vDice.io, The World’s First Full Decentralized Gambling Platform | Hacked: Hacking Finance
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vDice.io, The World’s First Full Decentralized Gambling Platform

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vDice.io, The World’s First Full Decentralized Gambling Platform


This article was posted on Wednesday, 11:44, UTC.

vDice.io, having launched in June as the first fully-decentralized betting game for the first programmable P2P network, will host a crowdsale from November 15 to December 15. In exchange for Ether (ETH), investors will receive “vSlice” tokens, each of which is directly tied to the profits of the game. The “vSlice” token will regularly distribute profits of the vDice game to token holders.

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Since going live on June 13, vDice has become the top ranked Google site for Ethereum gambling, having processed nearly 10,000 bets.

Built On Smart Contracts

Built on fully decentralized smart contracts, vDice processes bets through an Oracle without server architecture. As such, it makes gaming easier and more trustworthy.

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As a platform, vDice plans to invite anyone to write their own Ethereum smart contract (Dapp) and put it on the Ethereum network. In this way, vDice will eventually serve as a platform for developers to showcase their gambling Dapps.

Customers will initially be online gamblers who use digital tokens like ETH. As the Ethereum ecosystem matures, the active trading of “pegged” tokens will increase. These are blockchain tokens pegged to fiat currencies, allowing users to effectively gamble with fiat currencies using blockchain tokens.

“A single person could play from multiple Ethereum addresses,” vDice co-founder Jason Colby told CCN. “You can always know exactly and precisely how many addresses are playing, but in terms of players, that number is not perfectly knowable.”

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Based On SatoshiDICE

vDice is based on SatoshiDICE, the most successful blockchain-based gambling game to date. SatoshiDICE accounted for over 75% of all transactions on the bitcoin network in 2012-2013.

Most betting games, even for cryptocurrencies, are centralized. Bettors send money to the owners of the game and trust them to hold it and then pay out at the appropriate time. Ethereum gambling on blockchain, by contrast, has no accounts, no server and no trust.

The Ethereum blockchain processes bets and pays out wins automatically to players’ Ethereum addresses. No one controls the game. The code is public and players control their funds in their wallets at all times.

Players do not need an account to bet. They play directly from their Ether wallet. Each game has an address, its winning odds, a price multiplier, a lucky number, and a minimum and maximum bet. To make a bet, a player sends a transaction straight to the address on the Ethereum blockchain. The bets are provably fair, and winnings get sent straight to their wallets.

How It Came About

“Developers and I were talking about the best smart contracts,” Colby said. “It was clear that gambling was going to be very successful. So we decided to make the best, most secure, blockchain gambling platform. We did Classic SatoshiDICE as an Ethereum smart contract.”

“Up to 2013 it (SatoshiDICE) was responsible for almost all bitcoin transactions. So we made it for Ethereum,” he said. “Using Ethereum we made it fully decentralized, on-blockchain gambling, using smart contracts.”

“Also, we wanted to show how fast and efficient you can do on-blockchain transactions with Ethereum,” Colby continued. “Blockchain gambling is the best way to do that.”

“Ultimately, we will continue to increase the efficiency of on-blockchain transactions,” he said. “That means making on-blockchain bet processing as fast and cheap as possible, using an Oracle (fully decentralized). We’re already 18 months ahead of the competition for that.

Also read: Why cryptocurrency and online casinos are a match made in heaven

A ‘WordPress For Gambling’

“Ultimately, we will turn vDice into the WordPress of gambling,” Colby noted. “There are going to be lots of developers making gambling Dapps. The incentives are too great. They won’t have time to grow their own brand. vDice will provide that.”

“Someone creates their own game. If it’s good, they will benefit. vDice will be like the WordPress of gambling in this way: a platform for developers to showcase their quality gambling Dapps.”

“vDice imagines a world of geeks, in their bedrooms, creating gambling games instead of Youtube shows,” Colby said. “It costs them nothing to put it on the P2P network. Then people all over the world will play.”

For information, visit https://crowdsale.vdice.io

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Lester Coleman

Lester Coleman

Lester Coleman is a veteran business journalist based in the United States. He has covered the payments industry for several years and is available for writing assignments.

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