The Virtue Poker ICO
What is Virtue Poker?
Virtue Poker plans to disrupt the US$2.5 billion online poker industry. The team believes that the current online poker industry is plagued with fraud, corruption, and scandal, and needs to be changed.
An example of industry fraud includes Absolute Bet having admitted that an employee stole tens of millions of dollars from players by viewing their cards and using this information against them. Another example is Full Tilt Poker’s founders being indicted by the U.S. government and subsequently found to have misappropriated $360 million in players’ deposits.
The Virtue Poker team believes the solution to this problem is to put player deposits and card data on a decentralized platform so that no one has privileged access to players’ hands or funds.
How does Virtue Poker work?
In Virtue Poker, players download the software and create a "table," which exists as a smart contract on the ethereum network. Players then send ETH or VPP to a special wallet where it is held in escrow. When a user leaves a table, all of his/her funds are immediately paid out to the player’s personal wallet. This prevents the player from having to make “withdrawals,” since no funds are held in-between play sessions.
In addition, decks are provided and shuffled using a Mental Poker "Two Pass Shuffle" technique. This technique consists of three rounds. In the first round, players shuffle the deck, encrypt each card, and then pass the deck to the next player. In the second round, each player removes his/her shuffle lock and encrypts the cards a second time, then passes the deck to the next player. In the third round, players draw their initial cards and request keys from the other players only for the cards they drew.
This entire process happens in software, without the players being aware of it. However, it guarantees that the deck is properly shuffled and that no player can look at another player’s cards.
Because Virtue Poker does not hold players’ funds in-between tables and because it does not hold card information that can be seen by employees, the team believes that Virtue Poker will be the most fair online poker system ever created.
How is Virtue Poker unique?
Virtue Poker’s principal competitors are regulated websites such as Poker Stars, iPoker Network, and Party Poker, as well as unregulated ones like Ignition and Carbon Poker.
Players using the regulated sites face high fees and stiff competition, while players that use unregulated sites have lower fees and face less-skilled competition at the expense of risking the loss of deposits should these sites shut down.
The Virtue Poker team believes it will be able to successfully compete against these alternatives because of its low fees and because of its ability to guarantee that its system is fair.
Who makes up the team behind Virtue Poker?
The Virtue Poker team consists of experts in software engineering, business development, marketing, finance, poker, and gambling. This includes Lead Platform Developer Jim Berry, who previously worked on computer games for MicroProse, Looking Glass Technologies, and Electronic Arts. It also includes co-founder Ryan Gittleson, who previously marketed a broadway ticketing mobile application that grew to over 700,000 users.
In addition to the founders, the team includes Dan Goldman (formerly of Poker Stars), Javiar Franco Algarrada, Catalin Dragu, Jose Diaz, Colum Higgins, Daniel Ortega, Alvaro Rodrigues Villalba, Lucas Cullen, Joseph Lubin, James Slazas, Patrick Berarducci, Andrew Keys, Robert Davidman, and World Series of Poker champions Phil Ivey, Dan Colman, and Brian Rast.
More details about the Virtue Poker ICO
The Virtue Poker ICO is launching at 2pm (GMT) on 25 April, 2018 and is due to end at 2pm (GMT) on 9 May, 2018. If you want to participate in the ICO, you will need to sign up for the whitelist here. For the public, tokens will be immediately transferrable after the token sale ends.
The price of the Virtue Poker tokens (VPP) will be between US$0.06 and US$0.125, paid in ethereum equivalent. Purchasers will receive a number of tokens based on the final price, which will be determined by how much money is raised. The total minimum cap is US$6 million, and the maximum cap is US$12.5 million.
The April 25 token sale will comply with the following allocation strategy:
-20% will be sold in the initial token sale
- 20% will be held in reserve for the second token sale that will take place after the ethereum mainnet launch
- 20% will be held in reserve to be used for marketing and business development
- 17.2% will be distributed to the team
- 18.8% will be distributed to strategic partners
- 4% will be distributed to advisors
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. It's a mere summary of the details of this ICO. Please conduct your own thorough research before investing in any cryptocurrencies.