There can be little doubt about the popularity of poker as a game, and the Internet has just helped it to explode onto the scene in ways that people could just not imagine. Of course, it also means that there is a significant amount of money circulating in the entire industry, so it does then make sense to go ahead and incorporate a cryptocurrency as a payment method.
This is the exact industry that Cryptonia Poker is seeking to move into, and it seems that they have some pretty positive intentions surrounding their product and service.
What is Cryptonia Poker?
The new project as the name suggests, is providing an online poker platform that is ultimately being powered by the blockchain. Built into it is a digital currency with a number of different advantages and differences to the various other platforms that are out there and offering something pretty similar.
They state that they will seek to offer competitive rakes, various discounts to players, and will constantly seek to promote their business since this will then also drive up the price of the digital token that the company has created.
The platforms approach is to provide absolute transparency at all times as well as use the security of the blockchain to encourage more players to take part. There is also less need to worry about crossing borders and as it uses a digital currency then it does mean that certain laws regarding gambling are not going to apply.
The Technical Aspect of Cryptonia Poker
The first thing to mention is that the new platform platform is built on Ethereum, and the token that they have produced also has Ethereum as its roots. Transactions that take place on the blockchain are completely transparent and they are linked to Smart Contracts in order to make sure that the transaction itself is valid and cannot be altered.
Also, current online casinos use software that has been manipulated by various individuals that ultimately leads to the games not being as fair as they should be. This is not a problem when the blockchain is used as that then becomes impossible.
The Smart Contracts will also be used to increase efficiency of the transactions as well as forming the basis of trust between both parties. Each transaction can then be traced as it is placed on the blockchain offering that additional sense of security that is required at this time.
Their platform is also incorporating their own software that has specific aspects to detect potential fraud and to eliminate it as a possibility at the earliest opportunity. Furthermore, they state that their software will also eliminate the potential for bots being used in the games meaning it is real people playing at all times.
How big is the market?
The total online gambling market is estimated to be worth over $50 billion per year, a large chunk of this is from the Poker market with it being one of the most popular games.
In the last decade or so as online poker has gained popularity it's seen various issues arise, with many of the popular platforms being accused of rigging the games. The new Cryptonia Poker platform aims to solve many of these issues by running on the blockchain which will provide a more trustworthy environment for users.
The Advantages of Cryptonia Poker
The advantages associated with the project are clear to see. Aside from the fact that their digital currency is used as the gambling currency instead of fiat options, using the Ethereum blockchain for the platform is also a huge advantage. This platform allows for the potential to scale it up accordingly while also using the various security features that come with it. When you then tie that in with the security aspects of their own software, then this is a platform that can indeed be trusted.
The fact that they have eliminated bots is clearly going to be beneficial as well and lead to a fairer game at all times.
The new platform aims to become profitable with the 2 following methods:
A small admin charge or 'rake' will be charged for each game, this is common with all poker websites, the fee they've set is just 3% which is much lower than their competitors.
The new platform will have it's own token which should grow in value as the platform becomes more popular.
35% of the platforms profits will also be distributed back to users, the amount each user receives depends upon the amount of points they've earned on the website, this provides a clear incentive for users to play more often.
The Financial Aspect and the ICO
The financial side of things provides us with additional information regarding the company as a whole. For the ICO, they are able to accept ETH, LTC and BTC but do note that there is a minimum investment figure of 0.1ETH which may make some people think twice about investing even though the figure is not as high as other options. Also, you should be aware that the United States is going to be excluded from the ICO which could pose a problem for some individuals.
The company has also sought to include a hard cap with their ICO but it is tied to their token rather than a US Dollar figure. In this instance, they state that the hard cap will be 750,000,000 CPC which does sound as if it would be a high figure until you look more closely at the token itself.
When you do this, you then see that this figure equates to 75% of the total number of tokens that will be produced. Also, during the ICO there is an exchange figure of 1 ETH equating to 7,000 CPC providing you with an indication as to the potential value that they have placed on their tokens. There will also be a bonus on offer during the ICO with this being set at 20%.
Full ICO Details found on their website here
Overall Conclusion About Cryptonia Poker and the ICO
The link between a cryptocurrency and poker just makes so much sense, but do not think for one moment that Cryptonia Poker is the only digital currency that offers this as an option as that is not true. Also, they are not the only ones to use the Ethereum platform as their base but then that is purely because of the quality of the product on offer from Ethereum.
However, the service that they offer does appear to be solid enough but there is just not that sense of it being unique enough for some people that are seeking to make an investment. That minimum investment figure is also not a real issue either in the grand scheme of things, so you should not allow that to influence your decision.
The team behind the project also seems to have a lot of experience which is always one of the most important things to look at when investing into a new project.
Considering the way in which the poker industry is continuing to grow, then there is very real potential for the value of the currency itself to grow in line with the platform. However, the problem that they have is the way in which they need to contend with other companies and poker games that are offering the exact same thing. If they can indeed promote themselves to the extent that they need to do, then it could potentially do very well indeed.