The crypto startup ETH888 has created an Asian-style online casino on the Ethereum blockchain where participants can play without registering.
According to the organization, based on 2016 stats, the online gambling industry’s value is standing near $45 billion. With the rapid growth of the internet community and the infrastructure expanding, online casinos have gained a quite large market share with the Asian market contributing a large portion. However, the industry faces two major issues: fairness and privacy. As many of the online casinos do not provide full transparency for their clients, the lack of transparency forms a barrier between the service providers and the players. Furthermore, “traditional style” online casinos require the players to register an account and verify their identities in order to play, and to use either their credit cards, bank accounts or other payment services to facilitate transactions in fiat currencies.
ETH888 seeks to revolutionize online casinos by implementing blockchain technology and using the advantages of Ethereum smart contracts. By creating an Ethereum-based online Asian casino, ETH888 can operate with a high level of transparency in addition to providing privacy to the players. The two most critical factors for players regarding online casinos are result randomness and prize distribution. By binding with smart contracts, these two factors can be fully executed. Players can check how the random results are generated and verify the past results and the fairness. Furthermore, using the advantages of Ethereum smart contracts can greatly reduce the cost for each game. Unlike at traditional online casinos, prizes are distributed in cryptocurrencies and an instant withdrawal is guaranteed by ETH888 with the company taking only a very low transaction fee. No registration is required to play and to withdraw funds, ETH888 provides complete anonymity for the players.
The team behind ETH888 strives to develop the first decentralized Asian casino with the highest possible transparency and reasonable House Edge. The casino will be using Vanil tokens for currency within the platform. 40 percent of the house profits will be distributed to the Vanil pool where Vanil token holders can share a portion of the profits determined by the amount of tokens owned. The first game in the mainnet will be ready by the last quarter of 2017, according to ETH888.
At similar blockchain-based online casinos, it takes one block time – or even up to several minutes – to generate a random result. It is not only time-consuming for the players but it costs them more since the process requires significant gas consumption. The ETH888 team invested their time to research and to develop a breakthrough technology for instant random result generation that takes no more than 6 seconds, about 1/4 block time, and also saves at least 50 percent gas consumption.
ETH888 will hold an Ethereum ICO starting on August 11, 2017 with a hardcap of 12,4 million Vanil tokens. Currently, the organization is holding a pre-sale (Stage 1), which will end on September 30, 23:59 (UTC). According to ETH888, the ICO is essential to raise ETH capital for the team for backing game payouts.