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Friday, 9 March 2018

TRUEGAME GAMBLING ICO REVIEW


What is Truegame? The Cryptocurrency Seeking to Disrupt the Gambling Market

WHAT IS CRYPTOCURRENCY?
I first heard about Bitcoin in 2012 but i didn’t “get it.”
Terms like decentralized, distributed and blockchain catches my interest, but I lacked the technical understanding to really understand what I was looking at.
I started reading up a bit more in 2015. However, only after a deep dive over the last 1 year do I feel like I’ve even begun to wrap my head around it.
A cryptocurrency is a form of payment which is similar to the currencies commonly used such as United States Dollar or the British Pound. However, unlike these currencies, cryptocurrencies are decentralized. There is no central government to print more of them out to cause inflation. In fact, cryptocurrencies have been formulated to gradually decrease in production as time goes by. Bitcoin, for instance will never have over 21 million coins in dissemination.

WHAT IS TOKEN?
A token is a representation of value, a sort of digital asset (dasset). The Ethereum developers decided to standardize this process, and so the ERC20 ‘Token Standard’ was created. This templated-contract standardization contains a series of functions that enables the issuance, distribution and control of the assets in a formalized, standardized manner.
A token standard allows for the ease of interoperability between DApps (decentralized applications built on the Ethereum public chain) and the tokens built by the programmers.
TRUEGAME PLATFORM AND HOW IT WORKS




Truegame platform combines the power of blockchain and smart contract to provide a decentralized next-generation intelligent intelligent and trusted online gambling platform.
Each game is based on a separate smart contract, The winning is accumulated and stored on a separate Ethereum account managed by smart contracts. In the case of a winning, its equivalent is automatically transferred to the player’s balance and becomes available for the withdrawal.

There are two ways of players interacting with Truegame smart contract; Work through personal account. With this method, tokens on the player’s balance are controlled by our Ethereum node, and the player does not need to use special software and have any skills in working with blockchain; The second way is direct interaction with smart contracts through the Ethereum wallet, for example, using the Metamask wallet. The player himself sends bets to the wallet and interacts with the methods of smart contracts. This option is still in Beta mode; Regardless of the chosen method, the player is a full participant of our games, and also participates in the common pool of draws, claiming the Jackpot.

All the drawings are conducted based on the algorithm for generating random numbers. A random number means taking a hash from a join by concatenating the last four hashes of the Ethereum blocks with the hash of the previous iteration of the given algorithm. All games, except instant, occur in two stages — the accumulation of bets and start of the draw itself. This makes impossible any manipulations with the algorithm, because the hacker has no way of predicting at what particular moment a random number generation will occur. JOIN HERE

How can blockchain technology make gambling fair?

One of the earliest real world applications for blockchain technology was creating a “fair casino”. This doesn’t necessarily mean a casino where the house has no advantage but rather a casino where the user knows exactly what their chance of winning is. This is possible thanks to something called smart contracts.
A smart contract is programmable contract that works on an if/then basis, for example if a player correctly bets red in roulette then the contract will execute and he will be paid immediately. Smart Contracts neatly solve two of the main problems associated with cryptocurrency gambling; no third party provider is involved in processing payments so nothing can be tampered with and it is impossible for the casino to either run away with the funds or alter the terms of the game because everything is transparent and open to scrutiny.

Truegame
Smart contracts help to ensure that gambling is fair and transparent

These smart contracts help to reduce the costs associated with running a casino. Many smaller online and physical casinos make money either through odds that favor the house or by taking a higher “rake” from bets. This is bad for gamblers and means that in general the house always wins, regardless of what you do. A smart contract casino is able to reduce the costs associated with handling and demonstrate that they are offering players a fair chance to compete. The house still makes money because of the gambler’s ruin phenomenon, or a player with finite funds losing to a player with infinite funds (the house) in a 50/50 game.

How do Blockchain Casinos work?

There have been a number of attempts to create online casinos using blockchain technology. One of the earliest attempts at creating a “fair” casino was Edgeless Casino. This was the first example of an online Casino powered by Ethereum smart contracts.
The main selling point of Edgeless Casino was that it provided gamblers with a “50%” chance to win their games. This is slightly incorrect as the house has a marginal edge of 0.83% on blackjack and video poker and 0.05% on their micro dice game. That being said these are very low edges compared to traditional online casinos where the house edge can be as high as 10%. The platform also offers a sports betting and a monthly lottery called the “edgeless lounge”.
Edgeless Casino is interesting because it represents the first attempt to create a provably fair casino.  In order to ensure randomness the platform combined two random seeds, one from the client and one from the casino. For example blackjack users can provide their own number seed or get a random seed from random.org or the Mozilla crypto library generated randomness. The client’s seed is used alongside the casino’s seed to ensure that the shuffling process is fair and both numbers are blended into a random number. This means that even if the casino attempted to rig its own number generator the final outcome will still depend on the seed that the player provides.

