Ethbet, the first gambling platform on the Ethereum blockchain that has announced support for peer-to-peer betting, opened its much-anticipated crowdsale on September 17th. Within the first day, over 70% of available tokens were purchased, leaving the crowdsale with only 30% of its tokens remaining. At its current rate, the crowdsale is expected to sell out soon, after which point it will permanently close to new investors.
[Note: This is a press release.]
One of the reasons investors are so excited about Ethbet’s crowdsale when there are so many alternative investments available is that the hard cap of the crowdsale is only 5,000ETH – significantly less than what most other companies ask for. Due to this low initial hard cap, investors believe that there is a lot of room for upwards growth. If Ethbet’s market cap is able to approach that of its competitors, investors could realize returns as high as 2000% or more.
The unique feature that drives many towards Ethbet is that it will be the first Ethereum-based platform to allow players to bet directly against each other, a feature not yet offered by any of its competitors. Utilizing the advantages of its peer-to-peer architecture, Ethbet is able to offer lower fees to its players, as they bet against each other instead of against a house.
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. With future plans including the ability to gamble using any Ethereum-based token to be added to the platform, investors are convinced that there is a lot to look forward to in the coming months.
The Ethbet platform features an off-chain matchmaking service, allowing users to efficiently offer and take bets. This is done off of the blockchain to allow bets to be relayed instantly and for free. After a match can be made between the desires of two users, the bet can be executed on the blockchain using an Ethereum smart contract, providing a high level of security, redundancy, and transparency. Thanks to this architecture, the Ethbet platform is hoping to become a major player in the world of Ethereum-based dicing in the near future.
The Ethbet Crowdsale began on September 17th at 8 PM UTC. Although most tokens were sold during the first day, it still remains open to new investors that are interested in becoming a part of its platform. To learn more information about Ethbet, check out their website at https://ethbet.io/ as well as their whitepaper at https://ethbet.io/whitepaper.pdf.
Images courtesy of Ethbet
