Ethorse allows users to bet on various cryptocurrencies, taking a whole new spin to the Bitcoin gambling scene.
The world of cryptocurrencies is anything but predictable.
From projecting the user adoption of new assets to determining the future value of existing ones, no matter how experienced a trader someone could be, their estimations have all the chances of going South due to the unpredictable nature of this space.
While this notion adds a hint of a thrill to the overall experience of cryptocurrency trading and has been the central idea behind terminologies such as HODL, it also remains one of the most deterring factors which keep new traders from investing heavily into the sector.
However, one program called Ethorse takes this whole idea of unpredictability and turns it into an opportunity that is not only interesting to know about, but profitable for those who are not afraid of taking risks.
What is Ethorse?
Ethorse is a decentralized application (DApp) that combines the randomness of cryptocurrency values and the mechanisms of horse betting.
Staying true to its name, the DApp lets its users place bets on their choice of cryptocurrency, much like how they would be betting on a favorite horse in a race. In order to win a bet, a player’s chosen cryptocurrency must surpass the others in value within a specified timeframe.
The idea is just as simple to execute as it is easy to define: players can make their selection from a wide variety of popular and obscure cryptocurrencies, all of which are sorted by various factors such as the total bet amount, odds of winning, and the payout in the chance of a win. By using these factors, players can bet on a cryptocurrency which they think would be “winning” against other digital assets in a given period of time.
Once the bet has been confirmed, players pay the designated bet amount in Ether (ETH) which goes into a smart contract that manages the bets of other players as well. The funds are locked until the specified period is over. Once a “winner” is determined at the end of that period, all of those players who chose the winning cryptocurrency are provided with the payout amount from the betting pool itself, while those who lost have to bid adieu to their funds. The betting pool is distributed wholly throughout the winning players, except for 5% of its amount, which is taken as a pool fee by the DApp and distributed in a rewards program to specific users later.
The whole process is executed through smart contracts on the Ethereum blockchain where the cryptocurrency rates are obtained from Oraclize. The funds are not kept by any party, get locked the second a user places a bet, and are distributed automatically once the bet period is over. This makes the procedure transparent and impossible to tamper with, which sets Ethorse apart from other betting websites which have their central authorities controlling the betting pool.
In addition to the betting mechanism, Ethorse also benefits its users through the use of its native token HORSE. The token, which was distributed in the January 2018 crowdsale that sold $4.8 million worth of HORSE, is able to get additional profits for its holders.
To earn these profits by the usage of HORSE, all that users have to do is to stake the number of HORSE tokens in the staking wallet of the DApp for a given timeframe. The profit is calculated by the end of each quarter, and the rewards are paid using the pool fee that is taken from betting pools, as described by the project’s whitepaper.
This mechanism ensures maximum user interest while providing a prime example of a self-sustaining network, which makes Ethorse a powerhouse in its own right.
The DApp is accessible from the popular MetaMask browser plugin, as well as the Ethereum Mist browser.
Is Ethorse Beneficial?
Since it started offering its services at the start of 2018, Ethorse has not only maintained a truly transparent mechanism of bet placement and execution but has also paid out a substantial amount of rewards to its HORSE token holders each quarter. These efforts have also resulted in a small yet loyal community of supporters for the venture, who keeps popping up on social media channels to show their support for the platform.
The eradication of the need to have a human in a supervisory role for the management of betting pools has proven to be an effective method for Ethorse and has already cemented its reputation as a credible DApp, whose mechanisms and functionalities could certainly shape the future of how cryptocurrency-based or even non-cryptocurrency yet smart betting could work for future generations.
The HORSE token is available at various exchanges such as YoBit and EtherDelta and is currently being traded at a value of $0.019. It has a total supply of 125 million tokens.