vDice.io is one of the first completely decentralized gambling platforms that uses the Ethereum and Blockchain technology. Blockchain is an endlessly growing ‘distributed database’ that stacks ordered records called ‘blocks’. It’s basically a database that holds all these records so that one no entity or person can shut it down. Instead of it being completely located in one place, there are bits sent around all the computers involved.
So, if I run an online casino and I have all my customers in a conventional database, and that site crashes, none of my customers can access their account information. Under blockchain technology, if my database crashes all the accounts are still available to the customers because it’s not centrally located in my computer. Its decentralized and shared among everyone.
That’s exactly what Ethereum does. It’s an open sourced software platform that uses blockchain to allow programmers to build and release decentralized applications, like the above-mentioned gambling platform. It also has its own cryptocurrency called “Ether”.
Aside from being one of the world’s first decentralized Ethereum online gambling site, it’s also the first profit-sharing cryptocurrency casino in history. When the gaming platform launched its fundraising campaign on Crowdsale it attracted over a million dollars in the first 90 minutes. That success alone was enough for vDice to be tallied among the most profitable ICO’s in the cryptocurrency realm.
The purpose of the Crowdsale was the native token of the vDice game called ‘vSlice’. This digital token is a representation of profit sharing. Each person who holds a vSlice token is entitled to a share of the vDice profit, directly proportionate to the number of tokens they have.
This is how vDice.io came into existence. The site went live in June of 2016 and has processed over 20,000 bets. Unlike other gambling platforms, vDice.io doesn’t even require you to sign up and log in. To play on vDice, all you must do is send the cryptocurrency to the wallet which is located on the platform itself and try your luck. Placing a bet takes 15-35 seconds on average.
The site itself is clean in appearance and has been made as easy to use as possible. It outlines the steps to bet right there on the homepage for you. Simply send the Ether(ETH) (which is the Ethereum currency) then a random “lucky number” is selected. Winnings are sent directly to you while losses are documented with 1 “wei”. Your sending address acts as your ‘account’ if you want to call it that, you can track all the results using your sending address or on the Ethereum blockchain itself.
I came across a good quote today that will help anyone who is still confused about blockchain technology understand it a little better. FT Technology Reporter, Sally Davies commented on Blockgeeks.com “[Blockchain] is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one.”