bricks Protocol?
Introduction
When you’re building an asset like a house, you only get one chance to build it — the first time. If it gets REKT it is REKT! You would have to reinstate efforts and capital. The same applies when you are building your Crypto Portfolio. Most of the people who witness the collapse of their portfolio tend to move away with their remaining capital, never to invest again.
It might not be feasible to create a mockup house for testing out particular bricks before actually using them for construction, but it makes sense to test out the virtual bricks i.e. crypto assets for building your mock portfolio. Bricks Protocol envisions itself to be an onboarding platform for the intending Crypto Traders where they can practice crypto trading without any risk. We enable the users to build confidence before stepping into the actual crypto trading environment and constructing their crypto portfolios.
Trading Tournaments
Bricks Protocol is a play-to-earn gateway facilitating the crypto trading experience by creating a competitive, risk-free environment through trading tournaments where users can earn actual crypto. To explain how we are facilitating the crypto trading experience, let’s go through how our Trading Tournaments work.
To explain how we are facilitating the crypto trading experience, let us go through how the trading tournaments work:
- The Tournament Host will create a Trading Tournament and can optionally put in an Initial Contribution which will improve the user incentives as the earned Yield is used to reward the profit earners in the tournament.
- The users will be participating in the created tournament. If the tournament creator has specified a fee, users will be paying the entry fee in the specified stablecoin e.g. DAI to join the tournament.
- The initial contribution and the accumulated entry fee that makes up the Initial Pool Amount (IPA) will be sent in a non-custodial manner to a Yield Generating Protocol like Aave.
- The participants will be trading virtually the creator-selected tradable assets using the pre-fed virtual currency at the onset of the tournament.
- While the users will be doing virtual trading throughout the tournament, Aave will be earning Yield on the IPA.
- At the end of the tournament, the initial contribution (if any) would be sent back to the Tournament Creator.
- The Yield Earned on the IPA would be used for rewarding the participants. The users who had made losses in the virtual trading would be able to withdraw their entry fee, thus making the protocol lossless. All the profit earners would be rewarded based on their profits, on top of the guaranteed return of entry fee.
Crypto Trading Journey
We are combining the elements of Gamification, Incentivization, and Competitiveness to introduce emotional bias into Virtual Crypto Trading. This ensures that the participant puts in the same effort he would in the real trading environment thus creating the perfect learning platform for users to formulate their trading strategies.
Once the users have started their crypto trading journey on Bricks Protocol, witnessed their losses & winnings in virtual trading, overcome their emotional hiccups over a sequence of tournaments, they would have built the confidence to start investing and trading on their preferred exchanges.
