Edgeless project purpose and description
What is Edgeless?
Edgeless is a pioneer in its field. The first ever casino that is powered by smart contracts. There is always a lot of uncertainty and mystery in the gambling industry.
Most people simply take what they get and call it a day. Many are the cases where casinos get away with outright theft, and some even lock out their customers when they raise valid pertinent claims about wrongdoings on the part of the casinos. However, Edgeless is out to change this.
This is a casino, next-generation casino, that uses autonomous smart contracts to regulate all the actions involving customers and the games they play online.
What is the problem that Edgeless Solves?
Anyone who has been a gambler or who knows the ins and outs of gambling will tell you the age-old adage, The House Always Wins. Fairly or not, it seems it is always impossible to beat the house when you are gambling, at least not until Edgeless came into the picture.
You might wonder what all the fuss about edge is. Well, the edge is a specific built-in profit that casinos always create and maintain in all games.
What this means is that the house must win something, whether you are winning or losing. Even if you win and think you beat the house, there is always a small percentage that they keep. Casinos keep between 0.5% and 15%.
Edge, therefore, is a tactical mathematical advantage that the house will always have over you as you keep playing on their system. this gives them an assured return, and an assured loss for you on anything you bet, win or lose.
If you look at the house edge from a different perspective, it makes sense, especially for those who wager huge amounts. In most casinos, you are given free meals, free drinks, entertainment shows all through the night, travel deals and so forth.
Some casinos even offer instant deposits and withdrawals. Therefore, for these services, the casino might be inclined to charge something off your wagers to cover their spending on keeping you entertained, and making your gambling experience amazing.
The question is, do online gambling sites really need to have an edge over you? They do not offer any of the benefits mentioned above. Other than the gambling experience, there is nothing more to it. No free meals, no free booze, nothing. In this case, what is the point of having an edge when gambling online?
This is essentially scamming, and this is what Edgeless is out to fight. They do not charge an edge and operate in a transparent manner. Edgeless is built on Ethereum, upon which the foundation of trust is built. It gets even worse because in most cases you have to wait 2 – 3 days before you can receive your money upon initiating a withdrawal.
Casinos are business enterprises. They have financial advisers. Therefore, the longer they keep your money, the more they profit from it. in the 2 – 3 days, they would have probably invested your money in some hedge fund, or some stock, or forex, turned in some profit then send you the money. These are some of the challenges that Edgeless is trying to fix.
The other concern is house transparency. When you are gambling, either in a casino in Vegas or online, you have to rely on the casino infrastructure whether it is efficient or not. More often the house plays the odds so they can increase their chances of beating you. Unfortunately, there is nothing you can do to keep them in check.
How does Edgeless Solve the problem?
The team at Edgeless is out on a mission, and their concept is very simple – to create a platform where the house has no edge.
This means that they are leveraging the Edgeless platform in such a way that gambling is going to be all about luck and skill where applicable, and choosing the name Edgeless makes a lot of sense.
The idea behind Edgeless is to operate an online casino where the house has no edge. When playing, gamblers are able to monitor the transactions and games going on to make sure that there is no manipulation taking place.
True to the Ethereum commitment to transparency, Edgeless maintains that they do not charge an edge, and this is sure to be a game changer in the gambling industry. Edgeless offers 0% edge when you are gambling on their platform, so this solves the edge problem. What about transparency?
Ethereum smart contracts play an important role in this. The smart contracts determine the payouts by assigning random numbers. These are implemented in public on the blockchain. Nothing is hidden away from you. Everything from the bets, the sums, the transactions and the randomness mechanism is open for you to view, audit and raise any concerns that you might have.
Should any casino try to mess around with the odds, it will be evident immediately. Let’s look at a scenario where you have won your bets. These are transferred to you automatically. This is one of the good things about smart contracts. There is nothing that anyone can do to stop that. Smart contracts are coded in such a way that they automatically perform the tasks that they are supposed to.
What makes Edgeless better than the competitors?
Edgeless is running on the Ethereum blockchain. One of the goals of any product or project that is running on blockchain is to do away with high costs that are inherent in the conventional industries where the project is built to operate.
It follows, therefore, that there are very low costs of using Edgeless as compared to gambling online or walking into a casino.
