Blockchain technology is being used in another instance by a company seeking to leverage the properties of blockchain to provide improved gambling services. iDice is decentralised gambling platform built on top of the Ethereum blockchain network. Using iDice, players can place bets using the Ether cryptocurrency, and bet on the house by holding iDice tokens.
Despite not being the first dice game using blockchain and cryptocurrencies - dice game SatoshiDICE sold for 126,315 BTC ($315,787,500 USD current prices) in 2013 – iDice has reported generating nearly 700 ETH (approx. $200,000 USD) in user profits since its beta launched 2 months ago, without any marketing effort.
iDice will be using the blockchain to provide provably fair and transparent gambling utilizing third party, audited smart contracts for mobile-based casino dice gaming. The betting contracts are fully open-source and viewable on the blockchain. All data is public, and viewable at Etherscan.io. Smart contracts for Ether bets are fully automated and fair. It also eliminates the need for deposits and sign-ups.
According to its whitepaper, iDice uses open source blockchain-based Oraclize.it to retrieve a random integer supplied by Random.org via TLSNotary. The iDice smart contract then performs encryption on the integer provided by Random.org and the IPFS address of the TLSNotary proof to compute the game result. This method was chosen for its safety and reliability, enbling iDice to generate random numbers without 3rd party interference of the game’s final result. The contract source code has been made available on the website and the contracts are made available to the public on etherscan.io.
The profit that iDice makes will be distributed between the holders of its tokens, relative to their share of the tokens. The house edge will be set competitively and token holders have an expected value that is always equivalent to the house edge - iDice token holders enjoy the advantage of the house edge always being in their favour.
To play Ethereum Dice, players use an Ethereum wallet that they control, such as MyEtherWallet, Mist or MetaMask. Bets are sent to the iDice betting address of 0xe6517b766E6Ee07f91b517435ed855926bCb1AaE. Bets are automatically resolved, usually within two minutes, with winnings sent back to the wallet address automatically. It also provides the ability to track bets on the website.
On June 16th, 2017 UTC 0:00, iDice will start its crowdsale ICO, which will end on June 30th, 2017 UTC 0:00. In the future, the company plans to release Blackjack and roulette options.
In a press release, the founder and CEO of iDice, Jordan Wong remarked: “I wasn’t expecting the iDice beta to become so popular. We launched the beta to test the platform’s user experience and reliability. We didn’t plan for it to become so popular. This ICO is going to be a huge opportunity for us and our investors. We are starting development on cross platform mobile apps for Android and IOS systems. We want to offer everyone an equal chance to become a part of the iDice team.”