Edgeless.io has raised over $1 million in the first week of its ICO crowdsale, giving the team a green light to start development. The Lithuanian casino start-up aims to be the first to market with a design for a fully-transparent online casino featuring 0 percent edge, the lowest ever offered. By creating a transparent casino Edgeless hope to bring trust back into online gambling.
It is all too easy for online casinos to give themselves enhanced odds by simply changing a line of code in the back end. Many online gamblers are playing rigged games without knowing it. The size of online gambling blacklists are testament to the scale of this problem. Edgeless casino plans to combat the problem by creating a place where games are openly transparent and the odds can be fully verified using Ethereum smart contracts.
By offering a 0 percent edge Edgeless will be the most competitive gambling product on the market causing some to ask how the company plans to be profitable. “The answer is simple,” explains co-founder Tomas Lukosaitis:
“Firstly, not all games will be 0 percent edge, for example sports betting. Secondly, games that we do offer as 0 percent will be luck and skill games such as Black-Jack where the house edge can ONLY be achieved by playing a perfect strategy, which is typically not the case for an average player.”
The Edgeless team is comprised of business and marketing professionals, blockchain developers and analysts and a professional gambler. The team released Etherslots.win back in Autumn 2016 as a trial application of the Ethereum blockchain and are now working towards releasing the first Edgeless casino game; Blackjack, tipped for release within the next month. Lukosaitis was keen to stress how their offering differs from many other blockchain projects out there.
“The positive feedback we are getting from investors is that we are not just a team of programmers with a sprawling project that could be in development for years. Instead, we have a clear product and business plan that solves a problem for a specific user base. What’s more, we are now in a position to launch beta before the end of the ICO – all market conditions including the technological capacity of the Ethereum blockchain are allowing us to do that. Investors should take confidence in that.”
The Edgeless ICO is open until March 21 with a 5 percent early bird bonus available until March 14. Participants will receive EDGELESS tokens (EDG). EDG holders will be eligible to enter the Edgeless lottery that will take place every month bearing a prize pool equivalent to 40 percent of Edgeless.io profits. Prizes will be awarded relative to the amount of EDG held. For more information visit https://edgeless.io.