Ethbet, the first gambling platform on the Ethereum blockchain that has announced support for peer-to-peer betting, is finally beginning its Crowdsale today, September 17th at 8 PM UTC. Although the crowdsale could potentially last for up to four weeks, many are now predicting that it will sell out early within the first day due to its hard cap of only 5,000ETH and high investor demand.
[Note: This is a press release.]
The unique feature that has many excited about Ethbet is that it will be the first on-blockchain platform to allow players to bet directly against each other, a feature that no other similar platforms have been able to offer until now. This allows the costly house edge involved in gambling to be significantly reduced or removed completely, resulting in lower fees for its players. In addition to this, plans have been announced for the ability to gamble using any Ethereum-based token to be added to the platform. Some other Ethbet features include a provably-fair source of randomness, transparent betting, open-source smart contracts, and no need for user deposits, withdrawals, or registration.
In addition to this, the Ethbet platform will also use an off-chain matchmaking service that allows for users to efficiently offer and take bets. As this is done off of the blockchain, bets can be relayed instantly and for free. Then, when a bet needs to be executed, an Ethereum smart contract is used, providing the high level of security and redundancy that is desired. Thanks to this architecture, the Ethbet platform should be a strong competitor in the area of cryptocurrency gambling. With a technical whitepaper describing the Ethbet protocol and a functioning demo on the Ethbet website, the future for Ethbet is looking brighter than ever.
The Ethbet Crowdsale begins on September 17th at 8 PM UTC, kicking off with a first-day investment bonus of +50% additional tokens. Due to the high demand and bonus that is offered, many investors are predicting that it will sell out quickly. Those interested in learning more information about this project are encouraged to check out their website at https://ethbet.io/ as well as their whitepaper at https://ethbet.io/whitepaper.pdf.
Images courtesy of Ethbet
