Decent.bet is attempting to turn the whole way in which online Casino’s traditionally function on its head, well if thats how you want it at least. Taken straight out of the Decent.bet whitepaper here’s a quick overview of what they intend to provide:
Decent.bet aims to provide a long-term solution to allow users from around the world to establish credit in the houses, DBET house credits, that provide sports betting and gambling games while leveraging the blockchain to provide transparency, verifiability and constant uptime, unlike other regular online casinos.
This platform structure allows users to generate returns with minimal interaction while allowing houses on the Decent.bet platform to operate and payout DBET house credit returns in a transparent and honest manner.
So to simply put it Decent.bet will effectively be a decentralised Casino, anyone can purchase DBet tokens ERC-20 tokens, these tokens will act as shares in the Casino itself. DBet token holders, or should we say shareholders in the Casino take a cut of all profits generated by the house in the gambling services they provide.
Alternatively from the gambler perspective they are also offering online Casino games and Sports betting services.
Decent.bet’s vision aims to make full use of the opportunity that presents itself with the upcoming shift todecentralization – where DBET house credit holders will have a say in how the platform moves forward with a decentralized governance model, receive profits generated by the platform for each session and even get to contribute to democratically selected charitable causes.
What About The ICO?
Unfortunately for anyone wishing to participate in the Decent.bet ICO you’ll be disappointed to hear that the ICO is now closed. The crowdsale finished on the 21st October, a total of $15,588,324 was raised in Ethereum. Unlike many ICO’s, Decent.bet hope to get the platform up and running relatively quickly, with testnet’s being released anytime now for many of their intended applications and early 2018 to have the mainnet up and running for Casino games and sports betting.
By the second quarter of 2018 the first payment of profits will be made to token holders. This is quite an ambitious timeline, however, unlike many blockchain orientated projects using ICO’s for funding, Decent.bet has already been a long time in development.
How Are Profits Paid Out To DBET Holders?
We all like the idea of a passive income, money for nothing so to speak – well Decent.bet is offering such an opportunity with the DBET tokens, however, it’s not as simple as just keeping your DBET tokens locked away in your wallet. Token holders will need to decide every three months, a time frame which is also defined a session, whether they want to buy-in to the house.
By buying in to the house your tokens will be locked away for a three month period and then at the end of the session you’ll redeem your tokens and a share of the profits generated by the house.
On the Decent.bet platform, users will be able to buy DBET house credits for each session, a 3-month period. At the beginning of session 0 or the final week of any other session, users will be able to buy-in to the house by using DBETs to purchase DBET house credits. This essentially locks users’ DBETs into the house and allows it to be redeemed only at the end of a session, along with profits.
If the token holder wishes, they can compound their profits by opting-in, a week before the current session finishes to invest once again in the house, including the generated profits. This compounding effect could prove extremely profitable especially if the platform becomes a success.
Another great feature of the platform is the lottery which is held at the end of each sessions profit payouts. Anyone who has at least 1000 DBET tokens at the end of the session will automatically be entered into the lottery, for every 1000 tokens your are entered 5 times into the lottery.
All DBET house credit holders with a minimum of 1,000 DBETs at the end of a session will automatically be given an entry into the session’s lottery for every 1,000 DBETs they own, up to a maximum of 5 entries. The lottery does not require any manual interaction from the user.
Lotteries work in a simple way; A function is called at the beginning of a session as long as it hasn’t been called yet. The function requests a random number from random.org between 0 and the number of DBET house credit holders present in the DBET house credit holders array for the previous house session.
The address present in the DBET house credit holders array at the index denoted by the random number that’s returned from random.org will be deemed as the winner of the lottery.
Well with so many pointless new Blockchain ideas out there it’s good to see one really putting it to good use, or at least attempting to. Assuming everything the white paper promises can soon become a reality, Decent.bet could actually be a huge success. Adoption will be it’s main key, if it can gain a large enough user base and the platform functions quickly, fairly and most importantly in this business, in an enjoyable way then this could be one to watch out for and get involved in quickly once the platform is up and running.
The following interview from Jeff Berwick with Decent.bets CEO Jedediah Taylor gives a good insight to how the whole platform is intended to function, Jedediah Taylor also discusses future plans for the projects beyond the current Roadmap.