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

Blockchain

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

Posted on .

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

Introduction

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.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

vdice-image-3

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.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

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.”

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //

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

This is a sponsored story.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

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.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
P.H. Madore
ICO Analyst
P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
Mate Csar
Analyst
Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
Justin O’Connell
Journalist
Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
A U.K. minister for Cabinet has said that cyberattacks present…