Asian-facing aspirant online casino operator ETH888 is the latest start-up to propose an Initial Coin Offering in order to fund the launch of operations based on cyber currency through Ethereum smart contracts.
The company claims that transparency, fairness, speed and anonymity are all selling points regarding its use of blockchain technology, noting that punters can play without the need to register due to the convenience of smart contracts.
Players can check how the random results are generated and verify the past results and fairness, publicity material from ETH888 claims. And unlike traditional online casinos, prizes are distributed in cryptocurrencies and an instant withdrawal is guaranteed, with the company taking only a small transaction fee, making gambling not only fairer, but cheaper for the punter.
The casino will be using Vanil tokens for currency within the platform. 40 percent of the house profits will be distributed to the Vanil pool where Vanil token holders can share a portion of the profits determined by the amount of tokens owned following the ICO.
The first game in the mainnet will be ready by the last quarter of 2017, the company’s statement reveals, claiming that random result generation takes no more than 6 seconds, about 1/4 block time.
The ICO kicks off October 11 with a hardcap of 12,4 million Vanil tokens. Currently ETH888 is holding a discounted pre-sale of tokens scheduled to close at midnight tonight (September 30).