Edgeless is a decentralized casino application built on the Ethereum Blockchain that offers a zero percent house edge on betting and provides complete transparency and security in an easy to use online gambling platform.
Edgeless was co-founded in 2016 by Ignas Mangevicius, who is working on the project as a Blockchain-based systems developer; Tomas Lukosaitis, who is in charge of operations and business, and Tomas Draksas, professional poker player and gambler.
What Problem Does Edgeless Solve?
Traditional casinos impose many different fees on the players, with the intention of maximizing earnings for the house. Withdrawal and deposit fees that depend on the amount of money earned by winners are also commonplace in online casinos, always leaving players at an enforced disadvantage.
Online gambling platforms have also been the source of suspicions regarding the transparency of the code that governs who wins: since these are proprietary platforms, users do not have the freedom to audit the platform´s code. There have also been concerns about how online gaming platforms make asset withdrawal purposefully complex and difficult, with the objective of coercing users to hold their funds for longer times in the in-house account or even never withdraw them at all because of how cumbersome the process can be.
On the Edgeless casino, users will be able to gamble their assets in a decentralized and immutable environment, secured by Ethereum Smart Contracts and Blockchain, and will pay 0% edge to the house. Since the platform´s code is completely open-sourced, anyone can verify the fairness of the games hosted by the casino, which is something that is impossible to do in a physical or proprietary online gaming platform.
Even though Edgeless is not a pioneer in the Blockchain-based casino scene, it is the first initiative of this type to run at a 0% edge (0,83% in practice, according to the Edgeless website). The Edgeless platform random numeric data generators are hosted by WolframAlpha, an online service that provides mathematical data generation services.
The Edgeless Casino is also connected to a platform-independent oracle, that will connect Edgeless DApps with traditional Apps on the web. The Oraclize Blockchain service is in charge of integrating the online gambling platform into the Ethereum ecosystem.
The Casino is intended to cater to the Russian and European markets; however, any user can connect to the platform by using a VPN service. Available games on the platform include BlackJack, Dice, Poker and Sports Betting, with a lot more to be added in the near future. All bets on the Edgeless Casino are based on Ether. A total of 40% of the casino profits are going to be pooled monthly into the “Edgeless Lounge” Lottery. EDG Token holders can access the Lottery game and have a chance to win a share of the prize pool that is proportional to the amount of tokens held. The EDG Token can be obtained by exchange in important platforms such as Bittrex, ShapeShift, HitBTC, UPbit, Coinrail, Tidex, Changelly, and others.
During the Edgeless Initial Coin Offering, held from February 28th, 2017 to March 21st, 2017, the team offered 500 Million EDG tokens for sale, of which 440 Million were sold, for a total amount raised of $2,650,788. The rest of the tokens that went unsold were set to be automatically burned by the Crowdsale Smart Contract.