Ultimate Edgeless FAQ #2
Ultimate Edgeless FAQ #1: here
So again, what’s a roadmap for a short run and timeline of the Edgeless Project?
Casino License — Q3
Black Jack — Q3
Edgeless Lounge Lottery — Q3
Dice — Q3
Once you nail everything that is mentioned above, below are some other major milestones:
Edgeless mobile gambling app
Crowdsourced casino bankroll smart contracts, allowing people to invest into Edgeless bankroll and earn a percentage
Any milestones in the near future?
The Edgeless Lounge Lottery beta on Ropsten Net launches in less than a week.
What’s the hardest development challenge that you are facing right now?
The gambling dapp speed and gas price for users.
What is Edgeless’s value proposition for a final user? Why should people come and play on Edgeless if they can easily do that on any other online casino?
Centralised Casinos (BTC casinos included) can cheat against their own players, delay payments, steal their assets, and more. The gambling community is already tired of their scandals: http://www.pokerupdate.com/poker-opinion/544-13-biggest-poker-scandals-last-decade/
An “option” for an online casino to cheat reduces a player’s trust within the gambling industry (even if casinos don’t cheat) and prevents it from growing.
Decentralised ETH casinos (Edgeless) simply cannot cheat. It’s impossible to ‘rig’ the game without being spotted on a blockchain. Additionally, a decentralised crypto casino has much lower operation costs (due to lower currency transaction costs and reduced security costs) which allows Edgeless to reduce the house edge to 0% for luck+skill games, such as Black Jack).
For example, it opens up a lot of potential for high stakes online poker/gambling because now no-one wants to bet millions online when casinos can easily take your money without being spotted.
Is the Edgeless dapp fully decentralised?
The current mechanism is using a hybrid model. The blockchain decentralisation element is used to source a “random number” and significantly improve transparency. However, certain parts still require a ‘server’; otherwise, the gambling dapp speed would be ‘unplayable’. More information on how it works: here
The mechanism will change with a new ethereum foundation update and we will fully release a raiden network (http://raiden.network/) to a more optimised version of edgeless dapp.
How large is your team?
We have 6 full time employees, partners and advisors.
Where I can find information on exchanges and the valuation of Edgeless?
Edgeless price, charts, market cap, and other metricscoinmarketcap.com
What is the value behind the EDG token? Why I should buy it?
There are two main aspects creating a value behind a token: Edgeless Lounge Lottery and Service.
1. Players will be able to participate in Edgeless Lounge Lottery which will happen on a monthly basis. Each month, 40% of the casino’s profits will be sent automatically to a prize pool of the lottery. People will be able to ‘chip in’ their EDG tokens without the risk of losing them, and win a share of the prize pool. More information on how it works:
2. In a future, the EDG token will be used to gamble on other Edgeless games, not only on a lottery. Gamblers wanting to gamble on the coolest casino in the planet will need to purchase EDG tokens. Technically speaking, the larger the demand for Edgeless Gambling services, the higher the EDG price.
Can you issue more EDG tokens or mine them?
No, it’s impossible to create new tokens or mine them. There is a fixed number of EDG tokens: 132,046,997 EDG.
How many EDG tokens does the dev. team have?
They have 50 million. These tokens are locked by a smart contract for 12 months after an ICO (11 months left).
What will you do with these tokens?
Once our ICO funds are finished, the dev. tokens will be used to fund a further scale and development of the Edgeless gambling business.
Wow, everything sounds so cool, but there are many other cool crypto projects. Why should I buy EDG instead of other tokens?
Edgeless is one of a few blockchain projects which are 100% certain about their market/user base potential. It means that once we finish a development, for sure there will be people using our product and creating a REAL value around the business.
Edgeless is not inventing a wheel, or promising to write a magical piece of code which solves humanity problems, instead we are taking what is already working and making it better. Crypto gambling is already proven and a profitable concept by many other bitcoin casinos — we make it better and we know (by looking at facts and data from other casinos) that there is a ’market’ for that.
In order to understand how important this concept is, we would suggest studying events which happened during a “dot com” bubble, and you will find an answer to which companies raise it to the sky and which companies die due to their lack of services.
Do you have a community around Edgeless?
Slack with more than 700 people: https://edgelessethcasino.signup.team/
BTC Talk forum thread with more than 159 pages: https://bitcointalk.org/index.php?topic=1718384.0