Category Archives: News

Lunyr Reaches ICO Milestone, Silences Critics

Lunyr ICO goal

Lunyr has reached its minimum funding goal of 25,000 ETH (around $1.25 million at the time of press) for its ICO. This milestone has marked the minimum amount the Lunyr team needs to go ahead with the project. This means the project will go ahead as planned, without any hiccups in the ICO process. Several critics, especially on the popular forum Bitcointalk were skeptical that Lunyr will reach its ICO goal. However, the project easily met its goal, with more than 2 days to spare before the end.

Unusual ICO Structure

The Lunyr team had adopted a slightly unusual structure for their ICO by refusing to give bonuses for early participation. Everyone in the ICO was treated equally no matter what time the investment was made. This ensured that all investors were on equal footing, with the same ICO price of 44 LUN per ETH invested (LUN is an Ethereum-based ERC20 token on Ethereum that powers the Lunyr system).

The decision was unusual in that many ICOs prefer to have an early-bird bonus for investors that buy in early. This gives predictability to the minimum floor for the project. However, the downside is that people who hear about the project later are penalized, even if they are as enthusiastic about the project. Also, early participation encourages more speculation than uniform distribution.

With the fairer investor ICO distribution, Lunyr was, however, incentivizing people to invest at the last minute, especially the whales. This is because they will have more information about the project as time passes, and they would like to use all the information available to reduce risk and make an investment decision. Therefore, progress seemed slow, although keen observers knew this behavior would take place.

The ICO is still open for 2 more days.

Progress Before the ICO

One of the reasons for hitting the ICO limit today was the team’s release of their frontend interface on how the final product would look, which was well received by the community. Here’s how the UI looks. The progress showed the seriousness of the team behind Lunyr in delivering the project, and showed their commitment.

Check out Lunyr here.

Photo Credit: urban_data

ETH Address: 0xC059456BB0E2e9A2ACD5a4c8384b29a89E1a3642

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Edgeless Raises 50,000 ETH to Reach First Milestone

Edgeless Milestones
Edgeless, currently the hottest ICO on Ethereum, has reached its first funding milestone of 50,000 ETH in just a day of the ICO. Edgeless is a decentralized 0% house edge casino built on Ethereum, using smart contracts to ensure that the casino cannot cheat. Users will be mathematically guaranteed that they are not being taken for a ride, or worse scammed.

This milestone is very important for the Edgeless project because it means the funding is sufficient for the team to develop at least the first stage of the project, i.e. the funds will not be returned to the backers and project abandoned. Last year we saw some Ethereum projects get canceled because they couldn’t raise the minimum amount of money – projects like Inchain. With the first milestone reached within a day, the backers are guaranteed that Edgeless will start working on its product.

Edgeless is involved in a challenging environment when it comes to its ICO, owing to the rapid price increase in both Bitcoin and Ethereum. When the price of the underlying protocol increases so rapidly, people tend to hold on to Ethereum, instead of taking the risk and looking for higher returns on new projects. In that sense, Edgeless raising 50,000 ETH on the first day is double laudable.

The First Milestone

With the first milestone reached, the Edgeless team has guaranteed the minimum product it will develop. These include the following:

  • Black Jack with a 0% house edge (Edgeless makes money through user mistakes, i.e. when they play imperfect game).
  • Lounge lottery, which will ensure that 40% of the profits get distributed to the Edgeless tokenholders (EDG) as a lottery game. Due to regulatory concerns, Edgeless moved away from a steady dividend paying cryptocurrency.
  • Bankroll management system, which is needed to scale the maximum allowable bet according to how much the house has in reserves.

If Edgeless is able to reach its second milestone of 110,000 ETH, the bankroll will increase considerably, along with a more robust investment in security of the platform. Due to the power hour bonuses, many Ethereum investors and gamblers who were anticipating this project have invested already. However, we at crypto sailor believe that the project will be able to raise many more Ether, even in this current challenging environment, before the ICO closes completely.

If you’re interested in the project, check out the Edgeless project on Ethereum.

Disclaimer: US citizens are not legally allowed to participate in Edgeless Project crowdsale

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Edgeless Answers FAQ on Eve of ICO


Edgeless, the world’s first 0% house edge online casino built on top of Ethereum using provable randomness and smart contracts, has provided a giant, comprehensive list of answers to some of the most frequently asked questions. The timing is well received by the community, coming just 2 days before the start of its Initial Coin Offering (ICO) where the project aims to raise around 400,000 ETH (around $5 million). You can read the post here.

There have been some questions and skepticism among the crypto community on how exactly Edegeless will make money if it is a 0% house edge and whether its claims of provable randomness are accurate. With the latest FAQ answered, the Edgeless team hopes to put all such speculation to rest, and instead focus on project development and fundraising through the ICO by providing a valuable service to the community.

The post also clarified some legal questions around the ICO and the reasons behind why certain structures were chosen over a more traditional ‘dividend’ that has been adopted by previous projects like ICONOMI. One of the reasons for not paying ‘dividends’ is that not doing so makes it easier from a legal perspective. Another reason is that it is easier to get the Edgeless (EDG) token listed on exchanges if there are no dividends. This seems to be one of the criteria for Poloniex, which continues to be the largest crypto-exchange for altcoins generally, including new ICO tokens. On the legal side, the team again clarified that no US investors are allowed in the ICO, and that the project will block US-based IP addresses (although acknowledging that it is possible to use VPNs by American persons – but the project can prove it had sufficient safeguards in place, if questioned by US authorities).

The post comes at a critical time for Edgeless project, with the ICO beginning in just 2 days. Edgeless also has a power-hour where the price of EDG tokens will be lower – 1 ETH during the first hour will get investors 1200 EDG. The first week bonus is 1100 EDG for 1 ETH. The project aims to sell all of 440,000,000 EDG tokens during the ICO to investors. Depending on what price they’re able to get (i.e. different bonus tiers), Edgeless will end up with 370,000 to 440,000 ETH at the end of the ICO if successful. A total of 500,000,000 EDG will exist in total.

Edgeless ICO will hope that the recent investor enthusiasm for projects like Dfinity and Melon will carry over to Edgeless as well. The more recent ICOs showed there is still a lot of investor appetite for Ethereum-based ICOs that appeal to the community. Gambling seems like an industry that can be made significantly better using the tools available in Ethereum.

Check out the Edgeless official site and ICO details here.

Disclaimer: US citizens are not legally allowed to participate in Edgeless Project crowdsale

Photo Credit: martini

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