Seriously, What Is This?

SHITE is a multiplayer game in which participants act as players in a self-contained economic simulation. SHITE’s backend is managed entirely by two smart contracts hosted on the Ethereum blockchain, allowing the game to operate in a fair, transparent, decentralized, trustless and verifiable manner. At any time, anyone on Earth can interact with the SHILLcoin or HODLcoin smart contract to buy, sell, or exchange SHILLcoins or HODLcoins on the contract’s algorithmically-managed markets. These markets respond intelligently and automatically to player actions, according to open-source and unchangeable rules. The system as a whole implements several never-before-seen economic interactions and a novel market architecture, providing unique opportunities for players, with a constantly evolving optimal strategy.

What’s Unique About It?

SHITE implements a novel interaction between its two native tokens – transaction fees are charged by both SHILLcoin and HODLcoin, but SHILLcoin transaction fees are paid to owners of HODLcoins and vice versa. We term this a “Symbiotic Parasitic Relationship,” since each token effectively feeds off the other one.

SHITE also introduces the Slush Fund – an account internal to each smart contract. The Slush Fund tracks the total Ether value of all unspent player rewards for that token. Each player accumulates rewards automatically, in proportion to each holder’s balance, and based on the incoming transaction fees from users of the other token. Players can spend their rewards to use slush funds, either to Double Down for more tokens or Cash Out for free Ether.

The Slush Fund also underlies SHITE’s novel Economic Cycles, in which the transaction fees charged by SHILLcoin and HODLcoin vary predictably and cyclically, according to their Slush Fund Balances.

Why Should I Care?

The unique economic model of SHITE breaks untested ground. The complex interplay of SHITE’s relatively straightforward mechanics means that its automated markets constantly evolve, with optimal strategies shifting in response.

Players have the chance to invent and try unique strategies, observe how other players act, and respond accordingly. Since all underlying code is open source and immutable, players can attempt to manuiplate the automated markets generated by SHITE to the best of their ability. Since all players have equal access and knowledge but varying motivations, anyone trying to control the economy of SHITE may find themselves allied with some players and in conflict with others.

Can I Get More Details About SHITE’s Automated Markets?

The smart contracts themselves algorithmically generate markets for both SHILLcoin and HODLcoin according to immutable rules. Technical details are available in the White Paper and within the Source Code itself, but it boils down to two simple rules:

  1. At all times, the price of SHILLcoins and HODLcoins (as measured in ETH) are each linearly proportional to their current Total Supply, as can be seen in the graph below:

    Token Price Graph

  2. The transaction fees charged by the SHILLcoin and HODLcoin smart contracts are each proportional, in a repeating manner, to that contract’s current Slush Fund Balance. This can be more clearly seen in the graph below, which continues its sawtooth pattern in the same manner to the right. Note that incoming transaction fees increase the Slush Fund Balance, causing rightward movement along the curve, while spending rewards decreases the Slush Fund Balance, causing leftward movement.

    Economic Cycle Graph

Can I Trust SHITE?

All of SHITE’s code is open source. You can read the smart contracts yourself; they are written in as accessible a manner as possible, with comments throughout for both the layman and the more technical-minded. Since the smart contracts are published to the Ethereum blockchain, their code is permanent and unalterable.

The SHITEgame.com website serves only as a front end user interface for the smart contracts. Its underlying code helps your computer format your transactions according to your inputs while maintaining your privacy and security. Since all transaction formatting is done client-side, the SHITEgame.com server does not ask for or receive your private (or even public!) keys, and it cannot send any transactions on your behalf. SHITEgame.com also uses zero trackers or cookies, as its creators believe that what you do on the web is your business alone. Still, if you’d prefer you can always interact with the smart contracts themselves rather than using our UI. Since SHITE is open source, you can even design your own UI if you’d like to!

Can The Smart Contracts Go Bankrupt?

By design, SHITE is a permanently solvent system, incapable of “going bankrupt.” The smart contracts themselves automatically maintain Ethereum balances large enough to buy back all existing tokens and pay out all player rewards. Thanks to the public nature of the Ethereum blockchain, the contract’s finances are always viewable, verifiable, and auditable. SHITE can only “go bankrupt” if someone hacks the system itself by discovering and exploiting an unforeseen flaw. While this sort of hack is possible with any decentralized application, users of the Ethereum network currently trust smart contracts with millions of Ether; they place this trust in the system primarily since open source smart contracts allow anyone to review and judge the code for themselves.

Why Did You Make This?

The SHILLcoin HODLcoin Interconnected Token Ecosystem was conceived as an experiment, with the aim of building a decentralized economic model with a deterministic, cyclical incentive structure. The ultimate goal is to encourage players to act in specific ways, with the aim of encouraging cyclical player behavior in aggregate. Specific design choices were made to appeal to, encourage, and reward different playstyles within the game; SHILLcoins are designed to optimally reward players who act more like a stereotypical crypto Shill, while HODLcoins are designed to embody the Hodler mindset.

Where Can I Learn More?

We recommend first reviewing our White Paper and/or the Smart Contract Code. The White Paper provides numerous technical details and extensive explanation and motivation from a fairly academic perspective. If you have specific questions about the smart contracts, we recommend starting by reviewing their extensively commented code.

Have You Thought About…?

It’s possible we have, but you never know. If you have a question or an idea you’re excited about, please send it our way!

For discussions, we've got a Telegram group started at: https://t.me/shitegroup

Or you can email the creator directly at: TheTokenPhysicist@protonmail.com