Frequently Asked Questions

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.

How does Ethbet return a profit if there is no house edge?

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.

When is the Ethbet Crowdsale?

The Ethbet Crowdsale began on on September 17, 8PM UTC. It lasted for 4.6 days and is now permanently closed.

What is the purpose of the Ethbet Token (EBET)?

Ethbet token holders possess the currency that powers the Ethbet protocol. The original live prototype of Ethbet will accept EBET as the primary currency. EBET will also be used for fees and other incentives related to Ethbet. Those that hold EBET have their opinions taken into account on what the future endeavors of Ethbet should be.

Why would users decide to use Ethbet over its competitors?

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.

How well will Ethbet be able to scale?

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.

I would like to feature Ethbet on my website/blog/show/other. What should I do?

Please use the functionality on the contact us page for all press enquiries.

Is Ethbet anonymous?

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.

How secure will Ethbet be?

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.

Why is there no team page?

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.

Is the EBET token available on exchanges?

EBET is currently tradeable on EtherDelta. More exchange listings are still pending.

Edgeless already has gambling with a 0% house edge?

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:

  • Edgeless does not offer a dice game with 0% house edge. Although they have a dice game planned, it is stated in their FAQ that it will have a house edge
  • Edgeless claims their Blackjack game (not yet live) has a house edge of 0%, although this only applies if every move and game played by a player is perfect
  • Although Edgeless is partially decentralized (on the blockchain), it is not peer to peer
  • Edgeless does not support ETH, only their own token, EDG

These differences are further explained in the 'Similar Projects' section of the whitepaper.

A project like this already exists, such as Etheroll, DAO.Casino, or others?

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.

When will your beta be out?

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.

Will Ethbet be able to support betting with currencies besides Ether?

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.

Other Questions

Please consult the whitepaper before asking questions about the details of Ethbet.

For updated information on the Crowdsale, please refer to the crowdsale page first.

If your question is still unanswered, don't hesitate to contact us.

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