Cryptocurrencies are on the rise, especially in the poker world where many players are closely interested in this trend.
Players will have a new opportunity to combine their passion for gambling and their desire to invest in virtual coins.
Created by poker player, entrepreneur, MEP, investor, and politician Antanas Guoga, better known in the poker community as “Tony G”, CoinPoker’s objective is to solve current online poker problems including transaction speed, payment issues and transparency of game logic.
The ICO will allow the operator to sell 120 million CHP tokens and is part of the Ethereum world. The starting rate was set at 4,000 CHP for 1 ETH.
CoinPoker offers “a hybrid which they call a semi-decentralized system, where they will be able to give instant transactions, boardless games, shuffling transparency and a transparent fair play programme. In the future, when conditions of blockchains are met, they are going to look into becoming fully decentralized. I love their vision,” said Guoga.
CoinPoker launched its pre-ICO on November 16th and that was a very successful start, having already sold out 80% of the 100,000,000 CHP tokens released for the initial sale via SpectroCoin.
The CoinPoker team has now a new member – famous poker player Matthew Kirk. “This is going to be huge,” said Kirk. “I’m stoked to join CoinPoker and I’ve already put my money behind it. I can’t wait for the tokens to reach the high stakes tables, where I’ll be ready to take it. We’ve already got a first tournament worth more than 200,000 EUR – and the ICO hasn’t even started!”
“We’re very excited that CoinPoker is such a huge success,” said Isabelle Mercier, CoinPoker’s representative and a well-known poker industry member.
“We have been working very hard on this project for a long time, and it’s very thrilling to see that the players believe in us. We also received huge support from the crypto-community as well, so we are more motivated than ever before and we expect that the rest of our ICO will go just as smoothly.”
The platform tournaments will feature CHP bonuses added to the prize pool and no-rake weekends are planned for the CoinPoker agenda.
“CoinPoker’s key mission is to provide safe, transparent, and trustworthy online poker games,” said Mercier.
“Blockchain opens so much more opportunities for the community even in those regions where fans of the game have constant payment problems, like Asia or Latin America. Players around the world can be confident that their funds will be secure, their cards will be random, and their games will be fair.”
What is the future for an online poker market that deals with cryptocurrency? It’s really difficult to say. A few years ago, SealsWithClubs (SwC) became the first operator to work only with Bitcoin, this project manages to amass a respectable liquidity of players thanks to its own identity.
SwC has been sanctioned by the US authorities for tempting US residents to play poker, using only part of the potential of blockchain technology.
Developments in Ethereum technology and blockchain technology imply that the Random Number Generator (RnG) which determines the random distribution of cards now allows a permanent and traceable monitoring of the parties.
CoinPoker explains this on its website: “The most important part of any poker software is the random number generator (RNG). All software based RNG are effectively pseudorandom number generators (PRNGs), which is a process that appears to be random but is not and therefore could be exploited.
Blockchain has the potential to change this. The idea of a transparent blockchain RNG is not a new concept, there have been many academic discussions surrounding this idea. However, no project to date has successfully integrated this technology.
One of the principal reasons for this is that blockchain technology is in its infancy, and processing speed limits its implementation. Having said that, we have developed what we call a “compromised” blockchain RNG.
This blockchain RNG has been engineered to use blockchain technology to improve randomness, but still relies on some traditional RNG techniques to maintain speed.
As technology improves, it is likely that a full blockchain solution can be implemented to ensure complete randomness without compromising execution speed.”
CoinPoker and its competitors like Virtue Poker say that online poker needs transparency and security, two prerequisites offered by blockchain technology and Ethereum blockchain technology. CoinPoker has big ambitions: “We are here for the poker community to find faith in this game.”
Will the CoinPoker software be up to snuff?
There are no leaks at the moment and no one has yet experienced CoinPoker virtual tables, but the owners of this company already have e-gaming experience.
The founders will rely on the value of trust and transparency to try and find a niche that should first attract players already hooked by the crypto-world.
At the moment, CoinPoker is offering a 30% bonus for all the buyers, and the price of CHP stands at 0,05 EUR. The remainder of the ICO is planned for the first quarter of 2018 and will be available via any wallet.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.