Truegame smart contract description
An example of how smart contract gambling could work (Via Truegame whitepaper)

Like Edgeless Casino Truegame is powered by ERC20 and uses blockchain technology to bring some transparency to the gambling industry. It also builds on the ideas that Edgeless Casino created in order to provide players with a greater variety of games and it even allows users to withdraw and deposit funds using fiat currency, making it more accessible to users who may be concerned about using cryptocurrency.
Truegame has not yet started its token sale but unlike many other initial coin offerings the team already has a fully functioning product. The Truegame platform also takes care to ensure that the results of games are visible without revealing the identity of their users. The entire source code is available on Github.

How does Truegame solve the problems with online gambling?

Blockchain technology is all about solving problems and Truegame is hoping to build on the foundation laid by its predecessors to create a fair and easily accessible blockchain solution to the online gambling problem.
The first problem with many blockchain casinos is ease of access. While more and more people are learning to navigate the slightly confusing world of cryptocurrency many are still put off by the technical difficulties of acquiring and storing cryptocurrency. Truegame gets around this barrier to entry by allowing users to top up their accounts using ordinary credit cards or other payment options like Neteller or Skrill. They will also allow users to withdraw funds directly to their bank account rather than just their Ether wallet.
Truegame also take the unique step of ensuring that all of their games are not just reskins of existing online games but built from the ground up and optimized to function on mobile devices. This solution will allow them to build a collection of unique games once they have collected the funds from their ICO.
They already have already created a number of unique offerings. Specifically their crypto scratch cards. These are a form of instant lottery powered by smart contracts that have proven highly popular with users. On average each user plays 10-20 cards a session and they have already created a number of different themes that users can use.
Truegame prize draws
Truegame is the first online gambling platform to create prize draws using smart contracts
They have also created the unique option of a prize draw. Each user is able to bet a certain amount on a prize, for example a straight cash prize or the latest smartphone. Once the number of bets required (value of product + house edge) have been placed then the prize is randomly drawn and the lucky user receives the equivalent of the prize value straight their account. There is also the option to have the prize delivered to your home address. This offering is interesting because it encourages users to bet higher amounts to ensure that there are less “tickets” in the pool to increase their chance of winning.
Another important focus of Truegame is transparency. The entire project is designed to be as opaque as possible so that users will be able to confirm everything the casino tells them. This is important because it will allow users to verify that the house actually has the necessary funds to pay out any winnings. This is important because it provides a level of reassurance to users that can’t be matched by the majority of online casinos.

Is Truegame a good investment opportunity?

Truegame is an interesting ICO option because they already have a proven product with an active community. They have also already acquired a gambling license and have a selection of games including prize draws, scratch cards, and a lottery. This is important because it shows that the company already has a proven record and should be able to deliver on their promises.
They are also targeting a highly lucrative sector. The online gambling market is estimated to be worth $81.71 billion by 2020 and mobile gambling market is predicted to grow at a CAGR of 18.84% between 2017-2021. The market is mostly focused in Europe and Asia and is highly segmented. Truegame will hope that a blockchain solution should provide enough transparency to encourage users around the world to seriously consider their platform.
One important advantage for token holders is that they are eligible for a share of the commission taken on any “game tickets” sales. 10% of all ticket sales go towards partners and token holders and this allows long-term holders to accrue a sort of dividends against their tokens.
In terms of risks, Truegame is entering into a highly competitive market and are at risks of regulations on two sides. The gambling industry is highly vulnerable to new regulations and the legal status of cryptocurrency and ICOs are still uncertain. China recently took steps in order to completely ban cryptocurrency and despite the soft-touch regulations in Switzerland and Singapore there is no guarantee that other nations won’t take a harsh stance against ICOs and cryptocurrencies in general.
Despite the risks involved in the gambling sector Truegame have a well designed proven platform and if they are able to correctly leverage their marketing strategy are already well placed to succeed.

TRUEGAME PLATFORM ICO AND TOKEN (MIND)
Truegame token (TGAME) will be released during the contribution period. Truegame will sell ERC-20 compatible Ethereum-based TGAME token. The aim of the token sale is to provide a discounted participation for the early adopters of the decentralized platform. By purchasing TGAME tokens, the early adopters receives a discounted price for using the decentralized platform. The ICO has been structured to give the best opportunities to anyone who would like to participate from the very beginning, providing maximum flexibility and control for the participants.
Truegame token (TGAME) will be used for secured and fast payment within the Truegame ecosystem. It will also be used to provide incentive for early adopters.
ICO FUND DISTRIBUTION
12.0% for Development
10.0% for Legal
33.0% for Jackpot
45.0 for %Attracting players
Accepted Currencies: ETH, BTC, LTC
Soft cap: 2,000,000 USDT
Hard cap: 9,000,000 USDT
ICO Start: 5th of March, 2018
ICO End: 15th of April, 2018

FOLLOW TRUEGAME PROJECT:


Author profile :https://bitcointalk.org/index.php?action=profile;u=1440215

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