Ethbet is a decentralized, provably-fair Ethereum-based dice game with no house edge. Find out how it works – and how it makes money – today in our Ethbet review.
What Is ETHBET?
Ethbet is a dice gambling platform built on the Ethereum blockchain and Ethereum smart contracts. The platform promises to offer provably-fair gambling with no house edge.
Obviously, we’ve seen plenty of other bitcoin dice games in recent years – but most of these games have a house edge of 1% or higher. How can Ethbet offer no house bet?
The secret to Ethbet’s platform is that players can gamble directly against other players instead of against a centralized house. It’s a decentralized, peer-to-peer gambling platform.
You make a bet on Ethbet, and the platform connects you with another use willing to take the opposite of that bet.
Not all games will have no house edge: players can choose to implement their own house edge. A player that wants to attract gamblers to his game quickly might give the other side a 1% edge, for example.
Obviously, Ethbet is a unique concept. Let’s dive a little further into how Ethbet works.
How Does ETHBET Work?
Ethbet is a provably fair dice-based gambling game with no house edge. The platform doesn’t require you to register an account, nor do you need to make a deposit.
Instead, the entire platform revolves around a smart contract. Ethbet is a smart contract, which means that users are not required to register or make deposits. All winnings are sent instantly to players’ wallets.
Ethbet runs on the Ethereum blockchain. There’s no central authority. Players connect to other players in a decentralized, peer-to-peer gambling platform.
Because of its P2P nature, Ethbet can offer the lowest possible house edge: 0%. However, as mentioned above, players can choose to setup their own house edge. A player that wants to gamble quickly, for example, might setup a game where the other player gets an edge.
In any case, Ethbet offers provably-fair randomness for all bets, guaranteeing that no party can manipulate the results. In addition, all bets, results, and source code exist on the blockchain for anyone to view.
Another unique feature of Ethbet is how the platform will be developed over time. There will be Ethbet Improvement Proposals (IPs) that allow token holders to drive the project in the direction they believe is best.
As the Ethbet website explains, “players don’t have to pay a house edge if there’s no house.” In other gambling games, the house is setup to always come out ahead. When the house has an edge of 1% or more, it ensures players slowly lose all their money to the house. Ethbet solves this problem by removing the house entirely.
Ethbet has a working demo version available on their website. You can play that demo version. The demo is not currently running on the Ethereum blockchain, although that’s the next step.
Ethbet advertises all of the following features:
Built On Ethereum:
Ethbet and its protocol are powered by Ethereum and use Ethereum smart contracts as a secure, immutable foundation.
Peer To Peer:
Instead of gambling over a centralized platform, Ethbet allows players to gamble against each other. This gives players a fairer gambling experience, and allows them to receive a return higher than the returns offered by any other platform.
Like most provably fair gambling games, Ethbet is open source, allowing anyone to check the source code and verify the legitimacy of the platform. The developer also plans to conduct extensive security deposits before the game goes live. The source code is viewable online from Ethbet.io, or on the Ethereum blockchain.
No Registration Or Deposits:
Ethbet is a decentralized peer-to-peer gambling platform. You don’t need to register on the platform or make a deposit into the platform because there’s no central platform.
Zero House Edge:
Players can choose to setup their own house edge. By default, however, Ethbet has no house edge.
Ethbet’s randomness is provably fair, and nobody can manipulate the results.
Ethbet Improvement Proposals are used to encourage new development on the platform. Users can drive the project in the direction they believe to be the best.
The ETHBET Token Sale
Ethbet’s token sale is scheduled to begin at 8pm UTC on September 17, 2017. The crowdsale will last for about 4 weeks.
5% will go to the bounty and the community, 10% will go to Ethbet’s partners, and 10% will go to Ethbet itself.
The best possible rate during the token sale (the first day bonus) is 1 ETH = 1500 EBET. By the final week of the token sale, the exchange rate will be 1 ETH = 1150 EBET. The base exchange rate is 1 ETH = 1,000 EBET.
There is no minimum investment amount, “although it is encouraged to send at least 0.1 or 1 ETH”, explains the official website.
The Ethbet token is used to power the Ethbet platform. The token will not pay dividends. As gambling on the platform grows, the company expects the value of each token to grow. Ethbet tokens are fully ERC20-compliant.
Who’s Behind ETHBET?
Some blockchain companies reveal full details about their members. Other companies reveal no information. Ethbet hasn’t publicly disclosed any information about its team, although they don’t seem to be hiding anything. The question has been addressed on the Ethbet subreddit.
In that subreddit, the lead developer of Ethbet answered the question by saying his name is Blake, and he’s one of two core developers working on the platform. He admits that nobody famous is working on the platform, and that they don’t have anything like a LinkedIn profile to show off. He also says he doesn’t want his face spread across the internet – he just wants to make a good dice game.
Ultimately, Ethbet appears to be in development by two developers. You can contact the dev team by email at [email protected]
Ethbet is a provably fair gambling game based on the Ethereum blockchain. The company aims to create a dice game with no house edge. Instead of relying on a centralized gambling platform – and using a 1% house edge – the developers have created a decentralized, peer-to-peer gambling system where players create their own dice games. You create a dice game, then wait for somebody to take the opposite bet on that dice game.
Players can incentivize other players to join their dice game by adding a 1% edge – say, to the joining player. However, by default, games have no edge. They’re provably fair and random.
Ethbet is being developed by two developers – one of whom is named Blake. The company’s ICO takes place on September 17. You can view a working demo of the platform online today.