WeBetCrypto is a blockchain platform that promises to “change the gambling scene forever”. Find out how the developers plan to do that today in our review.
What Is WeBetCrypto?
WeBetCrypto, found online at WeBetCrypto.io, is a blockchain technology platform that aims to “eliminate the excessive and unpredictable risks of gambling,” according to the official website.
Isn’t gambling built on “unpredictable risks”? How does WeBetCrypto plan to accomplish those goals?
The platform will allow users to bet in various cryptocurrencies in an anonymous way. Users can also indirectly bet on the house “by simply holding their tokens.” Token holders receive a monthly percentage of the bank’s revenue.
In other words, even if the house wins more often than you win, you’ll still earn money by holding WeBetCrypto tokens.
WeBetCrypto released its whitepaper and website in August 2017. The company’s ICO is scheduled for September 1 to September 30. The first dividends will be paid out in Q1 2018, which is also when the desktop and Android apps are scheduled for release.
How Does WeBetCrypto Work?
WeBetCrypto’s tokens, WBC, are built on the ERC 223 standard. The standard was chosen for its security and to prevent users from losing money by sending cryptocurrencies to the wrong address during the ICO.
The overall goal of the currency and the WeBetCrypto platform is to provide a provably fair, transparent, and secure blockchain-based system where both users and token holders are incentivized to participate.
Users will interact with the WeBetCrypto through a mobile app available for iOS, Android, and your web browser.
WeBetCrypto is emphasizing all of the following features:
Private: You can play completely anonymously with no personal details required.
Easy to Play: Like most gambling platforms, WeBetCrypto emphasizes user-friendliness.
Bet on the House: By buying tokens, you can effectively “bet on the house” and earn a share of all profits earned by the company through gambling. So even if you lose to the house, you’re still gaining some amount of money (in a roundabout way).
Limitless: WeBetCrypto has no deposit limit and a $1 million withdrawal limit per month, per user.
Head to Head Betting Process: The blockchain mediates bets between two players who take opposite sides of a poker table. The fee for an executed smart contract will be 1% of the total payout. 1% goes to the company’s bankroll, which pays out to WBC token holders at the end of every month.
Multi-User Tournaments: For multi-user tournaments, the blockchain will collect buy-ins from all tournament participants while keeping a flat fee of 5%. The fee goes to the bankroll, which again, pays out to token holders at the end of every month. 94% of collected entry fees are used to payout winners of the tournament, while 1% of the total fees collected will go towards the first person to lose any tournament.
Lottery Ticket System: WeBetCrypto’s smart contract has a lottery ticket system. You can buy lottery tickets for a chance to win a large prize pool of money. WeBetCrypto will collect 5% of fees from lottery tickets and place them in the bankroll for profit sharing.
The WeBetCrypto Token Sale
WeBetCrypto’s tokens are priced at $0.50 during the pre-sale (5 million tokens sold), $2 during the second stage (5 million tokens sold), $4 during the third stage (5 million tokens sold), and $5.50 during the fourth stage (5 million tokens sold).
The first stage of the token sale started on August 25. The token sale is continuing throughout September.
There will be a total of 30 million tokens in the WeBetCrypto ecosystem. 20 million will be available during the ICO, as mentioned based on the schedule above. 5 million will go to the developers and 5 million will be kept in a bank.
One of the most interesting things about the WeBetCrypto token sale is the way in which excess tokens are being handled. Many other ICOs destroy any leftover tokens, or retain them in a fund. WeBetCrypto, however, is distributing all leftover tokens proportionally to all token holders who purchased during the ICO.
Many companies are seeking to use blockchain technology to revolutionize the online gambling industry. Decentralization and blockchain technology lead to a number of powerful benefits – including better transparency, provably fair games, and better security.
Ultimately, there are some unique things about how WeBetCrypto works. One of the most unique things is that any leftover tokens are distributed to current token holders after the ICO. Another unique thing is the way profits are distributed to token holders: token holders are entitled to receive a cut of a 1% to 5% fee collected from every game.
The WeBetCrypto token sale is underway throughout September. You can learn more about the token sale today at WeBetCrypto.io.