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What Is EtherDerby?

Numerous gaming efforts have been created on top of the Ethereum blockchain over the years. EtherDerby is one of the latest projects to be added to this growing list of game-related ventures. It is a relatively simple concept, which primarily focuses on digital horse racing gambling. This is another interesting example of how dApps focusing on gaming can get more people excited about this underlying technology.

The EtherDerby Concept

As is usually the case when Ethereum gaming dApps come to market, there is an initial interest in projects like these. EtherDerby is no exception, as it offers something relatively new to users from all over the world. It is a game in which four horses compete against one another to carry the most carrots. These “races” last for four full hours, after which the stage is reset altogether.

How Does it Work?

The gambling aspect of EtherDerby is relatively simple to explain. Ethereum users can buy carrots for the horse they expect to win the race. If they guessed correctly, they will receive their investment back as well as a portion of ETH spent on buying carrots for the losing horses. Should users decide to purchase carrots and keep them in their vault, they will be eligible for dividends based on future race winnings.

One thing users need to keep in mind is the price of individual carrots. As more carrots are purchased, the price per item will increase. Depending on how long it takes for one’s Ethereum transaction to be confirmed by the network, users may not necessarily receive the expected amount of carrots. There is nothing the game creators can do about that fact as it will mainly hinge on how the Ethereum blockchain behaves at that time.

The winnings of each race will be distributed based on the amount of carrots players purchased for the winning horse. As such, it is pertinent to make smart investments, even though it is not advised to buy too many carrots for a specific horse either. If that horse ends up losing, players will not see their money back. All winnings are paid out to users’ individual EtherDerby vaults after the race has concluded.

The Road Ahead

Considering how the EtherDerby platform is already up and running, it seems unlikely any real changes will be introduced in the near future. adding more horses can make things more exciting, although it will heavily depend on how the community responds to this project in the first place. The horses’ names will undoubtedly cause many chuckles, as FlyMeToTheMoon is racing against the likes of SatoshiLite and OfficialMcAfee.

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In spite of a multi-month tumultuous market, institutions continue to clamor for the implementation of innovative systems and solutions that are based on blockchain technologies. 15 Firms Enter A ConsenSys-backed Blockchain Initiative On Wednesday morning, a media embargo on one of the most notable blockchain-related developments of this year was finally dropped. As per a short, but sweet four-page document, entitled “Industry Players and Banks Join Forces to Launch Blockchain Platform to Transform Commodities Trade Finance,” 15 of the “world’s largest institutions,” along with blockchain startup ConsenSys, have joined hands to make a collaborative foray into the enterprise-level blockchain platform space via a new firm called komgo SA. Although many questioned the document’s validity at first, due to a seemingly “dubious website” linked to this venture, Bloomberg, Reuters, and ConsenSys itself have since corroborated this unexpected, yet welcomed development. [email protected] is working with Citi, ING, Shell & more on an #Ethereum #blockchain platform for financing commodities trading. Blockchain is viewed as a solution to trade & settlement inefficiencies and to improving transparency and reducing the risk of fraud https://t.co/sv8KZC7MNX — ConsenSys (@ConsenSys) September 19, 2018 komgo SA, which has already been backed by leading banks, trading companies, and energy firms, intends to digitize the global trade ecosystem via a blockchain-based “open platform.” To facilitate this ambitious move, komgo has been incorporated in Geneva, Switzerland, which has become a leading cryptocurrency and blockchain hub. It is important to note that the 15 firms that have contributed to this startup are: ABN AMRO, BNP Paribas, Citigroup, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale, which are all well-respected firms in their own right. Although this lineup of firms is undoubtedly stacked to the brim, as aforementioned, komgo has tapped ConsenSys for its blockchain expertise and its unique insights into leading startups in this industry. Expressing his excitement, Joseph Lubin, a well-known cryptocurrency proponent and the co-founder of Ethereum and ConsenSys, wrote: “We are now entering a new era of simple and inclusive access to blockchain technology to advance stronger, more collaborative, business relationships previously out of reach. We are thrilled to see leading commodity trade finance banks and commodity houses come together to create komgo SA, which will radically simplify and accelerate trustworthiness, auditability, and accessibility to trade financing across the industry.” Many are hopeful that a collaboration between ConsenSys, coupled with the aforementioned startup, will parent ground-breaking new innovations within the next few months and years. As alluded to in the document that broke this news, komgo has already eyed greatness, aiming to launch two products before this year’s end. The first will “standardize and facilitate” KYC processes without the utilization of a centralized database or system, while the second will purportedly be “digital letters of credit,” which will allow legacy platforms to submit digitized trade data to komgo and its bank partners. This news follows PWC Blockchain head Grainne Mcnamara’s comments regarding enterprise-level solutions, in which she noted that firms are finding it difficult to roll out such systems in a manner that is “at-scale” and is cheaper than traditional systems. But if komgo SA proves to be a success, as many hope, her fears about the barriers that blockchain solutions will need to cross will be respectfully cast aside. Featured Image From Shutterstock The post ING, Citigroup, Shell And ConsenSys Partner to Create Ethereum-Based Platforms appeared first on NewsBTC.

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