Another cryptocurrency based online poker room has hit the digital airwaves and this time it has the backing of a European Member of Parliament.
Whether you believe the cryptocurrency thing is complete and utter garbage or the next Google, Apple or Amazon, one thing is for sure; it refuses to be ignored. Experts recently cited the rise of Bitcoin Cash (BCH – low transaction fees and favoured for commerce and the Internet of things as originally intended by Satoshi) having injected 100 billion dollars worth of wealth into the world in the past 12-months.
So we shouldn’t be surprised that the entrepreneurial poker-playing member of the European Parliament (MEP), Tony G, is getting very interested indeed. So involved, in fact, that the TonyBet owner is backing a new venture called CoinPoker.
CoinPoker is currently available for people to download and play for play money. Many of the team behind the project will be familiar to you. Isabelle Mercier, a TonyBet Poker ambassador, joins the team as Community Manager. The former PokerStars employee Michael Josem is the new Head of Security. Tony G’s fourth limb, Warren Lush, acts as an advisor, as does the former European Poker Tour (EPT) Tournament Director, Teresa Nousiainen. PokerNews, HighstakesDB, and Pokertube also have a vested interest in the new project.
What is CoinPoker?
CoinPoker is a brand new online poker room that removes the need to deal with fiat currencies. The cryptocurrency of choice is called Chips (CHP), and the site will operate on the distributed server processing system Ethereum and its ERC20 Standard smart contract protocols.
The free money version is CoinPoker’s Minimal Viable Product (MVP), and you have access to a broad variety of games. Once the real money action begins, options will scale back to No-Limit Hold’em (NLHE) and Pot-Limit Omaha (PLO) cash games and tournaments for the first month.
The cash games will operate using CHP Tokens to the value of $0.05 – $5, and the multi-table tournaments (MTTs) will range in buy-in from $1 – $100.
How Do You Get Your Hand on CHP Tokens?
CoinPoker is joining the mass movement of Initial Coin Offerings (ICO) hoping to create a vast amount of startup crypto-cash. If you get in on the early action, then CoinPoker gives you a 30% bonus. The true ICO begins in January where 500 million CHP Tokens will become available to the public.
Of those tokens, CoinPoker will make 75% available for players and investors. They will reinvest 15% in promotions designed to drive the early liquidity. 10% ends up in the pockets of the employees, partners, and advisors.
What Problems Does CoinPoker Propose to Solve?
CoinPoker drops the same value bombs we’ve heard from the likes of Virtue Poker.
– Greater transparency
– Faster deposit and withdrawal options
– Cheaper costs
– Removal of the payment processor
– An RNG we all get to see
– Peer to peer cash transactions
– Improved security
One area of value that CoinPoker drives in the whitepaper is the expansive nature of liquidity. As I read it, once the ICO is over, CoinPoker becomes available globally, whereas Virtue Poker was considering opening up to select markets based on regulation.
The other difference between Virtue Poker and CoinPoker is the former has designed a site that welcomes bot users, whereas CoinPoker seems to be taking on the insurmountable task of trying to drive them away moat and portcullis style.
Bits and Bobs
CoinPoker makes revenue by taking a small CHP fee in the same way that traditional online poker rooms accept the rake. CoinPoker will set the rake for cash games at 4%, with capped rake coming in for high stakes players.
25% of the total revenue will be distributed back to the players via Ethereum smart contracts on a monthly basis. The whitepaper also pushes the value of CoinPoker for investors as well as players with the anticipated rise in the value of CHP Tokens.
The framework will be recreational player friendly, and all players will be completely anonymous.
To celebrate the expected success of the ICO, CoinPoker plan to host a series of MTTs with a 500 CHP Token buy-in with at least one of the events having an estimated €1.6m added in value from the ICO.
The plan is to incentivise referrals and social media marketing so you can
expect a raft of professional poker players to sign up as ambassadors in the next 12-months. Whether they carry the weight of Virtue Poker’s Brian Rast and Dan Colman remains to be seen.
CoinPoker plans to launch on Android and iOS devices at the beginning of April 2018. And player referral and partner programs begin July 2018.