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 an edge of exactly zero. It's up to the users of the platform to decide what edges they are willing to bet at, and for this reason market incentives will allow users to find the best edges that anyone else is willing to offer. Ethbet does not have a central house that needs to make a profit from its users.
EBET is accepted as a currency that can be used to bet with no house edge on the Ethbet platform. There are currently no fees charged when EBET betting is used. EBET is expected to be integrated into future versions of Ethbet in various other ways as well.
Ethbet is able to offer a house edge lower than its competitors, which generally have edges only as low as 1%. Players that wish to maximize their expected gain may thus rationally choose to use Ethbet over other, less-profitable alternatives.
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.
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 smart contracts and other features undergo extensive security audits and testing before they are deployed onto the mainnet, ensuring that the probability of critical bugs being deployed is as close to zero as possible.
This website features no 'team' page. Many cryptocurrency projects have resorted to significantly exaggerating or lying about their team members in order to deceive users into purchasing their tokens. 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 permanent 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. 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 product, rather than a shiny but deceptive team page.
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.
The project is currently running successfully on the Ethereum test network in a closed alpha phase. After additional improvements are made, this alpha will become public and will transition to a beta. It will then be deployed onto the Ethereum mainnet after it can be reasonably ensured that no critical bugs exist. For an idea of how peer-to-peer dicing may work, feel free to check out our demo here.
The only currencies that will be initially supported will be ETH and EBET. It will be possible for Ethbet to be extended to support arbitrary ERC20 tokens, allowing users to bet using any Ethereum-based token, but this feature will not be completed for some time.