Peerplays is a fully peer-to-peer betting platform built on live blockchain.
The PPY token is the digital asset that powers the Peerplays blockchain. It has two basic functions:
1. Voting for witnesses and advisors
2. Participation rewards come from a function generated by the Peerplays blockchain.

Project Application

1. Voting
By using the Delegated Proof of Stake (DPoS) consensus mechanism, Peerplays can be described as a blockchain governed by stakeholders. PPY token holders support the continued security and growth of Peerplay by voting on Witness and Advisor tokens. Voting is easiest done using Peerplays Core Wallet.

Anyone holding PPY tokens can vote by adding a witness's name in the voting section of their Peerplays Core Wallet. The core wallet then sends this voting information directly to the Peerplays blockchain. Each PPY token has a weighted vote, allowing its holders to participate in community and network maintenance. You can choose another Peerplays account to replace your proxy instead of having to vote for yourself. This means that the voting power of all your PPY tokens automatically follows the voting pattern of the proxy account you specify.

Every few hours, the Peerplays blockchain records all votes from all PPY token holders and automatically makes any changes to the list of active witnesses and advisors as needed.

2. Participation Rewards
Participation rewards are a simple distribution concept, but were virtually unknown in the blockchain space until it was first implemented on the Peerplays blockchain.

Like most online gaming platforms, Peerplays Blockchain charges a small fee (depending on the specific game/app, a percentage of the amount won or wagered), often called a "commission". These fees are automatically sent by the blockchain to the virtual account, where they accumulate until the next payment date. On the payment date, all funds will be automatically distributed to the accounts of PPY token holders in proportion to the total percentage of PPY tokens belonging to each account.

Distributed to PPY token holders in the same digital currency denomination as the commission paid. If an end user wagers 1 BTC, and a commission of 0.03 BTC is charged, PPY token holders will receive their share. A specific commission in raw BTC. If the original bet was in ETH, then the distribution will go to PPY token holders in ETH, and so on.

Related Links:
https://www.peerplays.com/governance/