With any online bitcoin casino comes the possibility that the casino is less than trustworthy in their generation of “randomness” during gameplay. While many of the best casinos online get licensed and registered or certified by a trusted third-party, there is no such thing as a 100% transparent casino.
Some casinos use provably fair technology in their games so that players can see for themselves that the hand, roll of the dice, or slot pull was indeed randomly generated and fair. However, is this really enough? Edgeless Casino doesn’t think so.
If you haven’t heard of this casino yet, don’t worry, we’ll give you the breakdown. Edgeless Casino (we will also call it “Edgeless”) is a decentralized Ethereum, smart, contract-based casino. This casino offers two extremely important things that other online casinos (traditional and Bitcoin) simply cannot:
- A 0% House Edge
- Complete Online Gambling Transparency
But First: What is Ethereum?
Ethereum is a decentralized platform that runs what is called “smart contracts” — these are applications (apps) that run precisely as programmed without any possibility of censorship, downtime, fraud, or interference of a third party. This is complete security that ensures fairness.
These apps run on a custom built blockchain (blockchain is a massively powerful, global infrastructure that can move around value and represent the ownership of property. What this does is allows developers to move funds, create markets, store debts or promises, and a host of things that haven’t even been invented yet — all while eliminating the middleman and erasing counterparty risks.
What is interesting about Ethereum is that it can be used like Bitcoin and other cryptocurrencies. Ethereum was created and “Ether” (a tradeable digital token that can be used as currency) was sold in finite amounts — similar to Bitcoin, which is what created the value of Ethereum. You can download an Ethereum Wallet from their main website (the link is at the end of this section) — this wallet is a gateway to decentralized apps on the Ethereum blockchain. It allows you to secure and hold Ether as well as other crypto-assets built on Ethereum. It also allows you to create, deploy, and use smart contracts.
By using Ethereum, you can create powerful and safe applications that cannot be tampered with, cannot be broken into, and can be as transparent as you want.
This is what Edgeless Casino is looking to do — become a decentralized Ethereum, smart contract-based casino with a 0% house edge and complete transparency.
This is the new world and future of online gambling.
To learn more about Ethereum, visit their main website at: https://www.ethereum.org/.
Edgeless: Transparency and House Edge
Online casinos, whether they are licensed or not or have received certifications of trust or not — all have the power to decide to cheat their players. It is a risk that players take anytime they gamble. Even with provably fair technology employed on some games, there is no true way of knowing (as a player) what happens inside of casino servers or how the mechanisms are programmed.
As online casinos have become more popular and expanded, this has created the demand for casinos that can actually prove their fairness through transparency.
Edgeless.io is the casino and company that is promising two things in their casino:
- Absolute Transparency
- 0% House Edge
Traditional online casinos and Bitcoin casinos can have terrible or great house edge numbers (some as low as 1%), but it is unheard of to offer a 0% house edge. The aptly named “Edgeless” Casino has decided to fill the demand for a casino that cannot be rigged for a huge house edge. This casino, run on Ethereum, wants to cryptocurrency-based online gambling mechanics that anyone can audit to see that they are not rigged and that the casino does not have a house edge.
Rigging is a Real Problem
There are a ton of online gambling sites that have been blacklisted because their platforms were caught cheating in a number of different ways including:
- Failing to Payout Wins
- Delaying Fund Withdrawals
- Rigging the Outcome of Games
…and more. This includes Bitcoin casinos, as well. The platform of a casino is not in the hands of the players, and this will always mean that there is a possibility of wrongdoing by the casinos. The Co-Founder of Edgeless.io, Tomas Draksas, even stated how easy it is for an online casino to rig games in order to profit from players by increasing their own house edge. “With a few tweaks to programming code, the owners can easily influence the casino’s profitability in their own favor,” Draksas said.
Draksas and his partner, a co-founder and CTO of Edgeless.io, Ignas Mangevicius, are breaking ground with member benefits and a fundraising campaign for Edgeless Casino, which you can read more about at the end of this article.
Edgeless to Offer Provable Transparency and Zero Percent House Edge
This is why he and his partner at Edgeless Casino are basing their online casino on Ethereum — the popular blockchain technology. Founded in 2016, Edgeless.io tried out some tests before launching the idea of a full casino, by testing markets with the fully transparent slot machine called Etherslots.win. With success, they moved on to their ideal of having a 0% house edge online casino with an industry-first full transparency — Edgeless.io.
At first, the idea of a 0% house edge may sound controversial but that is the reason behind the creation of the Edgeless Casino and their fairplay games. Using blockchain, this Ethereum-based casino can make gambling online profitable.
Not only does this new casino have plans for traditional casino games but for additional games to be added and the introduction of sports betting. All games and betting will be transparent and fair.
When Can You Play at Edgeless.io?
In a few months, Edgeless.io will be going live. If you want to support this casino and their innovative endeavor, they are raising funds through something called Initial Coin Offering (ICO), which is a new crowdfunding method. Supporters can buy digital tokens that work as “in-game currency and proof of membership.”
Each month, EDG token holders can play in a special lottery to win 40 percent of the company profits.
This crowdfunding will begin on February 28th, 2017 at 3:00pm GMT — the goal is to raise 360,000 ETH (Ethereum) by selling Edgeless tokens for gambling enthusiasts to take the chance of winning big.
You can read more about the crowdfunding campaign, Edgeless.io Casino, and more at https://edgeless.io/.
*Bitcoin-Gambling.net was not paid to write this article, nor are we affiliated with the persons or companies of the content within.*