Jason was part of the original team that founded Ethereum. Based in the Berlin ETHDev HQ, he was with Ethereum 2014-2016. He enjoys working with Smart Contracts and believes they will change the world.

VDICE.IO is the first gaming platform that operates totally decentralized, it is not just a good investment opportunity through the ICO (Crowdsale), but also a project with fascinating and pioneering implications.
So, it is with great pleasure that we did this interview, some questions are strictly linked to the ICO (Crowdsale) initiative, other are of general nature offering us the opportunity to understand what are the Blockchain implications in everyday life.

Can you talk about the original VDICE idea and its history?

vDice is the world’s 1st fully decentralized gambling. We wanted to launch a world 1st on the internet. We did that. vDice is live.

Using the power of Ethereum, Blockchain and Smart Contracts; vDice is a revolution in internet gambling. Online gambling is a multi-billion dollar industry.

vDice is inspired by the most successful business ever in Bitcoin; SatoshiDICE (S.D.).

Early in Bitcoin S.D. did almost all transactions on the Bitcoin Blockchain. SatoshiDICE was so important and successful. vDice is important for Ethereum now.

SatoshiDICE didn’t have Smart Contracts. So it was only partially decentralized. vDice has Ethereum and Smart Contracts. vDice is fully decentralized.

Behind a project there are always People, who are you in the reality and how you created your team?

The core team is public and out our crowdsale website:- http://crowdsale.vdice.io – I oversee the Smart Contract side of things.

Then we have Hayden overseeing the design elements. Barney keeps promotion and social media presence organized. And David brings experience in the gaming industry and business generally. Go to our crowdsale site for LinkedIn and contact.

Each heads their own distributed team. As is the nature with these sort of projects, we have contributors, collaborators and sub-contractors working remotely. They work for their own enterprises, or as freelance. For any given area they report to the specific head at vDice.

This structure helps us maintain control and get things done efficiently and effectively.

Where others talk of launching a Dapp, our team has already done that. vDice is one of the most popular Ethereum Smart Dapps.

The context of Crypto Currencies is in great turmoil, and seems to offer excellent gain opportunities. ETH is not born as a currency but as “fuel” to run distributed applications, so not as an alternative to Bitcoin as payment method, which is why you have implemented your project using Ethereum?

Our project is only possible with Ethereum and its Blockchain. Ethereum is Bitcoin 2.0. Ethereum is so important for Blockchain. You cannot have a fully decentralized internet without Ethereum technology. Ethereum makes possible fully decentralized gambling like vDice.

Online gambling is a multi-billion dollar industry. Like music and publishing, gambling is about to be disrupted, by decentralization and vDice.

Right now there is no decentralized gambling. It wasn’t possible before. Now with Ethereum and vDice it is possible. So it’s only the beginning. The growth potential is huge.

Now let’s talk about your Crowdsale, how you present the project to potential investors?

Bitcoin is the first Blockchain. Bitcoin has a market cap. of around $10 Billion. Bitcoin is huge for gambling. Around 50-60% of ALL Bitcoin transactions are gambling. Ethereum will be the same.

Ethereum is super powerful. Ethereum and vDice make gambling truly decentralized.

We provide a platform for the best decentralized gambling games.

There is huge potential for growth. As the technology grows, decentralized gambling, on the Blockchain, will become faster and more efficient.

vDice will compete with centralized services.

Could you provide estimates on the investment potential, and some reference to your executive’s plan?   

The plan is to build out vDice as a brand and platform. Here we will assume a house of 150,000 ETH. With growth of the brand and Ethereum, it is arbitrary for vDice to reach that figure for overall house. The Ethereum economy is a billion dollar ecosystem. vDice is one of the best commercial Dapps in a large part of the space; gambling.

We will use SatoshiDICE as a base for our calculations. vDice will fulfill a similar function in the Ethereum ecosystem.

Using SD statistics published on their own site:

  • Average Daily Profit = 4.8579878145 BTC ≈ 252 ETH.
  • Median Daily Profit = 2.683937735 BTC ≈ 140 ETH.
  • Under current Smart Contract system for vSlice token, 50% of the house wins go to investors through the Token system (The other 50% goes to investors in the conventional system of investing in the Smart Contracts, as house, directly)
  • So, for a vSlice investor Median Investor Profit (Daily) ≈ 70 ETH. This represents 50% of the median. We are using the median because it is considered to be a more reliable measure.
  • Now, assuming bankroll is 150,000 ETH, an investment of 100 ETH will hold a 0.067% share. Which means that the investor is making on average 0.0469 ETH daily. So, in 1 year, the investor is making 16.884 which would be a 16.88% ROI for the year
  • The formula to calculate ETH profit is:
    ETH PROFIT = (INVESTMENT_SIZE / BANKROLL_SIZE) * 70 ETH.

Since the profit is fixed, and 70 ETH is the maximum daily profit that can ever be made.

The strength of an investment managed through a Blockchain technology is represented by the transparency, can you better explain what will be the operational tools to monitor the progress of the project?

