Historically gambling has suffered from two main problems: lack of transparency and high house edge. Edgeless, an online, browser-based casino without
Historically gambling has suffered from two main problems: lack of transparency and high house edge. Edgeless, an online, browser-based casino without a centralized controlling body claims to revolutionize the future of gambling by solving these problems as we will see in this article. They take this commitment to fairness and openness further in order to ensure that EDG token investors are not vulnerable to being cheated.
Edgeless prides itself over its trustworthiness because of its openness. Firstly, openness is made certain of by using Ethereum Smart Contracts. This ensures that all processes occurring within the casino are monitored and displayed on the blockchain for anyone to spot anything devious. Secondly, they ensure fair play by making sure that the mechanism governing the casinos is available for everyone to understand. It guarantees randomness by using a dual seed process. The first seed, ideally random, is always provide by the casino and is followed by another random seed provided by the user. Both the seeds are mixed up to create a new random number. This overcomes the problem of a malicious casino rigging its random number generation formula because the outcome is also determined by user input. Clients of the casino can use websites like random.org to generate the number or other random number generation software to generate and submit their seed.
The second problem is resolved by Edgeleess offering 0% house edge. House edge also called vigorish is the percentage that a player is bound to lose as the number of games increases. This begs the question of how Edgeless will make a profit. The answer is simple: they rely on players’ mistakes during fair play to generate a profit. Additionally, they depend on gambler’s ruin: this refers to the idea of asymmetric bank roles available at the disposal of players which allows richer players to be able to deal with greater fluctuation. Hence, in blackjack for example the house edge becomes 0.83% which is utopian for any gambler.
What sets Edgeless apart though in terms of being a good investment compared to other cryptocurrencies out there is that Edgeless has a very clear understanding of what their market is and how they will function in the long run. They have made an extraordinary effort to protect investors through smart contracts from hacking. Additionally, they have protected the currency from deliberate or natural devaluation by fixing the units of currency that will be created and burning the unsold currency after the ICO. Moreover, by locking the tokens for 12 months they ensure that the Edgeless development is incentivized to add to token value.
All in all, Edgeless will be a force to be reckoned with in the future of the gambling industry. To find out more about edgeless visit: www.edgeless.io