Yet another gambling company is moving to the blockchain.
If you’ve just joined us, gambling operators have been turning to blockchain to provide the ultimate transparency and trust to their players. There’s Cash Poker Pro for decentralized online poker, while esports and prediction has Herosphere.
Joining the group is another platform, but this time for online dicing.
Ethbet is the first decentralized gambling platform that lets players wager with no house edge in a peer-to-peer manner. Dicing sites have seen improvements in recent years, with many of them offering features such as provable fairness and lower house edges. Some sites even allow users to bet on the house by investing in its bankroll.
And with the advent of cryptocurrency, gambling platforms like Ethbet are also enabling players to cut out the middleman. The platform runs on the distributed server processing system ethereum blockchain and has no central authority or house, which means players play against each other. And because it is a smart contract, Ethbet does not require user registration or deposits, and the winnings are sent instantly to the players’ wallets.
“Ethbet’s role is to mediate bets,” the company said in a Medium post. “One simple analogy is that Ethbet is like an exchange, except instead of users agreeing to trade an asset at a certain price, they are agreeing to gamble a certain asset with certain rules.”
The start-up said dicing is the first game that will be fully completed on the platform, but Ethbet has the capability of offering other forms of betting as it matures.
Ethbet will kick off a token crowdsale on September 17, and will last for four weeks. The first day of the crowdsale will feature a 50% bonus in tokens to reward early investors, according to the company.
Investors will be given the power to vote on proposals to improve Ethbet as well as “on values such as what Ethbet’s cut of its optional player-defined house edge should be or what future projects Ethbet should pursue, allowing them to steer the platform in the direction that is most profitable,” the start-up said.