Betting can be exciting and fun and it was just a matter of time until we would be able to bet on and with cryptocurrencies. Ethorse just finished their crowdsale and is building a betting platform based on Ethereum smart contracts.
What is Ethorse?
Ethorse is a platform that integrates horse betting, blockchain technology, and cryptocurrencies. All of this based on an Ethereum contract, the company is developing a DApp for its user to bet on the price of cryptocurrencies, whereas a user you win from everyone who bets against you.
This tool can be interesting for traders who are already betting (or speculating) on the price movement of digital money. Users of Ethorse bet with ETH on the coins or tokens that are listed on the platform that has the highest gain in a fixed period – this is called Parimutuel Betting.
All bets will be added to the blockchain, so users can see the total number of bets, the total number for each coin or token, as well as the Payoff-odds acquired from them. This way it is possible for everyone to follow the crowd to pick a winner effortless. Still, the Payoff-odds can also be used to bed as an underdog (someone who is actually supposed to lose)
Ethorse makes it possible to bet and win ETH in both Bull and Bear markets, users won’t have to sign up or deposit funds. The development is open source and the funds are secured by Ethereum smart contracts.
The site enables an entirely trustless peer-to-peer betting platform. The prices are drawn from the exchanges using Oraclize.
How Does Ethorse Work?
The platform makes it possible for users to interact with the betting smart contract that handles all operations in a safe manner. This includes collecting bets, monitoring process, calculating winners and rewards. The Parimutule Betting system that is used is popular in horse betting and other sports where members finish in ranking orders.
In Parimutuel Betting, all bets are placed in one pool, the provider takes a cut from the pool, then the payout is shared among everyone.
Ethorse uses this betting system where participants bet on the price of coin or token by choosing a winner among multiple cryptocurrencies. A winner is a coin or a token that has the highest price boost in percentage among all other coins in a specific time period.
Ethorse HORSE adds all information purely on the blockchain without any interference of third parties except to fetch the prices from the exchanges.
Ethorse HORSE ICO Token Details
The Ethorse token HORSE has been issued during the companies crowdsale, which ended after only 4 minutes as the hard cap of 100,000,000 HORSE was reached. Total contribution was 4000 ETH from 625 addresses in 879 successful transactions.
Ethorse profits are generated through takeouts, a small cut taken from the betting pool of all races before paying out the winner. The current takeout rate is 5%.
At the end of each quarter, a smart contract will issue the dividends based on the bulk of HORSE tokens owned by a wallet during a certain time period.
Ethorse HORSE ICO Token Details:
- Token Symbol: HORSE
- Type: Ethereum ERC 20 Standard Contract
- Total Fixed Supply: 125,000,000 HORSE tokens minted Crowdsale
- Hard Cap: 100,000,000 HORSE
- Price: 1ETH = 25,000 HORSE
- Bonus Phase 1: 1 ETH – 25,000 – 100%
- Phase 2 – Day : 1 ETH – 18,750 – 50%
- Phase 2 – Week 1: 1 ETH – 15,000 – 20%
- Phase 2 – Week 2 1 ETH – 13,750 – 10%
- Phase 2 – Weeks 3 & 4: 1 ETH – 12,500 – 0%
Allocation of funds collected during crowdsale:
- Development 60%
- Marketing 35%
- Bankroll 5%
Ethorse HORSE ICO Verdict
Gambling, online gaming, and betting have a high risk of addiction, so we encourage everyone to stay responsibly and in a reasonable manner. Your online betting experience should be fun, but the risk of becoming depended is there. We are interested to see how Ethorse will develop after such a good start with the platforms crowdsale.