0% House Edge
The 0% house edge is the one thing that stands out about Edgeless, and probably the reason why so many casinos out there will not enjoy this revolution. Edgeless is taking back control from the casinos and handing it to the one person who matters, the gambler. If you are going to win, win fairly and out of luck. If you are going to lose, lose fairly and because you just had bad luck. No one should have a role to play in your results, scamming you in the process.
One of the key features of blockchain that has made it appealing to a lot of people and projects is decentralization. There is no central authority involved in this gambling platform. This means that cheating is a thing of the past. Any of the players can study the transactions and games that are taking place in real time. Other than that, in the unlikely event that there is a suspicious transaction taking place, all the users have the opportunity to intervene.
Edgeless is built on Ethereum. Ethereum uses smart contracts. The way these contracts operate is that only the actions that they are designed to perform will take place. What this means is that there is no room for manipulation. For the gamblers, this gives them a confidence boost in the sense that the house will hold its end of the bargain, and they cannot be cheated out of their wins.
When gambling, there are three things that players hope for, speed, fairness, and transparency. Edgeless has a Random Number Generator, RNG which produces the outcomes of all games. It is fast, intuitive and helps to uphold the concept of fairness. True to the Ethereum blockchain concept, gamblers are able to audit the RNG to determine whether there is any foul play. This is all in a bid to make sure that all games are played fairly.
When signing up on any other gambling platform, you will always be required to provide a lot of information about yourself, information that in most cases gamblers are not comfortable providing in the first place.
Other than that, most of these platforms barely allow customers to understand how the information they collect is being used or how they are supervised. With blockchain, users are able to enjoy complete transparency.
One of the other benefits that gamblers have come to enjoy about using Edgeless is the fact that it is built to support multiple users at the same time. This makes it a stable platform, and players can look forward to competing against one another without worrying about the system failing.
How can Edgeless be categorized?
Edgeless is an online casino that is powered by smart contracts, built on the Ethereum platform and offers 0% edge on all the games that gamblers wager their money on.
What’s Edgeless’ vision on security?
When it comes to gambling, online or otherwise, security is always a priority. There is a lot of money at stake, and the brands involved need to make sure that their customers trust them, and keep coming back to stake their money with them. This is no different with Edgeless.
When creating an account, you have to go through the usual KYC and AML procedure. The sign-up process and verification are all in line with the general KYC and AML regulations that you would expect when investing your money anywhere, so this does not come as a surprise for a lot of people. The concept here is to prevent fraud and to make this a safe and enjoyable experience for gamblers.
There are some jurisdictions where Edgeless might be blocked from operating. In this regard, most people would decide to use VPN services to circumvent the geographical blocks.
Through KYC, you have to present documents that indicate your identity, and this will also help in warding off challenges in the future.
By design, Edgeless has a seamless, fast and user-friendly GUI. The pleasing graphics make it very entertaining for users. The speed with which gamblers can enjoy having a good time on this platform is commendable.
Examples of Edgeless use cases/applications
There are two classic games that gamblers all over the world are familiar with, and it only makes sense that these would be the first ones to come onboard Edgeless; Dice and Blackjack.
Thanks to blockchain technology, gamblers are now able to enjoy these games comfortable that there are no shady deals behind the scenes where the House gets to fleece them, putting them at an unfair disadvantage.
The games have been designed in such a way that there is a chat window, where players can engage one another as they gamble away.
This is an intuitive game, and anyone who might not have an idea about how to play it can easily pick up and learn the ropes in minutes. It uses a Random Number Generator (RNG). The RNG works in microseconds, making it perhaps the fastest dice game leveraged on smart contracts in the market at the moment. The role of the RNG is to create random numbers that determine whether you have lost or won the game.
Users can play in two options, automated batting or manual betting. With automated betting, you simply choose your preferred parameters and then let the game play automatically until you stop it. With manual betting, you have to play each round physically.
Blackjack is another fan-favorite that has been a characteristic of the gambling industry for years on end. There is virtually no casino in the world that does not have blackjack.
The game mechanism is the same as you would expect when you walk into any casino. The gaming interface is smooth, easy to understand, and makes it an exciting game to play.
This game builds on one of the best features of blockchain, transparency. When you are playing Blackjack on Edgeless, you can rest assured there will be transparency in every aspect of the game.
You can check the game history to see the games that you have played or the games that have been played by someone else. All the information about your games is also available, including the profits, payout, bet amount and the time you played.