[Edgeless/EDG] Introduction to Edgeless Project
edgeless·@hypomone·
0.000 HBD[Edgeless/EDG] Introduction to Edgeless Project
 Introduction to Edgeless Project Before explaining what Edgeless project is all about, I would like to cover some of the problems that users of online casinos face today. Much of these information are already in the whitepapaer provided by the Edgeless team. So if you are interested, I would advice you to have a look at the whitepaper. It can be read easily, comprehesive enough and well written. So here we go :) I. Problems of Online Gambling In 2016, the online gambling industry was valued at USD 48.6bn. It has shown steady growth each year. Needless to say, it is a growing industry. 1. Price of the Gamble (Edges) Ever wondered how online casinos generate profit? Most of the casino's profits come from the "house edge" which is a term used to describe the mathematical advantage that the gambling game has over you as you play. Think of a roulette game as an example. You can see that a roulette has an area which is neither red or black. Each time the roulette stops on that green area, the money is earned by the casino. That would be an advantage of approximately 2.7% (1/37 = 2.7%) each round. If you bet $10, your expected loss is $0.27. The more you play, the more the chance of casino earning money. [Roulette Picture] House edge is different for each game. You can find below the list of games and respective house edges. https://wizardofodds.com/gambling/house-edge/ One of the reasons why online casinos have a deposit fee, withdrawal fees and extended withdrawal times are to do with problems related to traditional forms of currency such as USD and EUR. To move traditional currency from one account to the other is expensive. It has to go through many third parties and regulators which take their bit out of every transaction. With the rise of Bitcoin, low transaction fees and shortened transaction period has enabled online casinos to lower edge to as much as 1%. However, the problem of transparency remains. 2. Transparency Online casinos usually create a random number which is used to create the final random outcome of a game. It is made by blednig a number from the casino and a number from the client. The number is referred to as a seed. There are many ways the casino can temper with the numbers. How can you know for sure that the casino is not cheating? The casino can easily influence the client's seed by assigning it themselves. The casino can delay creating their own seed and provide it to the blender once the visitor has sent theirs. There are so many ways of cheating that it is clear that a new solution to online casinos is needed. Below are some of the examples of problems of transparency. https://www.ccn.com/bitcoin-whale-gambler-says-99-9-dice-100-scam https://bitcointalk.org/index.php?topic=948965 II. Edgeless Casino Solution Imagine an online casion where house edges are reduced to a barest minimum. The casino is also transparent. Thanks to the blockchain technology, you can retreive and deposit tokens instantly. Edgeless proposes to do just that. There is none like Edgeless. Yet. 1. Solution to High Price of Gamble Edgeless has introduced zero edge blackjack and is fully operational. Dice results in a 0.05% edge. The concept is similar to most bitcoin dice casinos, however the payout structure will be much fairer. If you bet 1 BTC on 50% probability, most Bitcoin casinos will offer 1.98x payout. Edgeless offers 1.995x fair bet payout. Edgeless will introduce more games such as Baccarat, Poker and Sportbetting in the coming days. 2. Solution to Transparency Issues By using Ethereum smart contract, the bets will act each and everytime how they are supposed to. If the outcome is a win, you automatically receive your prize. If you lose, you lose your bet. There is nothing the casino can do to alter the results. It is also impossible to censor smart contracts as they are placed in a decentralized infrastructure. Users will know the hashed (encrypted) SHA512 seed before betting and generating their own client seed. After the bet is made, the client will be able to see the unhashed seed and verify randomness. Clients have the option of generating their own seed manually or generating the seeds automatically for every game by using an API integration with random.org. III. How Does Edgeless Profit if the Platform Offers 0% House Edge? 1. Players Mistakes and Imperfect Play Blackjack is the game which has the lowest casino edge (0.6%) if played perfectly. The average player, however does not play the perfect game and they make mistakes. On average, a player makes mistakes which are equivalent of 1.43%. On average, mistakes count for a 0.83% house edge. https://wizardofodds.com/image/ask-the-wizard/how-poor-are-bj-players.pdf 2. Gambler's Ruin and Variance A gambler with finite wealth playing a fair game would lose against an opponent with infinte wealth. A larger bankroll can absorb higher levels of variance. Small bankroll can't. Example below would help you understand the concept better. https://probabilityandstats.wordpress.com/2017/04/08/the-gamblers-ruin-problem I have invested some of my assets in Edgeless Tokens because I believe that the world has not seen an online casino like Edgeless yet. While many projects are still in their whitepaper stage, Edgeless has actually realized their goals in real life! I am posting so that people can get to know Edgeless better. I am in no way affilated with the Edgeless team. :) The casino is the FIRST FULLY TRANSPARENT BLOCKCHAIN based casino in the market today. Edgeless has also obtainted online casino license from CURACAO. They now have a fully operational Dice and Blackjack game. Sportsbetting is coming along in Q3, Poker in Q4. Although it is not official, the team is considering Baccarat also. On top of all these, the team will introduce bankroll staking, where holders can participate in the bankroll of the casino and receive 40% of increase in the bankroll. So have a go at experiencing what Edgeless is all about! You can try the games without any Edge tokens at all. Below are the game site and channels provided by Edgeless team. Homepage: https://www.edgeless.io Gamepage: https://casino.edgeless.io/games/ Telegram: https://t.me/joinchat/FXRVHBFKg-YU0KqZXTCGbQ!