Ethbet, the first gambling platform on the Ethereum blockchain that has announced support for peer-to-peer betting, opened its much-anticipated crowdsale on September 17th. Within the first day, over 70% of available tokens were purchased, leaving the crowdsale with only 30% of its tokens remaining. At its current rate the crowdsale is expected to sell out soon, after which point it will permanently close to new investors.
One of the reasons investors are so excited about Ethbet’s crowdsale when there’s so many alternative investments available is that the hard cap of the crowdsale is only 5,000ETH – significantly less than what most other companies ask for. Due to this low initial hard cap, investors believe that there is a lot of room for upwards growth. If Ethbet’s market cap is able to approach that of its competitors, investors could realize returns as high as 2000% or more.
The unique feature that drives many towards Ethbet is that it will be the first Ethereum-based platform to allow players to bet directly against each other, a feature not yet offered by any of its competitors. Utilizing the advantages of its peer-to-peer architecture, Ethbet is able to offer lower fees to its players, as they bet against each other instead of against a house. Some other Ethbet features include a provably-fair source of randomness, transparent betting, open-source smart contracts, and no need for user deposits, withdrawals, or registration. With future plans including the ability to gamble using any Ethereum-based token to be added to the platform, investors are convinced that there is a lot to look forward to in the coming months.
The Ethbet platform features an off-chain matchmaking service, allowing for users to efficiently offer and take bets. This is done off of the blockchain to allow bets to be relayed instantly and for free. After a match can be made between the desires of two users, the bet can be executed on the blockchain using an Ethereum smart contract, providing a high level of security, redundancy, and transparency. Thanks to this architecture, the Ethbet platform is hoping to become a major player in the world of Ethereum-based dicing in the near future.
The Ethbet Crowdsale began on September 17th at 8PM UTC. Although most tokens were sold during the first day, it still remains open to new investors that are interested in becoming a part of its platform. To learn more information about Ethbet, check out their website at https://ethbet.io/ as well as their whitepaper at https://ethbet.io/whitepaper.pdf