Xether Launches Transparent Gambling Ecosystem on Smart Contracts
Gambling project Xether has announced the launch of an eponymous gambling ecosystem enabling one to play for ETH without signing up while obtaining steady income.
“For a long while, we’ve been searching for the meeting point between modern technology, financial systems, and good old gambling. There are numerous great solutions in each of those areas but they don’t interact much. That is why we decided to bring the best in all those worlds together in a single product. Having smart contracts underpinning our ecosystem, we guarantee transparence, provable fairness, and full independence. With tokens and a dividend system in place, we get a powerful decentralized financial system that generates profits,” Xether CEO Alexei Mischenko says.
Provable fairness means that nobody has the means to meddle in the outcome of games. The outcome itself can be independently audited at any time.
“Most gambling projects don’t show their real balance, so nobody can be sure whether they get their win in the end. Others may have withdrawal limitations in place. All calculations and results are generated on a centralized server that conceals all those processes making them non-auditable. We allow one to play without registration, don’t require any deposits and purchases, and settle everything through a smart contract. The payouts are also a part of the smart contract,” Mr. Mischenko adds.
In order to play, a user only has to have some ETH on their wallet. For now, the casino offers games like pyramid, coin toss, dice, roulette, and slot simulator. The developers say that they plan to add poker and sports betting in the future as well.
“We also have plans to engage with other smart contract platforms. The main thing is that they have to share our principles of transparency and openness,” Mr. Mischenko says.
Xether also allows one to purchase casino tokens granting their owner a passive income. It comes from dividends on the token turnover and the casino fee applied to wins. Once a certain amount of fees is accumulated, the game’s smart contract sends them to the core smart contract that distributes them between token holders proportionally to their share. The tokens are generated upon purchase and destroyed upon sale. The company’s spokesperson stresses that they give a share in the casino’s profits but are not required in order to play.
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