Below are the answers to some frequently asked questions about Ethbet. If you have a question that is not on this list, don't hesitate to contact us.
Not all bets can be guaranteed to have a house edge of zero. Ethbet allows players to set their own house edge and takes a small cut of this house edge as long as it is not zero. This value is decided by the Ethbet token holders, which can also decide to charge minor fees for bet execution. As Ethbet matures as a platform there may be many additional opportunities for novel profit models as it acquires a larger market share.
The Ethbet Crowdsale will begin on September 17, 8PM UTC. It will last until 5000ETH has been accepted, or to a maximum of four weeks. See the crowdsale page for more information.
Ethbet token holders possess the currency that powers the Ethbet protocol. As Ethbet gains more users, market incentives will cause its currency to appreciate in value. Some examples of these incentives include increased demand (more users), increased utility due to network effects (larger platform and community), and decreased supply (burn rate of EBET from Ethbet contract). Ethbet token holders are also able to vote on proposals to improve Ethbet. Token holders can vote on values such as what Ethbet's cut of its optional player-defined house edge should be or what future projects Ethbet should pursue, allowing them to steer the platform in the direction that is most profitable.
Ethbet will be able to offer a house edge lower than all competitors, which generally offer house edges only as low as 1%. This should cause all players that wish to maximize their expected gain to rationally pick Ethbet over less-profitable alternatives.
No more tokens will be created after the crowdsale. Excess tokens will be deleted so that token dilution does not occur. All tokens allocated to the Ethbet founders will be locked via smart contract for six months, ensuring that our best interests are alongside our investors. Investor tokens are NOT locked.
Anonymity is left to the end-user. As Ethbet runs on the Ethereum blockchain, all bets are public, however users can use Ethbet from any address that they have control over, providing anonymity for users that desire it.
Ethbet relies on technology such as the Ethereum blockchain in order to function properly. It cannot be guaranteed that zero bugs exist in Ethereum or in Ethbet. With that said, Ethbet game smart contracts will undergo extensive security audits before they are deployed on the mainnet, ensuring that the probability of security-critical bugs being deployed is as close to zero as possible.
This depends on the state of the Ethereum network in the future. Blockchain applications with a significant amount of users may find difficulty scaling while maintaining low fees with the current state of Ethereum. There are many scheduled improvements to Ethereum's scalability and efficiency, such as proof of stake, Raiden, sharding, and others. It is our hope that these improvements are eventually implemented and will allow blockchain applications to scale according to demand. In addition to this, some parts of Ethbet such as matchmaking do not need to be on-chain, allowing for much quicker and cheaper user interaction.
Online gambling is illegal and/or regulated in many jurisdictions. Although participating in the Ethbet crowdsale is very dissimilar from traditional online gambling, we cannot make a guarantee that it is or will be considered legal in your jurisdiction. As technologies such as blockchain decentralization, smart contracts, and many others are very new, there is no well-defined answer to this question, and there likely will not be one soon. Investors from the United States are not permitted to invest during the crowdsale.
This is up to the exchanges and cannot be guaranteed by Ethbet, although it will be pursed and we believe it is feasible to become listed on several smaller exchanges. The EBET token will be transferable after the crowdsale regardless of exchange adoption, so it will still be possible to trade EBET with other users as well as buy and sell EBET via decentralized exchanges such as EtherDelta and 0x.
Although EBET is likely no longer considered a security by the SEC and all or most US states, we are still currently unable to offer our crowdsale to investors from the United States due to a large amount of other potentially complex regulations that must be considered in an environment as novel as cryptocurrency token sales.
At this moment, this website features no 'team' page. Many ICOs have resorted to significantly exaggerating or lying about their team members in order to deceive investors. We're not going to join in on this, so you will not see a team page where we list 30 ex-CEO and PhD members with titles like 'Chief Executive Marketing Analyst' and 10 advisors including Vitalik himself. Our team consists only of a few permaneant technical members, and other temporary members, such as those contracted to help with graphics, marketing, legal, etc., which we do not consider members of the team due to their lack of formal affiliation with us. We only have two developers, which should be sufficient as this project is much smaller than many modern ICOs are. Maybe if we were more attractive it would be worth enscribing our faces into circles and plastering them up with fancy-sounding titles, but we instead hope that our project valuation is based off of its market potential, merit, and working demo, rather than a shiny but deceptive team page.
Please email us at [email protected]. You can also email our primary technical contact at [email protected]. Alternatively, you can contact us via social media such as twitter. If you have found a security vulnerability or other critical issue, you may be eligible for a bounty or contributor status. We're not perfect either, so thank you for helping us out.
There are a lot of differences between the goals of Edgeless and Ethbet. Edgeless does claim to offer blockchain gambling with no house edge, however there are many drawbacks:
These differences are further explained in the 'Similar Projects' section of the whitepaper.
To our knowledge, there is no other Ethereum-based peer-to-peer dicing project. Etheroll is not peer-to-peer and has a house edge of 1% per roll. DAO.Casino is a protocol intended to allow casinos to operate on the blockchain easily, and thus has a different goal. Edgeless does not offer dicing with no house edge, and has stated their game will have one. Peerplays is not ethereum-based and has a much more general scope. For a detailed summary of notable projects similar to Ethbet, see the 'Similar Projects' section of the whitepaper.
A demo is currently available at demo.ethbet.io. It's still under active development, but please report any errors or suggestions via the feedback button at the top of it. Keep in mind that this demo does not function on top of the Ethereum blockchain and is intended to give users a feel for how peer-to-peer dicing works.
The initial release is not planned to have this support, and is only intended to work with Ether. As the Ethbet protocol is easily adaptable and extendable, it can be extended to work with arbitrary ERC20 tokens, which will allow users to bet with any other Ethereum-based token. This feature is technically feasible and is currently planned.