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.
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.
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.”
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. ”
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.
Bitcoin’s Offensive Continues as Prices Breach $3,400
Bitcoin’s value jumped to a new record on Tuesday, a clear indication that the bull market was back in vogue following a month of turmoil.
$3,000 & Beyond
The virtual currency (BTC/USD) rose 2.4% to $3,468.00 in overnight trading, according to Bitstamp. Before the weekend, the BTC/USD had crossed the $3,000 mark only once.
At current prices, the market value for all bitcoins is more than $57 billion – the highest on record.
While post-fork exuberance shows no signs of fading, traders are reminded that bitcoin’s recent leg up has been accompanied by decreasing volume. In fact, a similar trend has been observed during every leg up from $1,800.
Zooming out to the 1-day Bollinger Band, the market appears to be overbought. A historical analysis reveals that, more often than not, a puncturing of the Bollinger Band in either direction leads to a broad pullback in the market.
The daily RSI also adds credence to the view that the market is approaching overbought territory.
Bitcoin Cash Trading Well Below Its Peak
Bitcoin’s surge followed the creation of a spin-off digital currency – Bitcoin Cash (BCH) – last week. The newly minted coin spiked above $700.00 on Aug. 2 before a series of volatile moves dragged prices back toward $200.00.
BCH was back above $300 on Tuesday, having gained more than 27%. Its total market is valued at more than $5 billion.
Coinbase Caves to Investor Demand
U.S. cryptocurrency exchange Coinbase has announced that it plans to support BCH as of January 2018. Initially, the exchange said it would not support the new coin, triggering outrage among users and a surge in withdrawals.
A contingency of Coinbase customers also threatened to sue the exchange for not supporting BCH, equating the decision to a brokerage withholding new shares from its investors.
“We are planning to have support for Bitcoin Cash by 1 January 2018, assuming no additional risks emerge during that time,” the leading exchange said on its blog.
One of the things that’s been bugging me about blockchain technology is another technology that is on the rise just as fast and could possibly make it irrelevant.
Quantum computing is currently under development by some of the biggest tech players in the world. IBM, the NSA, and Google are all working hard to make everything that we know about computers irrelevant within the next decade.
The idea is quite simple, in the world of quantum physics anything is possible. For example, throwing a basketball through a brick wall is not a very probable thing to occur but the odds of it happening are greater than zero.
In computers, it means rather than making one calculation at a time in a sequential order, a quantum computer could theoretically just calculate all the possibilities at once.
So things like passwords or private keys, for example, could theoretically be reproduced in a matter of moments. This of course, threatens not just Bitcoin but all digital payments, online banking, and virtually all areas of encryption and cyber-security.
Now, we’re still several years away from this becoming a real concern. So now is the right time to start building the infrastructure to protect ourselves against it.
A company called Droplex, who’s pre-ICO is just entering its final hour aims to build a bullet proof blockchain that will be impervious to future Q-hackers. Now, I haven’t personally looked too deep at this project as of yet but I am extremely comforted by the fact that somebody is building a fix for this already.
Perhaps in 5 years or so we can have another debate about the best way to upgrade Bitcoin for Q-safety.
eToro, Senior Market Analyst
Stocks are down
Bezos Briefly Best
August 1st BTC Deadline
Please note: All data, figures & graphs are valid as of July 28th. All trading carries risk. Only risk capital you can afford to lose.
Problems pursue in Washington for the precarious President.
The newly appointed communications director Anthony Scaramucci is now taking swipes at the chief of staff and Trump himself has been lashing out at his own attorney general Jeff Sessions.
Some speculate that Trump is getting ready to fire Sessions in order to get the special prosecutor Robert Muller off his back.
Meanwhile, the bill to repeal Obamacare was just shot down in the Senate as the notable Republican and previous presidential candidate (2008) John Mccain voted no.
Stock markets have not been performing well so far in Asia and the European markets just opened with a notable gap down.
At least the USD seems to be getting some support.
Congratulations to Jeff Bezos
…for briefly becoming the world’s richest person. Jeff managed to snag the top spot off Bill and kept it for almost 3.5 hours.
Most of Bezos’ fortune is in Amazon shares, so when the market opened with a significant gap up his net worth reached $90 Billion. However, a sour earnings report from Amazon sent the stock back down.
Turbulence in Crypto
If he times it right, Bezos may just be able to buy all of the cryptocurrencies currently in circulation, which is now holding steady at about $90 Billion.
Or not, the sale of 17% of all AMZN shares along with word that the founder is selling would probably push the price significantly down before he could offload most of them. Of course, that much buying pressure would also move the cryptos up.
In any case, if anybody were considering to buy that many digital assets they might want to wait until next week. Given that August 1st is coming up this Tuesday and still nobody really knows what’s about to happen to Bitcoin.
For those of you looking to trade this event, make sure to get your orders in as early as possible as there may be some downtime on BTC depending on the way it plays out.
Wishing you and yours a very pleasant weekend.
This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.
The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.
Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.
Featured image from Shutterstock.
Valuing Cryptocurrencies and Blockchain Applications
Arguably the most interesting financial trend of 2017 is the spreading of cryptocurrencies, especially in the Ethereum ecosystem. With the ICO boom of this year, a lot of different business models have been connected to tokens or blockchains of their own. This brings up several questions in the mind value-conscious investors, as given the special properties of these coins, and especially considering the various distribution and usage schemes of the tokens, valuing them is tricky, to say the least.
Whether or not we are in a bubble currently is a layered question, as we are definitely in a huge speculative wave that will end badly for several coins, but the segment is in the early phase of adoption, and the market as a whole will likely multiply in the coming years.
As I concluded in my comparison with the Dot-Com bubble, selective investing in the ICO-boom is vital for long-term investors. To make things more complicated, traditional valuation models generally fail with cryptocurrencies, because of the hybrid stock-commodity properties of them and the novelty of the technology, coupled with the questions regarding the future usage patterns.
Is it possible to set up a framework to analyze all the different business models and value the connected coins? Or is it possible to, at least, determine hard guidelines to follow when selecting the coins to hold or forget? I will answer that question below and in the coming second part of the article.
- Bitcoin Won’t Replace Cash, Says Bank of Canada Deputy October 19, 2017
- Daily Analysis: Dow Leapfrogs 23,000 as IBM Beats Estimates October 18, 2017
- Technical Analysis: Bitcoin Dumps and Pumps amid Broad Volatile Correction October 18, 2017
- Money Leads to More Money – Power to More Power October 18, 2017
- Trade Recommendation: DigiByte October 18, 2017
- Buy TRUP, NWBI and GRPN for the short-term October 18, 2017
- Trade Recommendation: EURCAD October 18, 2017
- How Bithumb Listing is Boosting Zcash Cryptocurrency on the Coin Market October 18, 2017
- Asian Market Update – Wednesday: Asian shares trading higher as Communist Party Congress convenes in China October 18, 2017
- ICO Analysis: Worldcore October 18, 2017
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