Today we are very pleased to announce that Orbit, the first no limits peer-to-peer gambling dApp will soon launch on the Ethereum Kovan test-net.
How does it work?
Orbit revolves around the idea of rings. As a user, you can create or join a ring, by committing ETH to the smart contract. Each ring has a buy-in amount set and a maximum number of sectors (player slots) available.
When creating a ring, you are able to set these parameters and then commit the ETH for the first sector. When the ring limit is met, the ring spins and a winner is randomly selected.
How is this achieved?
Orbit is built on Ethereum which enables a truly peer-to-peer gambling experience through smart contracts with no central controlling entity. The Orbit team retains a small fee on each ring which is won (0.5% to 2%) to maintain the platform and grow the community.
The Orbit team cannot censor bets, as users will be interacting directly with the smart contracts when they play Orbit. As there is no house or bankroll, there are no limits on the size of the prize money which can be won. The only limit, to begin with, will a maximum player count of 250 players for each ring.
On the technical side, we will soon be releasing our source code, with a bug bounty for developers to audit independently.
What’s special about Orbit?
The features of Orbit are unique to blockchain gambling. There is no casino in the world which allows unlimited bets and the opportunity for unlimited winnings. Orbit will be the first.
To recap, Orbit is designed so that players are:
1. Always gambling peer-to-peer against other people, not the house
2. Able to control their chance of winning
3. Allowed to bet with no-limits on win potential
4. Directly interacting with smart contracts built on the Ethereum blockchain with no intermediary
5. Always in control of their funds
6. Provided a truly fair chance of winning
We believe that this level of transparency and control for players is needed in the gambling world. We believe that gambling should be fair for all users, each with an equal chance of winning. In this environment, when you join a ring you know that either yourself or one of the other players on the ring is going to win. There is never an occurrence where the house takes everyone’s money.
In the coming weeks, we hope to bring a number of players on our platform and let them experience the magic and excitement of peer-to-peer gaming.
We aim to create the best space for little fish, and huge whales to come together to play a provably fair game of luck which gives everyone a chance to win.
Players are able to bet a small amount in a large ring in the hope of a large payout while whales are able to go head to head with a higher chance of winning.
Ring Example #1
Buy in: 0.1 ETH
Jackpot: 24.5 ETH
Win chance: 0.4%
Ring Example #2
Buy in: 5 ETH
Jackpot: 367.5 ETH
Win chance: 1.3%
Ring Example #3
Buy in: 2,500 ETH
Jackpot: 7,350 ETH
Win chance: 33.3%
Ring Example #4
Buy in: 15 ETH
Jackpot: 117.6 ETH
Win chance: 12.5%
If you want to increase your chances of winning on any ring, you are able to buy in more than once. One player could purchase 75% of a ring, engineering a much higher chance of winning, whilst still being at risk of losing a larger portion of capital than the other players.
After launch, when you visit www.orbit.bet you will be presented with a number of rings. You see a 10 ETH which has 5 ETH committed. By adding 5 ETH to this ring you have a 50% chance of winning all the money in the pot and the ring will spin as your 5 ETH contribution will ensure the 10 ETH limit is met.
You could also add 1 ETH to the ring, this will mean the pot is at 6 ETH, you have a 10% chance to win all 10 ETH, and you need to wait until 4 more ETH is contributed until the ring spins. In this way Orbit enables you to have the chance to choose your own odds and win large sums of ETH.
If the ring threshold is not met within a 7 day period, all players that had staked ETH in that ring are able to withdraw it. This prevents players from endlessly waiting for others to join.
Next week we will add our code to a number of development communities, shortly after this the game will be released on the Kovan test-net and subsequently deployed to main-net for all to play.
Join our first ring for a chance to win 10 ETH
For our launch, we are running a promotion which will allow the 100 top referrers of new players to enter a ring for free, and have the chance to WIN 10 ETH.
All you need to do to claim your entry is join our email list at www.orbit.bet and ensure you are in the top 100 on the leaderboard.