Blockchain-Powered Virtue Poker Announces Token SaleStartup Breathes Life Into Online Poker By Solving Game And Funds Security Problems |
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Virtue Poker, an online poker network powered by the largest global blockchain technology development studio ConsenSys, announced on Tuesday that the site would begin selling tokens on April 25.
The system uses the power of smart contracts on the Ethereum blockchain to create a decentralized poker network, eliminating many of the challenges that have plagued online poker, including player funds security and fairness.
“Virtue Poker represents a bold early step towards revolutionizing the online gaming industry,” says Joseph Lubin, founder of ConsenSys and co-founder of Ethereum. “By enabling players to be in full control of their assets except in the moments that they are held in escrow by a smart contract, and by creating a framework within which shuffles are provably fair, Virtue Poker ups the ante regarding user-friendliness and security for the online poker and gaming industry.”
Virtue Poker utilizes the Ethereum blockchain to keep player funds safe. Players never deposit money on Virtue Poker, and the system uses smart contracts to commit player funds to gameplay without transferring them to a third party. The system provides a distributed shuffling mechanism that makes it highly secure, since the deck of cards doesn’t exist on a single server that can be hacked.
All token holders will be invited to participate in the alpha and beta releases of the Virtue Poker system, expected to begin by May 22. Participants will have full access to the Virtue Poker system and will be encouraged to provide feedback and suggestions prior to the expected public launch in Q4 2018. During the alpha and beta phases, participants will not play for money; rather, special test-only tokens will be distributed to participants, which will allow them to play to win real prizes.
“The lack of transparency and accountability in the practices of many online poker companies presents a great opportunity for blockchain technology to showcase its utility in a manner that will please both players and regulators,” said Ryan Gittleson, CEO and co-founder of Virtue Poker. “In keeping with this transparency, and to ensure fair pricing, Virtue Poker will not hold any private sales, pre-sales, and will offer no volume based bonuses. We want to ensure community growth is at the forefront.”
Virtue Poker will follow industry best practices to make its token sale fair to all token buyers. The company will sell tokens only to consumers who intend to use the tokens on the Virtue Poker platform. Virtue Poker will not offer pre-sale purchases, discounts or bonuses, and will limit the number of tokens a single buyer can purchase.
These practices are intended to limit speculation, enable every participant to pay the same price, ensure that a majority of potential buyers can participate and build a community of token holders who are active participants that will contribute to the development and growth of Virtue Poker. Virtue Poker is confident that a token-holder base of engaged and passionate players will lead to a healthier ecosystem and, ultimately, a more successful platform.
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