TL;DR: “We really wanted to do something different with SLP and I think SBS nailed it,” Keith Patrick of SLP token project HONK told CoinSpice regarding his latest efforts. He and his team are looking to build a first of its kind SLP driven sports betting site (SBS), and they’re funding the effort through an aptly named SBS Token Sale. Estimates for online sports betting often top more than $150 billion, with a B, industry. “HONK’s primary use case will be for gambling,” Patrick insisted, bringing together the burgeoning Bitcoin Cash token world with a giant potential market.

HONK SLP Token Looks to Build a Sports Betting Site

“We are fundraising to build an SLP-powered sports betting site that will feature BCH, SPICE, HONK, and DROP SLP tokens,” the team announced. “50% of the profits from the platform will be paid out as dividends to SBS token holders on a to-be-decided recurring basis. The amount of tokens you own represent the % you will receive. 50% is reserved for growth and continued development of the platform.”

Patrick also insisted, “We wanted to separate ourselves from SPICE,” which is unaffiliated with CoinSpice. “We think the SPICE team did a good job laying down the foundation of what makes a legit SLP token. A way to distribute tokens [such as a] faucet and transfer bot on Telegram, website, and whitepaper,” he told CoinSpice in a recent interview. “Gambling seemed like a great direction to go in. We started building the honkbetbot before [the] SPICE team announced their intentions. We learned a lot from SPICE.”

The plan is to improve upon what now constitutes more traditional online sports betting sites, which can be cumbersome, clunky, and riddled with innumerable know-your-customer and assorted fee frictions. SLP tokens are renown for their ease of use, and are built upon the Bitcoin Cash (BCH) network, meaning they’re often less expensive to use than ERC20 tokens and have faster confirmation times.

Close Nit Feel of the Community

To grease funding efforts, the HONK team is once again utilizing the power of SLP by creating a special SBS token, sold in phases, distributed as fundraising goals are periodically reached. From there, a dividend incentive program takes over thanks to innovations like the SLP dividend calculator.

“JT will do the security audit,” Patrick revealed to CoinSpice, who is known as @Blockparty_sh online and a trusted veteran in the SLP space. The creator of HONK also noted he was “drawn” to SLP due to “the drive of the developers and the close nit feel of the community. There are mostly good people in this area and I have met a lot of good people since I have been here. It took me a while to realize it but I think SBS is a better use for SLP tokens than what HONK is doing, [in my opinion].”

If all goes well, Patrick believes it will take a little over three months to build its sports betting site, another week for a security audit, and then another couple of weeks for what he calls “beta bug catching.” When asked about its differentiating use case, Patrick further elaborated how between “@honkbetbot, games.honkhonk.io, and the gambling website, we think people will be pretty busy using HONK,” adding how the token is “getting our first listing on Altilly to establish an actual market price,” though other exchanges such as Cryptophyl and SideShift.ai haven’t picked it up yet for listing.

CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.

DYOR: CoinSpice is your home for just spicy crypto things. We’re not affiliated with any cryptocurrency project or token. Each published piece is intended for information purposes only, not investment advice and not in the hope of impacting speculative markets. There are plenty of trading sites and coin-specific advocacy journals out there, we’re neither. CoinSpice strives for rigorous accuracy in our reporting. Information presented here is contingent usually on a host of factors, and the ecosystem moves fast — prices change, projects change, and at warp speed. Do your own research.

DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.