Beginner’s Guide To Edgeless Cryptocurrency & Its Blockchain Based Casino

Edgeless Cryptocurrency

With the blockchain technology having been around for a while, it is safe to say that the use cases of cryptocurrencies and blockchains are just endless.

Also, with so many blockchain platforms and protocols evolving, it has become all the more evident that each of them is trying to find their niche.

So much so that even the gambling industry has not remained untouched by this storm of innovation and use case.

It was gambling industry back in 2010-2011 that started using Bitcoin in Satoshi Dice blockchain-based betting game.

But now in 2018, we have a whole list of gambling, gaming, and betting projects that are incorporating cryptocurrencies and blockchain to solve the various problems of these industries.

One such project that stands amongst them is Edgeless (EDG) – a blockchain and smart contract based casino.

In the fundamental analysis of Edgeless, we shall cover these points:

  • What Is Edgeless?
  • What Problem Is Edgeless Solving?
  • How Edgeless Works
  • Edgeless Team
  • Edgeless ICO & Total Supply
  • How To Buy Edgeless Cryptocurrency (EDG)
  • EDG Wallets
  • Edgeless Roadmap
  • Official Edgeless Resources

What Is Edgeless?

What Is Edgeless

Edgeless is the first Ethereum’s smart contract powered casino developed to fix the pain points of casinos.

Edgeless, a next-generation casino, is built on the Ethereum blockchain where all key operations are regulated by autonomous smart contracts, giving users a fully transparent experience.

Edgeless touts itself as the most transparent casino in the online world and also offers 0% house edge in comparison to 0.5-15% on other online casinos. (We will discuss house edge in the next section)

What Problem Is Edgeless Solving?

The Edgeless project is solving two key problems of the casino industry:

  • House Edge
  • Lack Of Transparency

House Edge is a term used to describe the mathematical advantage that the gambling game (and therefore the commercial gambling venue), has over you as you play over time. This advantage results in an assured percentage return to the casino you are playing at over time and for you an assured percentage loss of what you bet.

For example:

Let us demonstrate the calculations on one of the wagers of the old Chinese dice game played with three dice. Let us assume that you want to bet on one of the Triples (Raffles); it means that every dice has to pop up the same number, for example, three ones.

House Edge

What is the probability of the same number on each dice?

Let us count the number of favorable events. It is only one because well, there is the only one possibility for three ones. The number of all possibilities (combinations), which can be created by three dice, is 6 × 6 × 6 = 216. According to the classic definition, the probability of rolling three ones is 1/216.

If we stipulate this probability as the odds, they are the following: 1:215, i.e., there is only one chance to win and 215 chances to lose = 216 chances altogether).

If we mirror this ratio we will get the chance AGAINST us 215:1 and thus, the wanted true odds (or fair payout). If the house paid us in this ratio, it would achieve zero long-term profit.

However, in terms of the Triple (or Raffle), the house pays 180:1 only. If we compare the true odds and the payout, we will find out that the house pays only 83.72% (180/215 = 0.837209302 = 83.72%) of the true (fair) odds. The house edge, or the long-term profit or share, results from this difference and thus equals 100% – 83.72% = 16.28%. 

So let’s say you play this 10 times and bet $100 every time, out which you win on 5 occasions while you lose the other 5 times. Cumulatively, you win $418.6 ($83.72 * 5) and lose $500 ($100 * 5). So you, in the long run, you lost only due to the undue advantage or edge the house has over you.

Technically, the ‘house edge’ is the price that people pay for the gambling experience as a whole, which is not that huge if your bets are reasonable and you are playing in Las Vegas. There are tourists who get free drinks, free meals, night entertainment shows, good travel deals and many more benefits such as instant cash deposits and withdrawals.

However, online casinos are almost a different industry in comparison. You don’t get good travel deals or free meals, and players pay more for the raw experience of just the gamble itself. The mathematical house edge is the same, but you have to pay for extras, such as depositing money and withdrawal fees (most online casinos charge). Furthermore, there is usually a delay with regards to withdrawing and casinos usually take 2 – 3 days to send you the money. That barrier to taking your money out of the virtual casino immediately becomes how the industry profits even more. And this can be solved by the use of cryptocurrencies & 0% Edge gamblings that Edgeless is providing. (Source-Whitepaper)

House Transparency, on the other hand, means that one has to trust the infrastructure of the online casino/house that they are not playing with the odds to increase their house edge. But there is absolutely nothing to check and verify in the current model.

