Forget about going to the horse races! Crypto betting is what’s in now and an up-and-coming ICO called Ethorse is looking to be the main platform on which it happens.
Ethorse is an Ethereum smart contract-based DApp that will enable you to place bets on what cryptocurrency you think is going to come out on top for the day. Users would participate in the crypto races by placing their bet with Ethereum’s token Ether (ETH) on one of the listed coins or tokens. They’d be betting on what crypto platform they think will see the biggest percentage price gain in the allotted time of the race. The betting system works the same as it does in horse racing: through parimutuel betting, participants will finish in ranking order and the payout will be shared among the winners in proportion to the amount they bet. Like in parimutuel betting, Ethorse will take a 5% cut of the total betting pool.
Betting on cryptocurrencies is nothing new; it’s been going on for a while in a number of forms, the most official being the futures trading for Bitcoin on CBOE and CME. So what’s different about this? According to the team behind Ethorse, the platform doesn’t require any sign ups or deposits, it has transparent payoff odds and verifiable smart contracts, and it has price and trading specific functionalities. This makes it easy for anyone to participate and easy for them to track their earnings.
At the moment, bets are placed using ETH, but as the platform grows, it will initiate its own tokens for use, the HORSE token, with 1 HORSE equalling 0.00005 ETH. There will be a total of 100 million HORSE tokens for sale in Ethorse’s upcoming ICO. Betting with a HORSE token will provide the user with discounted takeout rates and HORSE tokens can also unlock additional advanced features for betting such as alerts on the odds for a race and alerts about price changes.
Start Date: 10 Jan 2018. End Date: 20 Feb 2018.
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