Edgeless.io launches it’s ICO this week with the goal to be 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 at a low.
Tomas Draksas, professional gambler and co-founder of Edgeless.io explained:
‘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 game play is fair and transparent and of course that the odds are the best offered.”
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.
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 be able 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).
UPDATE: See this Medium post for an update on Edgeless, including a new staking feature:
- Blockchain-Based Travala.com Teams Up with Dash For Hotel Booking Payments - July 18, 2019
- SEC And FINRA Approves First Reg A+ Token Offerings - July 18, 2019
- Tokinex Tolken Sale Sells out in 35 Seconds - July 18, 2019
- 18 Organisations Launch The Convergence Alliance To Enable A New Open Data Economy Built On The Decentralized Web - July 9, 2019
- Bittrex Acquires Tradedash - July 3, 2019
- Korea’s Cube Systems Rolls Out New Blockchain eCommerce Platform - July 3, 2019
- Clinlogix Joins ALTEN Calsoft in Launching Blockchain for Clinical Trials - July 3, 2019
- Binance Charity forms alliance with 46 companies to unveil a stablecoin for the alleviation of period poverty - July 3, 2019
- Nestlé Breaks from IBM Food Trust Blockchain Group for New Milk Supply Chain Trial - July 3, 2019
- Tokeny Solutions Digital Asset Platform Gets €5 Million Backing from Euronext - July 3, 2019
- Blockchain Venture Capital Funding Reaches $822 Million in 2019 - July 1, 2019
- Toronto’s Creative Destruction Lab Joins Facebook’s Libra Association - June 19, 2019
- Australia’s Power Ledger to bring P2P Energy Trading to Austria - June 19, 2019
- Litecoin Foundation Teams Up With Bibox And Ternio On Special Edition Litecoin Debitcard - June 19, 2019
- US Legislators Call for Halt to Facebook’s Cryptocurrency Plans – And to Face Congress - June 19, 2019
- Hyperledger Welcomes Diverse Line-up of New Members for Identity Project - June 18, 2019
- Facebook Announces Calibra Digital Wallet and Libra Cryptocurrency - June 18, 2019
- MIT Professor Silvio Micali’s Algorand Project Announces Date for First Auction - June 6, 2019
- SEC sues Canadian Messaging Service Kik Selling Unregistered Securities in its $100 million ICO - June 4, 2019
- CrowdEngine Teams Up With Polymath Adding Security Token Issuance to List of Crowdfunding Services - June 3, 2019