Hello everyone,
We are working on a STEEM gambling game, the game will also accept other cryptocurrencies like bitcoin, bitcoin cash, dash, litecoin, and ethereum.
How to play ?
First you will have to load your account with one of the 6 accepted crypto currencies.
Once you have loaded your cryptocurrency our app will load your account with tokens, you will then be able to play the game.
*(Do not try to load your account yet if you find our app online as we are still on the bitcoin testnet and you would lose your BTC).
The game is very simple, there is a counter and you have to bet on the number that is going to come out. The number has to be equal or superior to the number you have chosen to win, if not you will lose it all.
Examples
Example of a winning bet : I bet 10 STEEM on 2.20 and score is 4.21, I get 22 STEEM back (220% of my bet).
Example of a losing bet : I bet 10 STEEM on 2.20 and score is 1.21, I get 0 STEEM back (I lost everything).
Example of a winning bet : I bet 10 STEEM on 1.03 and score is 4.21, I get 10.3 STEEM back (103% of my bet).
Example of a losing bet : I bet 10 STEEM on 1.03 and score is 1.00, I get 0 STEEM back (I lost everything).
The more risks you take by betting on a high number the more rewards you will get as for example if you bet on 4.00 and if the score is over 4.00 you will take back 400% of your bet !
Risk control
We want to avoid high rollers in the beginning as this would be too risky for us, we will introduce automatic bet limits depending on the reserve of tokens that we have. The idea is to limit our risk to 1% per user per game.
For example, if we have 10 000 STEEM in our reserve we will limit the maximum authorized bet per user to 10 STEEM if the user bets on 10.00 as score as this could potentially cost us 100 STEEM (1% of the reserve).
House edge
We are working on the algorithm to add a very tiny house edge between 0.3 and 0.6% only. Sometimes the score will crash at zero and everybody will lose. That's why if you only bet on 1.01 you will end up losing between 0.3% and 0.6% of your money in the long term.
Transparent bets
We use web sockets, every connected user will be shown on the app and every bet will also be displayed in real time. We have no control on who bets on what and we have no control over the algorithm. Our goal is long term usage of our app.
Improvements
We are working non-stop to improve the app as much as we can before the official release. In the future we hope to totally decentralize our app with smart contracts and cross blockchain interoperability.
Beta test
If you guys want to beta test our app on the testnet with demo tokens let me know and I will direct you to the app. But keep in mind that the actual algorithm is not the final one yet.
