vDice - The Future of Online Gambling

Online gambling is a multi-billion dollar industry and it’s actually quite easy to understand why so many people turn to their computers when looking for a fast, comfortable and reliable gambling experience, after all it’s what internet does! However, regular online gambling platforms require a certain degree of trust since there is no actual way to know if the system is rigged or not. That’s where cryptocurrencies like Bitcoin and Ethereum come in. These cryptocurrencies run on a public immutable ledger called the Blockchain, which means that every transaction is recorded and made public. This technology has created a new class of online gambling known as “provably fair” games, meaning that the user can inspect the transactions made and the code used to process the bet in order to check that it was indeed “fair game”

With Ethereum, a blockchain platform that allows developers to build decentralized applications on top of it, self-executing contracts can be created to ensure that everything runs automatically and without manipulation. vDice has leveraged the technology provided by Ethereum to create a fully decentralized gaming application. The game is simple: Users send Ether (the currency within the Ethereum platform) to the game address, and the smart contract system will retrieve a number from a well-known third party service, random.org. If the number falls below the agreed threshold, the better wins the predetermined prize. Unlike its predecessor, vDice requires no server or any kind of centralized structure, meaning that it cannot be hacked or shut down.

vDice, has taken advantage of this “smart contract” technology to build, not only a fully autonomous gambling platform, but also to allow investors to take part in its ownership.

vDice has recently announced its crowdfunding campaign in which investors will have a one-time opportunity to own a piece of the vDice gambling app. The ownership comes in the form of digital tokens issued on the Ethereum network, called “vSlice”. These tokens can be freely sent and exchanged and they will receive dividends from the profits made by the vDice gambling dapp (decentralized application). The Initial Coin Offering period will start on November 15th and it will last for a month. During this time, users will be able to exchange their Ether or newly issued vSlice tokens. Learn more about the vDice ICO.

Online gambling is extremely popular, and the demand for fully decentralized and transparent alternatives is obvious when considering that more than half of everyday bitcoin transactions are the result of online gambling. This alone does not guarantee the success of vDice, and that is where the funding stage comes in. All the proceeds from the ICO will be used to further market and develop the vDice Dapp in order to make it the go-to place for Ethereum-based betting. Not only will vDice market their gambling platform, but they will also make it faster and more reliable. You can read all about it in the development roadmap and business plan.