What Is CoinPoker?
CoinPoker is an online poker room on the Ethereum blockchain with a native token, CHP(chips).
After a meteoric rise in popularity in the 00s, interest in online poker has cooled off in recent years. This can be attributed to varying degrees of regulatory measures, non-flexible payment providers and outright prohibition of poker in some jurisdictions.
Owing to a consequent reduction in player numbers, erstwhile popularity has gradually declined over the last decade. There have also been various incidents of poker room scandals, fraud and security inadequacies which have hurt the overall reputation of the game.
Using transparency offered by the blockchain and smart contracts, CoinPoker seeks to address the aforesaid problems that have plagued online poker in recent years. The CHP token(poker chips) can also be purchased by players from anywhere in the world, thereby bypassing regulatory restrictions. Decentralized processing of payments also lends to quick and easy withdrawals of winnings.
Conventional RNGs (Random Number Generator) are pseudorandom(PRNG). CoinPoker has developed a “compromised” blockchain RNG. This blockchain RNG has been engineered to use blockchain technology to improve randomness, but still relies on some traditional RNG techniques to maintain speed. As technology improves, it is likely that a full blockchain solution can be implemented to ensure complete randomness without compromising execution speed.
CoinPoker also has a fairplay security and fraud system to monitor user actions, identify and eliminate unethical/robot play on a per account basis. CoinPoker trial can be found here coinpoker.com/download
CoinPoker Team
- René Boutestijn – Chief Development Officer
- Justas Kregždė – CTO & Smart Contract Developer
- Michael Josem – Head of Security
- Paulius Mikaliūnas – Product Manager
CoinPoker ICO Details
- Platform – Ethereum(ERC20)
- Pre-ICO – November 16, 2017
- ICO – January to February
- Hard Cap – 500,000,000
- Price per token – 0.0002 ETH
CoinPoker Verdict
Online gaming at large is a highly lucrative marketspace. CoinPoker project has good potential if they are able to revive interest in online poker. Marketing and transparency are of the essence.
I’m already an investor there, but after buying a pack of tokens I’m not totally convinced on how this will go into the exchange, 5 millions tokens are getting shared in free rolls, winners take up to 1000 tokens per 1st place, and there is a freeroll every hour.
With 20usd I got about 65 CHP tokens at the 2nd ICO stage, I’m waiting the big freeroll whales start selling this tokens at ridiculous low prices (burn’em). Not big winnings for me. (Maybe in the future).
I’ve been playing on freerolls for some days and 600 players are the highest I’ve seen playing at the same time, if you are good at poker, go for it. If you are an exchange investor, better wait for exchange and decide.
Humble opinion there, I hope it runs good for me.
It’s disappointing because there is some much working against the player. I feel the site and ICO has a lot of flaws which are made to serve the house and not the players, the appear as features or bugs but are actually well planned to sell the ICO. Under such conditions no business or even free site survives. A good example is the former seals site that’s lost 90% or more of its users.
They made a bad decision to offer an unusable wallet so you can’t withdraw your winnings until you invest in them by going to the exchange and buying the token. That is enough for most people to delete the app and play elsewhere and question the legitimacy of the designers. This is a self serving feature for the house that drives away a good percentage of the players and only works to sell the ICO token, which has lost a lot of its value so far. They say get in early as an investor but what a sham that is because early investors are 50% – %60 down, If I invested today I’ll double my money before you break even.
The model has many more flaws so as an investment I wouldn’t suggest it. As the other player above notes the $20 chips he bought is now worth $7.80 so even if you did nothing but watch you already lost 60% of your chips value.
Whoever thought that playing with the same token as the ICO is a good idea should have his head examined.