Overview
A (non-technical) overview of $PACK Protocol.
Last updated
A (non-technical) overview of $PACK Protocol.
Last updated
$PACK Protocol is an open market for packs filled with exclusive rewards. Simply put, this means:
Anyone can create and sell packs filled with rewards.
Anyone can buy, and claim or resell packs and rewards.
The concept of $PACK Protocol is simple - it can be seen in old school products unrelated to blockchains, like Pokemon card packs, or newer products using blockchain technology, like NBA Topshot.
There is a set of packs filled with rewards of varying rarity. A pack can be opened to retrieve the rewards in that pack. What determines how rare a particular reward is, boils down to how many of those rewards exist in total.
$PACK Protocol lets anyone create and sell their own set of packs filled with rewards of varying rarity. In the following sections, we'll discuss what packs and rewards are, how rewards are distributed on opening a pack, and what you can do with your packs and rewards.
First, we'll discuss a simple example that explains how $PACK Protocol works.
Let's create a set of packs with three kinds of rewards - 80 circles, 15 squares, and 5 stars. The number of packs created is equal to the sum of the supplies of each reward. So, we now have 80 + 15 + 5 i.e. 100 packs at hand.
On opening one of these 100 packs, the opener will receive one of the pack's rewards - either a circle, a square, or a star. The chances of receiving a particular reward is determined by how many of that reward exists across our set of packs. The chances of receiving a particular reward are calculated as:
(number of rewards packed ) / total number of packs
In the beginning, 80 circles, 15 squares, and 5 stars exist across our set of 100 packs. That means the chances of receiving a circle upon opening a pack is 80/100 i.e. 80%. Similarly, a pack opener stands a 15% chance of receiving a square, and a 5% chance of receiving a star upon opening a pack.
The chances of receiving each kind of reward change as packs are opened. Let's say one of our 100 packs is opened, yielding a circle. We then have 99 packs remaining, with 79 circles, 15 squares, and 5 stars packed.
For the next pack that is opened, the opener will have a 79/99 i.e. around 79.8% chance of receiving a circle, around 15.2% chance of receiving a square, and around 5.1% chance of receiving a star.
