ETH888 is an Asian cryptocurrency casino built on the Ethereum blockchain for maximum transparency. Find out everything you need to know about ETH888 today in our review.
What Is ETH888?
Found online at ETH888.io, ETH888 is an online gambling platform built on the Ethereum blockchain and smart contracts.
All core logics of ETH888 are programmed into smart contracts in order to create a 100% transparent, open source blockchain-based casino. Anyone can view the block via block explorers to see how the casino operates.
Like other cryptocurrency casinos, ETH888 promises to be provably fair with a reasonable house edge. It also claims to be the first Asian decentralized casino.
Obviously, there are plenty of online gambling platforms available today. What makes ETH888 different from other online casinos? Here are some of the core differentiating features:
- 40% of total house profit will be deposited every month into the “Vanil Pool”; the Vanil Pool will pay profits to Vanil token holders. The more tokens you own, the greater your share of profits will be.
- Transparent operation through the use of smart contracts. Smart contracts will show the profits from each bet and the total house profit. The games are provably fair, and all winnings can be verified via the block explorer. In addition, the Vanil Pool management system is unchangeable – so no human fraud can occur in the future.
- The first Ethereum casino targeting Asian markets
- Asian themed games
- A house edge of 6 to 16%
The ETH888 ICO
ETH888 is selling Vanil tokens through its ICO.
The total supply of Vanil tokens will be 15,500,000. 10% of that will be reserved for the development team and another 10% will be for rewarding advertisers. The remaining amount (12.5 million) will be sold through an ICO.
The Vanil token ICO started on August 11. It’s an ERC20-compliant token. All holders can freely trade tokens on the marketplace after the ICO is complete. There’s a fixed supply of Vanil tokens, and more tokens will never be generated.
How Does ETH888 Work?
ETH888 will make games provably fair using smart contracts. Before placing a bet, a number of source random hashes have already been generated and written into the Ethereum blockchain using functions calling in the smart contract. These random hashes can be used in different games for different results. No one knows which hash will go into a game, because the hashes are generated before a game begins.
All players will be given a SHA512 hash (encrypted from the source random hash). Approximately 30 minutes after the game ends, the source random hash will be written to the chain and the player can verify it by using any public SHA512 encoders. This ensures the result generated was coming from that randomly-sourced hash – it wasn’t generated after the bet was placed.
In terms of house edge, ETH888 plans to maintain an edge of 10 to 15%.
If you’ve looked at other bitcoin casinos, then you may think a 10 to 15% edge seems high. Other casinos offer 1% or even “edgeless” games. ETH888 specifically mentions this in its FAQ, when it says that these casinos rarely turn a profit: the platforms disappear after just a few months because there are software programs that can game edgeless or 1% edge games (like Blackjack Master, for example). ETH888 maintains a higher house edge to deliver higher profits to token holders.
Who’s Behind ETH888?
ETH888 is being developed by Steve White, an Australian mathematician who has participated in cryptocurrency development since taking an interest in bitcoin in 2009.
There’s also Gordan, a product developer and one of the core members of SunBet, along with Lily, Richard, George Colin, Peter, and other contributing members of the team (last names aren’t listed in English in the ETH888 whitepaper).
Richard was a senior application developer at a leading Chinese cryptocurrency exchange. George and Peter have experience building cross-platform web games and blockchain technology, and Lily is a marketing and promotions specialist with experience in the Chinese market.
You can contact the development team at [email protected]
ETH888 is the first Asian casino based on the Ethereum blockchain. The platform plans to attract users with its provably fair games and high degree of transparency. ETH888 is currently going through its ICO. You can learn more about the Chinese gambling platform online today at ETH888.io.