vDice.io is a new cryptocurrency dice betting website that just opened in June 2016. This betting site it just like your typical bitcoin dice game (in fact, it was inspired by the old SatoshiDice (SD) interface), but it is exclusively for Ether holders.
This stands out in the crowd of online cryptocurrency gambling sites because it functions on Ethereum network and uses Smart Contracts.
Blockchain nerds love vDice.io despite how new it is. This is because vDice.io is the first fully decentrilized gambling site online — with no servers needed because of the Ethereum technology, vDice guarantees absolute fairness of gameplay because it is not possible for them to know the outcome of any results.
The “v” in vDice refers to Vitalik Buterin, who created Ethereum, which offers a direct homage to the man and the concept behind this site, which is to bet using ETH.
(If you wish to understand the concept of Ethereum and Ether (ETH) before continuing to read this review of vDice.io, please scroll down to the heading titled: “More About the Ethereum Network and Ether”)
The game of vDice.io is Ethereum Dice and making a bet is very simple. Pick your number and send the minimum bet of 0.0036 ETH to the vDice Ethereum address.
When your bet is sent, the server will log your bet and make a random roll of the dice. If the roll is below the number you have chosen, then you win. Sound familiar? vDice.io was inspired by the old and beloved SatoshiDice game.
The amount of your winnings depends on how high the odds were for getting the number at the time you made the bet. The Ether (ETH) is now deposited directly into your account (if you win) instantly.
You can continue to wager nearly constantly since this process occurs very quickly — under a minute.
All of the bets are provably fair and you are guaranteed a completely fair dice game. Everything is auditable and all of the bets and transactions are listed on the site to see. Included in the experience is a Leaderboard and Big Wins.
Players can do more than just gamble ETH in a dice game. With the Ethereum platform, you can invest in the website itself.
- Invest in individual games to add to the collection pot
- Invest in all of the games
Why do this? Well, if you invest in a game or all of the games; when a player loses their bet, you get a part of their bet they placed since you invested in the game.
HOWEVER — to be an investor, you will have to really invest. This is because only the top ten investors will receive anything on the back end if a gambler loses. So, if someone invests more than you, you might not get anything.
One of the great parts of vDice is that it uses the Oracle function of the Ethereum Blockchain for quicker processing. The processing of the smart contract behind vDice ensures that each transaction takes literally seconds.
This is much faster than Bitcoin processing speeds. However, while there are fees for such quick service, vDice is continually lowering this fee as the website improves. It was just opened in June, 2016 after all.
With vDice, there is no need to create any accounts or sign up for anything. All you do is choose a number and send a minimum bet of 0.0036 ETH to the vDice Ethereum address.
This is especially simple if you use the Jaxx wallet, which is a Blockchain interface and is free.
More About the Ethereum Network and Ether
What is Ethereum?
Ethereum is a decentralized platform for applications to run precisely as programmed by developers — these applications, such as games (casino in this case) will run without the possibility of fraud, third-party interference, or censorship.
Ether is the crypto-”fuel” for the Ethereum network, and operates the application platform.
It is a form of payment made by clients of the platform in order to execute operations. The people who need Ether are developers and users. Developers who plan to build applications that will use Ethereum Blockchain use Ether and users who want to access and interact with smart contracts (online casino games, etc…) on the Ethereum Blockchain, are attracted to Ether.
In English, Ether is the incentive that ensures that the developers (third-party or otherwise) write high quality applications and the network remains healthy. This is accomplished through compensation for contributed resources, and on the developer-side, it would cost more to develop wasteful codes.
The total supply of Ether is not infinite – in 2014, a presale of Ether was conducted and 60 million Ether was created to contributors. 20 percent of that was created for the development fund for early contributors, developers, and the Ethereum Foundation. Five Ethers are created every block which is around 15 to 17 seconds to the miner of the block. Two to three Ethers are sent to another miner if they are able to find a solution to another block but his/her own (this is called an uncle/aunt reward).
If you were a part of the 2014 presale of Ether, you can easily access the Ethereum Wallet for import of your ETH. With a simple download, it will offer that option immediately.
Ethereum Wallet: https://github.com/ethereum/mist/releases
vDice.io is certainly a unique and interesting take on SatoshiDice-style gambling — however, rather than using Bitcoin, this site is gambling using Ether (ETH), which allows them to gamble quickly, invest in the game, play anonymously without even logging in, and play on vDice.io which has decentralized fully so that fair gameplay is absolutely guaranteed.
While it has not even been 6 months since vDice has been up and running, Blockchain nerds love this site and its aim at spreading Ethereum usage through online gambling.
So, if you invested in Ether and want to bet some of it online and fill up your wallet, then check out vDice.io for yourself and give it a risk-free whirl.
This Ethereum technology is truly changing the way that online gambling is conducted with security, speed, flexibility, and ease of use.