Tag Archives: ico

News

Edgeless Raises 50,000 ETH to Reach First Milestone

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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

News

Edgeless Answers FAQ on Eve of ICO

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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

Introducing Altcoins

Augmentors Combines AR and Blockchain Into a Powerful Offering

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Augmentors VR
Augmentors is what you get when you combine the two hottest trends in technology at the moment – Augmented Reality (AR) gaming and blockchain. And that deadly combination, says your ship captain, isn’t without merit. The natural combination provides features that have never been available to game fans before. Unique characters, ability to trade and make money, and just being part of what seems like the next tech revolution, are not quantifiable in money. But the ICO definitely is.

But before we get into the ICO, some history. Augmentors is essentially a gaming company. You’ll be playing a game with unique creatures and characters, and augmentors is presenting the in-game token of Databits. The technicals behind this token are quite interesting too. The team has chosen to use Counterparty to issue these tokens. This makes Augmentors the first AR gaming company on Bitcoin, the most dominant crypto and blockchain today, by far. Secondly, there is a precedent for gaming and Counterparty in the form of BitCrystals. Although  not the greatest financial hit, Spells of Genesis is a well known game in the Bitcoin community, what with its mysterious Satoshi card! So there is definitely demand for crypto tokens and gaming.

Augmentor Relics

Augmentors is taking this one step further by making the gaming platform even more exciting, by making it AR-enabled. It plans to make this cross-platform too, for both iOS and Android.

Now the concept behind Augmentors is really interesting because the in-game token that is being sold in the ICO, called databits (DBS) has real in-game value. For one, you can provably assign each ‘creature and relic’ in the game to a unique counterparty token id. This means you really do own the creature, and can trade it to someone else. Instantly, there is a liquid trading market to bootstrap both the game and the players. Just so if the excitement wasn’t enough for you, there are Winner-Take-All battles that are sure to get exciting. Finally, there will be a collection of 50 rare creatures that you can buy. All of this in-game economic activity takes place using the in-game ICO token Databits.

Augmentors ICO Schedule

Now that we know about this really interesting Counterparty token, let’s talk about the ICO. The token has a fixed cap of 100 million, with 70 million being given away during the crowdsale ICO and 30 million reserved for the team and promotional activities. That’s a healthy percentage to motivate the team to perform well, while giving investors the majority stake in the economics to keep the system decentralized.

So there you have it. There is still time to get in on this exciting ICO. Check it out here.

Introducing Altcoins

Edgeless Casino: Fair, No Edge, Blockchain-Based Casino

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Edgeless Casino
Edgeless casino is a new Ethereum project with the aim to create a decentralized, fair casino with no house edge. That’s right, Edgeless is a provably fair casino with 0% edge. So let’s get the first immediate question answered – how does Edgeless make money? Three sources primarily –

  • Gamblers don’t play a perfect game, they make mistakes. If you don’t play a perfect game, statistically you’ll lose.
  • Games have an inherent advantage. For example, the house always has an edge built into the game of Blackjack (around 0.85% if you want the math).
  • There are limits on how much you can bet. These limits make play away from perfect game. For example, for obvious reasons, you cannot apply the martingale strategy.

If you really want to know more, read the whitepaper. Seriously folks, read the damn whitepaper first to learn about any crypto project, especially because of what I am about to tell you now – yes, it is holding an ICO. Now, don’t be stupid and gamble in ICOs without doing your due diligence, so once again, read the whitepaper before you invest a penny. Oh and did you know, like so many other ICOs now, no US citizens allowed. Seriously.

Non-US Investors, Read on

Ok, so if you’re a non-US investor, what’s the ICO investment thesis for Edgeless? Firstly, you need to believe that the world needs another casino. The unique selling point of Edgeless casino is –

  • It’s decentralized.
  • It’s transparent.
  • There is no house edge.

If you believe there will be demand from gamblers for such a type of casino, only then consider the ICO. Ahoy mates, without a belief in the product and underlying idea, stay away!

Now, given the ways in which Edgeless casino will make money, as described above, how is that given to the investors? It’s important to note this point – not dividends. Unlike many other projects (I am looking at you, ICONOMI), Edgeless has actually done its homework on what types of structures constitute a ‘dividend’ and thus makes the offering a ‘security’. And we all know, security=bad, software presale=good. So, edgeless is choosing the good option.

But, here’s the brilliant legal part of this offering – you can still get money out of the project (i.e. not just through price speculation) through what’s called the Edgeless Lounge. In a nutshell, 40% of the profits go into this pool. It’s a lottery-like system only accessible via the token. So there you have it – it’s a way to play/gamble to get your money out. Clever, eh?

ICO Implementation

If you’re brave enough, here’s the actual contract. In code. It’s an ERC20 token on Ethereum.

The ICO starts 28th February 2017, 3:00 pm GMT, with the following tiers:

  • Power-hour for one hour, where 1 ETH buys you 1200 EDG.
  • 1st week: 1 ETH gets you 1100 EDG.
  • 2nd week: 1 ETH earns you 1050 EDG.
  • 3rd week: 1 ETH brings you 1000 EDG.

So there you have the ICO details, and other information that you need to decide whether you want to contribute to the ICO or not. Remember, these are some hot times in the ICO markets, with recent projects like Dfinity and Melon completing their ICOs respectively in a few hours and a few minutes.

Check out Edgeless here.

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