Viabet.io aims to be the world’s first cloud betting casino. Find out how it works today in our review.
What Is Viabet?
Viabet.io is an online casino that promises to provide a revolutionary new approach to cryptocurrency gambling and peer-to-peer sports betting. The casino has launched online with the tagline that users can “become the casino”.
The Viabet.io pre-ICO begins on November 14, 2017. 49 million VIA tokens will be available through the crowdsale.
The alpha version of the Viabet platform is scheduled to launch in early 2018.
How Does Viabet Work?
Obviously, there are plenty of online gambling platforms available today, and there are a growing number of blockchain-based betting platforms as well. What unique features does Viabet bring to the table?
Viabet’s press release claims that there’s “a widely recognized need for a system that would provide players with additional incentive to gamble.”
With that in mind, Viabet wants to create a system where online players can “become the casino” and offer guaranteed odds.
It’s all based on a cloud environment where betting takes place through peer-to-peer transactions. Users make transactions in VIA tokens.
When a bet takes place in a peer-to-peer transaction, it means one player effectively acts as the casino. That player is given the house odds. If the house wins, the player on that side of the bet also wins.
In order to qualify to “become the casino”, players will have to purchase and stake VIA tokens, then play a certain number of game rounds as regular players. Regular games can be played against the Viabet casino house, or against other players who have already qualified to “become the casino”.
Every time a user plays a round of any Viabet games, that user earns Edge Tokens. Edge tokens are in-platform utility tokens that can be used as a unit of exchange between players in the casino.
Once the player has earned a certain number of Edge tokens, he or she will become qualified to “become the casino”. At that point, the user can offer and open games, then allow other players to take the opposite side of the bet. And yes, users get a house edge on all bets and games.
The overall goal of Viabet is to bring something new to the $50 billion annual gambling industry:
“We aim to create a new kind of gambling experience. An experience where the user no longer has to feel like he’s at the mercy of the casino provider.”
At launch, Viabet’s casino is expected to feature peer-to-peer sports betting, poker, and other popular casino games and tournaments.
The alpha release of the platform is scheduled for Q2 2018. Viabet will be available through Android and iOS apps or through a web-based interface.
How To Use Viabet
Here’s the basic process users will undergo when betting or participating in the Viabet platform:
- User 1 creates an account on Viabet.io, then joins the game as the house
- User 1 creates a custom game, then sets the odds and other parameters within the platform
- User 1 stakes the required number of VIA tokens, then “becomes the casino” and receives the house’s edge
- User 2 joins the custom game and plays a round; if that user wins, then user 1 is debited with the value of the loss, and user 2 gets credited with that amount; if user 1 wins, then user 1 gets credited with the number of tokens lost by user 2
It’s important to note that a player cannot remain as “the casino” forever. That’s where Edge tokens come into play. You earn Edge tokens by participating in regular games (where you’re not the casino). You spend Edge tokens when operating as the casino.
The Viabet Crowdsale
The Viabet pre-ICO begins on November 14, 2017 at 10am PDT, and ends on November 21, 2017 at 10am PDT.
9.8 million VIA tokens will be available during the pre-ICO. The pre-sale is capped at 7000 ETH. Bonuses of up to 40% are available during the pre-sale.
The ICO is expected to take place soon after the completion of the pre-ICO. A total of 49 million tokens are available during both the pre-ICO and ICO. The crowdsale continues until January 7, 2018.
There will be a total supply of 70 million VIA tokens. That supply will never change, and no further tokens will be created. Out of the total supply, 70% is distributed to ICO participants and 30% is retained by owners.
The VIA tokens are ERC20 tokens built on Ethereum.
Tokens are set at a price of $0.34 per token (1 ETH = 1,000 VIA).
Who’s Behind Viabet?
The Viabet website and whitepaper have no “team” or “about us” section, so we can’t tell you any more about the team behind Viabet.
A user named densuj posted a Bitcointalk forum thread announcing the launch of Viabet on October 23. Aside from that, we don’t have any information about the team.
That lack of information doesn’t seem to be a problem. The company seems transparent about most of its operations – so we assume team information will be announced in the near future. The company is also open about its social media profiles, including its Telegram channel and other platforms.
Viabet is a unique gambling platform that aims to attract users by allowing them to play as “the house” and get the same odds as the house. Users interact with other users in a P2P environment. There are two tokens involved in the ecosystem, including a utility token called Edge tokens as well as VIA tokens, which are available during a crowdsale starting in November.
To learn more about Viabet, visit online today at Viabet.io.