- Developers state that iDice is potentially the world’s first mobile blockchain gambling app
- Uses proven cryptocurrency technology to cater to gamblers that favour mobile casino play
Mobile gaming app iDice has launched its ICO (initial coin offering) before launching what’s been billed as the biggest dice game in blockchain history. Dice games and the Bitcoin blockchain have long been intertwined, going all the way back to SatoshiDice and the earliest days of Bitcoin. iDice is part of a new breed of cryptocurrency startups however which use the Ethereum blockchain.
This year has seen a flurry of start-ups launch ICOs, with many raising tens of millions of dollars in a matter of minutes. Last week Bancor, a new smart token-based protocol, succeeded in raising a record-breaking $150 million in the space of a few hours. iDice is seeking to raise a more modest sum in comparison, and has reported contributions of $350,000 in the first two days of its crowdsale.
The technology that startups such as Bancor, iDice and a long list of others including SONM and Wagerr (the latter a sports betting startup) use involves issuing tokens on top of the existing Ethereum blockchain. These are typically issued via an ICO, which is open to anyone prepared to send Ethereum to a wallet address provided.
In return, the investor will be issued with tokens, which are purchased with the hope that these will later appreciate in value once the company brings its product to market and develops its network.
Proven technology for mobile betting
While some crypto startups such as SONM and Mysterium are likely to take months or even years to release a workable product that’s out of beta, iDice’s app should require less time to perfect. Given that it’s modelled on SatoshiDice, the technology is using an already proven system that gamblers will be familiar with.
Up until 2013, the majority of the transactions on the Bitcoin blockchain consisted of gamblers sending and receiving micro-payments to SatoshiDice. The hugely popular site, whose solitary game consisted of betting on whether the next roll of a dice would be higher or lower than the number displayed, birthed a slew of imitators.
World’s first mobile blockchain gambling app
iDice aims to bring the concept of SatoshiDice to a mobile generation, and is billing itself as the world’s first mobile blockchain gambling app. The CEO of iDice, Jordan Wong, is confident that this is a technology which has huge potential, stating: “Future generations of gamblers will play primarily through their mobile devices. We are developing the platform for the next generation of gambling to be played on. People now spend more time using their phones than on anything else today, and it is a massive market that is free from competition at the moment. We are here to be the leader and dominate this massive market segment.”
iDice is part of a new breed of blockchain-based gambling technologies that use a provably fair model in which players can check each transaction to ensure that it has not been manipulated in any way. Fair, transparent and secure gaming is the USP that’s being used to entice players to experiment with blockchain gambling.
With more than $250,000 of Ethereum winnings processed in its first two months, the iDice beta app has already shown the potential for this technology. Now investors have a chance to claim a slice of future profits by joining the crowdsale via its ICO.