CryptoFlip: An Introduction
TL;DR
CryptoFlip is a peer-to-peer wagering platform that cuts the house out of the equation. With us, a player always wins. Connecting players directly with an equal chance of taking the other’s crypto. There’s no requirement to purchase an in-app currency, wager with any crypto asset. No need to bankroll jackpots means there’s no limits on win potential.
It’s finally time for us to announce what we’ve been working on, let’s start at the beginning.
History Of Gambling
Gambling has long been a cornerstone of society, as early as 2,300 BC. Starting with gambling within immediate social groups, then came casinos followed by the introduction of online gaming. As this evolution has progressed, transparency has gradually been lost.
Online gambling is massively popular, and growing at a solid rate due to the accessibility mobile brings to the web. Over the last 12 months, it is estimated that a total of $46b was wagered online. The total gaming market is forecast to hit $82b by the year 2020 at the current growth rate (10.8% CAGR) due to improvements in technology, mobile accessibility and easing of global regulations.
Flaws In The System
Millions of people annually wager billions of dollars, though they’re all doing it through a middleman, a centrally controlling entity. Be it the house or a bookie, placing a bet in today’s world means you’re betting against the entity running the game.
Particularly online, these games were often built by those who offer them. Players need to trust that when they’re told they lost and the house kept their money, it was truly what happened.
Lack Of Transparency
They control the game logic and keep it in a black box, hidden from view of anyone using it. The house profits when players lose and you are required to trust them on the outcome that determines if they keep your money.
Things brings trust issues into the fore. Gambling is an industry that has long been embroiled in deception and shadiness leaving not many questions as to how the stigma that surrounds it came to be. There have been many instances where the house game logic has been prone to tampering, existence of backdoors into machines, not following responsible gaming practices or just generally not being very nice.
Enter Ethereum
At its core, Ethereum is a mechanism through which trust issues are solved among peers. We intend on utilising blockchain for exactly this intended purpose. We are removing the middleman from the equation. Creating an environment where players are matched with other players with an equal stake in the outcome on an array of different games.
Gambling isn’t new to blockchain. In fact, in 2013 a dice platform named Satoshi Dice, was processing 51% of all bitcoin transactions. More than half of all transactions. Since then, we’ve seen hundreds of dice sites spring up, many of which experiencing $100m+ in monthly wager volume each.
Fun Fact — Between bitcoin orientated marketplaces (Silk Road etc.) and bitcoin gambling, which do you think is larger in terms of volume?
Current State Of Play
Now, we’re seeing a number of offerings in the space utilising blockchain in two ways. One as a means of currency and others as replacing game logic with DLT. Both are still operating a house based model. The first are still operating in a closed environment the same as all their fiat alternatives and the latter aren’t offering anything new for the player.
They’re still operating in a counter-party nature to their players. With directly opposed incentives, where there is still the need to hand over control of your funds and trust that they’ll be returned, if you win against the entity controlling the game.
Connecting Players With Players
We’re removing the need for an intermediary. With us, peers are connected to each other using a network of smart contracts. Players connected to other players, each with an equal chance of taking the other’s crypto.
Your funds are in your wallet until such a time that you wish to place a bet, where both parties’ funds are held temporarily in escrow on-chain. Upon announcing a result, the winner is paid out instantly, we’re never in control of your funds. The contracts controlling the funds are verified by 3rd party auditors and are immutable once deployed.
No Limits
Other platforms only have so much to payout, this limits how high players can bet at a time. Because we have no requirement to bankroll jackpots there is no limit to how much someone can wager. A wager is only activated after both parties’ funds are locked in escrow on chain, waiting for the result of the game.
Social Gaming Meets Gambling
Every player has a profile that highlights their performance, strategies and your history together, if you’ve wagered previously. See who you’ve beaten and lost to the most, track your own performance. There’s an achievement system and leaderboards that payout rewards to players based on their activity through the ecosystem.
Licensing & Regulation
Not only will we be the first peer-to-peer wagering platform, we’ll also be leading the charge with respect to global gaming regulation. Many other platforms operate on the fringes from places like Costa Rica and Curacao. These jurisdictions don’t require platforms to do any KYC or AML, severely limiting their long term potential.
We’re only scraping the surface with respect to adoption and any operator that has followed this unregulated approach have set themselves on a course delivering anything but long term success. Offering zero protection for players from regulators put in place to ensure they are taken care of.
The Team
We’re doing this with a team of 15 (currently), with experience building, growing and operating startups, ex-leadership from the world’s largest betting exchanges, winners of the 2017 Consensus Hackathon and demonstrated executional ability in the largest iGaming markets as well as global regulatory compliance and licensing.
Full Suite Of Games
This model can directly be applied to any game you’d play with other people. We’re starting with a coin flip, gambling in its purest form. This will be soon followed by a suite of games covering strategy, chance and skill.
Join Our Private Alpha Test Group
We’re in the process of building a beta version of the first game and are looking for anyone that wants to be involved in shaping it to join our private group of Alpha Testers.
By participating, you’ll receive;
- Early access to the games
- Guaranteed FLIP Tokens for helping us shape the platform
Join today for an opportunity to shape the platform into something you’d like to play, after all, we’re for the players.
For more information about CryptoFlip, please see below;
Website: https://cryptoflip.it
Whitepaper: https://docsend.com/view/thikd4r
Platform Overview: https://docsend.com/view/ysfmmbw
Announcement Telegram: https://t.me/cryptoflipnews
For the most up to date news, join the community telegram
