EtherJack JACK ICO: Smart Contract Bidding Jackpot Game?
EtherJack is developing a massively multiplayer online jackpot game, and releasing a cryptocurrency called the JACK that the game will use. The design of the game is elegantly simple, and guarantees complete fairness and transparency.
While the idea is interesting and thoroughly developed, it's important to note that the company provides no information whatsoever about itself, and doesn't mention any effort to adhere to regulations concerning online gambling.
EtherJack never identifies its founders or development team; the company's website, whitepaper, Twitter feed, and Bitcointalk forum simply never mention who is behind the project.
he company's forum on Bitcointalk.org was started by a user called “kowaitian,” who registered on the site in 2014, and was thus a rather early adopter of cryptocurrency technology; however, this appears to be the only information available about the development team. The developer(s) could just be shy, but it's more likely that this is a deliberate move to avoid any scrutiny from regulators in jurisdictions where online gambling is explicitly illegal.
Despite its developers' insistence on anonymity, the company's audience on Twitter and Bitcointalk is growing steadily. The site has been translated into several languages, mainly by users volunteering through the Bitcointalk forum. The company has also issued a bounty program, where users can earn JACK tokens for promoting the platform on social media.
EtherJack's primary product is its multiplayer jackpot game. The design is simple, and it is intended to address trust issues commonly associated with digital gambling. Users take turns placing a bid on the jackpot; if nobody bids within a certain time, the last bidder wins.
As the game goes on, the last bid timer shrinks, and bids become more expensive. In addition to the jackpot, there are also smaller prizes for the twentieth, fiftieth, and hundredth bidders. To ensure complete confidence in the game, its source code (written in Solidity) is published for public review. It's not clear whether the platform is a single game that all users play, or if several will be run simultaneously.
The company is also releasing its own currency, the JACK; users can place their bids using the currency, and the jackpot itself will be paid in JACK tokens. However, the platform does not use JACK tokens exclusively; bids can also be placed with Ethereum. The JACK is currently in its pre-ICO phase, which will continue until the sale raises 333 Ethereum, which will constitute most of the first game's jackpot.
The company claims it will destroy JACK tokens used for betting in order to limit the supply and increase the value of the remaining tokens. Users can also place JACK tokens in a “vault” which entitles them to a small dividend payout from each bid purchased. The company doesn't mention if the JACK will be traded on public exchanges.
EtherJack offers a well-designed game that could be great fun for adults interested in gambling with cryptocurrency. For a service that provides no information about who is behind it, the site is remarkably transparent about its plans for both its platform and its currency.
However, EtherJack's developer seems to be deliberately disregarding laws against online gambling, which could lead to considerable consequences for both them and their investors.
The EtherJack JACK ICO Verdict
EtherJack is a thoroughly developed idea, and it has the potential to become a widely popular cryptocurrency gambling platform because of its transparent design, its compatibility with Ethereum, its numerous translations, and its interesting game concept.
However, EtherJack's anonymous developers don't seem concerned about regulations against online gambling, which could prove to be a significant problem – it is outlawed in many jurisdictions, including most of the United States and European Union.
Since the value of the JACK is directly tied to the popularity of EtherJack, investors may find that it offers greater stability than other cryptocurrencies with value based purely on speculation. However, investors should wait to see how popular the platform becomes before buying in, and especially watch for legal compliance.