Silks, with the help from our community and the valuation in horses and our other assets will start paying out 1% of the real-world race purse.
Payouts - 1% of real world winnings
Purse Distribution by Position
1st Place: $60K → $600 (.33 ETH)
2nd Place: $20K → $200 (.11 ETH)
3rd Place: $10K → $100 (0.06 ETH)
4th Place: $5K → $50 (0.03 ETH)
Silks rewards are the direct equivalent to what the horse makes in real life. Our rewards are payed out in Ethereum, a cryptocurrency that uses a decentralized blockchain and smart contract functionality. When the race is completed and Silks receives the accurate data, the payout amount is directly tied to the price of ETH at that moment. Example: $500 in ETH ~= .31 ETH. This transaction will be processed to the wallet associated with your Silks account.