How Edgeless Works

Edgeless is solving these two problems of house edge & lack of transparency by introducing a new business model and a new way of implementing online casinos:

  • Edgeless offers 0% edge while playing on their platform which means the house edge will be 0%.
  • Also, for transparency, Edgeless is utilizing Ethereum smart contracts where random numbers and payouts can be ruled by smart contracts which are fully public and implemented on an Ethereum blockchain. Through this, players can see everything – transactions, sums, bets, the reasons why transactions are moving and, most importantly, the mechanism of randomness. If the casino tried to rig the odds, it would immediately be spotted. Also, in cases where you win the bets, the win amount will be transferred to you automatically via smart contract, and no one can do anything to stop that.

Edgeless

Edgeless Team

The Edgeless team is experienced and comprises of the right people such as developers, smart contract experts, gamblers, etc. who can deliver such kind of projects. Some of the notable members of their team are:

#1. Ignas Mangevicius, Co-Founder, Blockchain-Based Systems Developer

#2. Tomas Draksas, Co-founder, Professional Poker Player & Gambler

#3. Tomas Lukosaitis, Co-Founder, Operations & Business

See full team profile here.

Edgeless ICO & Total Market cap

Edgeless has its native currency denoted by EDG.

Edgeless ICO concluded in March 2017 where 1000 EDG tokens were created for 1 ETH of contribution and it raised over $2.5 million, becoming the most successful Ethereum-based gambling ICO at that time.

The total circulating supply of Edgeless tokens is 95,639,612 EDG and the total supply is 132,046,997 EDG. So according to the current circulating supply of 95,639,612 EDG and currents unit price of $ 0.18, its total market cap is as shown below:

 

How To Buy The Edgeless Cryptocurrency (EDG)

The Edgeless cryptocurrency is a rare gem to find. Therefore, you will not find many exchanges listing it yet. But there are few exchanges through which you can buy Edgeless (EDG):

  • Changelly: Supports all the pairs in Changelly
  • Bittrex: Supported pairs are EDG/BTC
  • ABCC: Supported pairs are EDG/BTC, EDG/ETH
  • Upbit: Supported pairs are EDG/BTC
  • Livecoin: Supported pairs are EDG/BTC, EDG/USD
  • Liqui: Supported pairs are EDG/BTC, EDG/USDT, EDG/ETH
  • HitBTC: Supported pairs are EDG/BTC

EDG Wallets

EDG is an ERC20 token so you have plenty of options for storing your EDG tokens safely. Some of these options have been listed below and will help you keep your EDG safe.

Edgeless Roadmap

Edgeless is a very interesting project with huge potential.

In 2016, the online gambling industry was valued at USD 45.86 billion and is expected to grow to $56 billion by 2018 end, but problems like the high price of gambling and non-transparency still persist.

But with the launch of Edgeless in early 2018 these problems will be stored in the following types of betting games:

  • Blackjack
  • Dice
  • Pocker
  • Sports Betting

Edgeless betting games

Hopefully Edgeless will be able to capture some market share of the $56 billion markets by 2019. Moreover, EDG has its use case for providing bankroll staking which is currently under testing.

Also, its roadmap looks simple and they are on track with their recent launch of Dice game on the Edgeless platform.

Edgeless Roadmap

Therefore, I feel these innovative steps of Edgeless in providing 0% house edge, fast transactions (deposits/withdrawals), and transparency further in implementing new gamblings games will surely make it capture a decent market share in time.

Lastly, their marketing efforts have started so that will further aid in popularizing the project. But they should make sure through regular smart contract’s audit that their platform is performing as it is intended to be and this will further aid in user adoption.

Update: Edgeless has now launched products for the US markets. Edgeless has released a beta version of the social gaming platform Hotheads.io.

Official Edgeless Resources

Some official links that will help you stay updated with Edgeless’s news:

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