Edgeless is an online casino that is based on Ethereum smart contracts. It aims to offer a platform that presents casinos with full transparency for online players. It also offers 0% house edge in contrast to the 1%–15% house edge that is now in practice.
What is edgeless?
In practice, casinos offer a large house edge percentage and they charge money deposit and withdrawal fees. In addition, there could also be delays in withdrawal of money from the casino. In order to reduce all these fees and to ensure that there is more transparency in everyday gambling, Edgeless was begun as an online casino. This offers close to zero per cent house edge, designed to attract more players to the website in search of lower fees and higher transparency. Since the time Bitcoin solved the problem of presenting instant money to a player without any transaction fees while providing complete anonymity, cryptocurrency gambling has been on the rise. The company began by introducing an online slot machine that was based on Ethereum Smart Contracts. The token used by edgeless is the EDG token. It is Ethereum-based. It is an ERC20 protocol token.
Where to buy EDG token?
At present, it is not possible to buy EDG tokens directly. But it is possible to buy a different cryptocurrency and then exchange it for EDG. Exchanges that offer EDG tokens include Bittrex, Liqui, Tidex, Coinrail, Changelly, UPbit, HitBTC, ShapeShift.
Since EDG is based on Ethereum Smart Contracts and ERC20 tokens can be used, it is possible to use an Ethereum wallet to store EDG tokens. Myetherwallet.com can be used. It is also possible to use the following websites in order to store EDG tokens, token.im, jaxx.io, and eidoo.io.
Mining EDG tokens
The total number of EDG tokens available is 132,046,997. Therefore, it is a limited supply. It is not possible to create a new token or even to delete an existing one. An ICO was conducted in 2016 for edgeless. EDG tokens make use of a process called bankroll staking that allows more tokens to be released (within the total supply). In order to sustain the players in the ecosystem, it is necessary to stake some tokens. This staking is done by bankroll funding. 60% of the bankroll funding is done by the company and 40% is done by the community. When the bankroll surplus is positive, the surplus is distributed automatically to the wallets that provided the tokens for the initial staking. The verification of whether the bankroll surplus is positive or negative is done by the smart contracts and it is an automatic process. The process is yet to be refined according to the edgeless website.
Edgeless price trends
As of 6th of May, 2018, the price of one EDG token was about $0.7 (USD). The price trends indicate that there was a steady increase in the price of Edgeless beginning in April 2017 and the period of growth continued until about January 2018. It was during the period from December 2017 to January 2018 that investor interest in cryptocurrencies spiked and caused a hike in the prices of most currencies. The EDG token also reflects that trend. Given here is a historical price chart for the token:
Risks associated with EDG Token
Since cryptocurrencies offer a high degree of anonymity, they facilitate the activities of anti-social elements that seek to operate outside of the law. Since that poses a problem for law enforcement, governments around the world are focusing on either curtailing the use of cryptocurrencies or banning them altogether. Due to this, it is possible that an investor may lose their money overnight. Also, the level of volatility of cryptocurrencies is very high. The growth that it shows is neither steady nor predictable. Therefore, it would be best to invest in mutual funds. These offer a lower risk compared to investing in cryptocurrencies. It is not in danger of being banned by the government. It would be best to conduct personal research before investing in anything.