Edgeless.io Launches ICO for first fully transparent Casino
Wednesday 01 March 2017
The project has the goal of being the first provably fair casino featuring a 0% house edge.
At the moment, players have to trust that online casinos are giving them a fair game - but it is too easy for them to rig games behind the scenes for profit. Players often have the odds stacked against them, as gambling blogger The Wizard of Odds has shown. With over 50 online casinos blacklisted for unethical practices, trust in the industry is low.
Now Edgeless.io is tackling the problem with its blockchain-based casino that will allow players to verify games at every stage of play. Edgeless are combining this with a unique 0% house edge in the hope of building trust back into the system.
Edgeless plans to launch with skill and luck games such as Black Jack and Lunar Poker. Typically, these have been games of unequal chance with a house edge between 1% - 15%, depending on the casino. Edgeless.io takes a fresh look at this revenue model. Whilst its 0% edge greatly increase players' chances of winning, it is always counterbalanced by player error that creates a natural edge of 0.83% from players' imperfect strategy. This gives Edgeless the ability to generate revenue consistently.
Tomas Draksas, professional gambler and co-founder of Edgeless.io, explains: ‘We want people to have a good time in Edgeless casino so it was important for us to address this problem of trust. We want to create a place where gamblers can be confident that gameplay is fair and transparent - and of course the odds are the best offered.'
Once the casino is up and running, Edgeless.io plans to introduce a wider range of games such as sports betting and dice that will operate on varying revenue models to boost profits.
Edgeless.io was founded last year by a group of blockchain and gambling experts based in Germany and Lithuania. The team has already released a proof-of-concept called Ethslots.win to trial the suitability of the Ethereum blockchain and smart contract technology. Ethslots.io was released back in September and gained popularity in the community. Edgeless co-founder and lead blockchain developer Ignas Mangevicius concluded that ’Blockchain and casinos are the perfect match… many benefits are brought to the industry - absolute transparency, anonymity, instant deposits/withdraws and more.’
The team is now looking for funds to fully develop and launch the casino. The ICO crowdfund goes live on Tuesday 28th February at 3pm GMT and participants will receive EDGE tokens (EDG). EDG holders will be eligible to enter the Edgeless lottery that will take place every month, with a prize pool equivalent to 40% of Edgeless.io profits. Prizes will be awarded relative to the amount of EDG held. There are early bird bonuses including 20% more in the first hour of the crowd fund.
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