Certainly. We are testing the best ways to do this, on the Ethereum Blockchain, for a new level of transparency.

Actually, this is not entirely virgin territory. The Ethereum project itself, on which we are built, has already laid out some great standards are systems for how this should be done. We respect the trail that they blazed and will be following a lot of the standards they implemented for accounting and transparency.

Blockchain is ultimately a new kind of distributed, public and fully transparent database. So, stakeholders and the ecosystem will benefit from complete, full and transparent access to use of funds such as was never previously possible.

The web investment world is filled with all kinds of scams, personally I came across whole false portals, cyber attacks, threats, blackmail and so on… How did you prepare to give protection and safety to investors?

The Blockchain is the protection. We never touch any funds, ever!

To elaborate further, all Blockchains are just databases. The Ethereum Blockchain database is decentralized. No one controls it or can change it.

The Ethereum Blockchain is much more trustworthy than a centralized database.

All gambling games are built on some database. There are 2 types of gambling games:

  • Non-Blockchain (Central Database) Gambling:

This is your standard type of gambling game.

You send your ETH to the game owners. Now you’re at their mercy! You have to trust the people who run the database and game.

  • Blockchain Gambling (Decentralized).

At vDice.io our games use the Ethereum Blockchain as the database.

So there are no accounts. You never send your funds to any 3rd parties. Instead, you play directly from your own (local), personal, Ethereum wallet.

There is no trust involved. You always control your funds!

You send funds directly to a Smart Contract, on the Ethereum Blockchain. The Smart Contract processes the bet and returns the win directly to your wallet.

You only have to trust the Smart Contract. This is public, verified code, that lives on the very public Ethereum Blockchain.

What kind of service you will offer to support investors and players?

We offer industry standard documentation and customer service across our platform already.

What will be the next steps of your project? I know you are planning to give some partner tools to insert VDICE gaming in external domains, Can you say more about, and what time you expect?

For full details see our development road-map here:
https://blog.vdice.io/wp-content/uploads/2016/10/vDice_Roadmap.jpg

We are currently operating in the “Origin Phase”, which contains three major milestones, and has a focus on stability, security, speed and efficiency of the core vDice game.

This is the game that is currently live, processing bets.

vDice will stay Ethereum’s leading Blockchain gambling game. As you will see from the road map, we are at least 18-months ahead of the competition at the moment.

With some of the technology we have on the horizon, we expect to be able to compete with mainstream gambling games (using centralized databases), as early as Q2 of 2017.

To make Blockchain transaction processing more efficient and faster, key infrastructure, as detailed in the “Vanguard Phase”, will be deployed (as per the development road-map document).

Stabilizing our main game and its underlying technology makes it possible for developers to start working on their own decentralized blockchain gambling Dapps for vDice.

This is a major step towards achieving one of vDice’s core goals. That is; to develop the vDice brand and site as a platform for developers.

This is Phase 3 of the development plan and road-map: “Pioneer Phase”

At vDice developers can host their own gambling Dapps. As such, vDice will become a stable, reliable and trusted brand for gambling Dapps.

vDice will leverage the considerable developer talent working on various gambling smart contracts for Ethereum. These developers do not have the time and resources to grow their own brand. We at vDice will provide that.

Let’s go back to general topics! How you see the crypto-currency market and the upcoming trends in 2017?

You have to be quick. Everything moves so fast in technology and Blockchain. In 2017 we expect Ethereum to explode. It will be more stable and be used a lot more by industry. Already leading companies like Reuters and JP Morgan are experimenting with Ethereum.

In 2017 they will start to launch live products with Ethereum. This will make the Dapp space really strong. Ethereum Dapps will boom. There will be so much interest in leading Ethereum Dapps like vDice.

Also, mainstream gambling will start to take Ethereum and vDice very seriously. They will see its huge growth and profit potential.

The market still offers ample room for speculation, but is not always easy to differentiate between scam projects and good projects. Personally, I see the crypto world between the stock market and the casino, where high margin involve large loss margins. What is your investors experience and how this has had impact on your crowdsale?

A number of projects have raised significant sums of money, using Ethereum.

The token then went on to trade immediately at 2x the ICO price. So, traders are profiting. Investors in these projects are doing very well. Ethereum itself is the perfect example. It has done 1,000x since it’s original crowdsale.

This is analogous to a decentralized kick-starter. In this model finance is ‘crowdfunded’ to realize a product. This is ‘kick-starter’ on a Blockchain.

vDice has taken to time to build a live, working, product. It’s a rare thing these days.

These ICOs also provide a way for early investors and believers to profit directly.

Oculus Rift, for example, was very publicly criticized after it sold for billions to Facebook. Oculus raised $2.4 million from Kick-starter. But none of the early kick-starter investors benefited from the huge sale to Facebook.

With the Ethereum ICO model, there is no such risk. Instead, investors in projects like vDice receive a token issued on the Ethereum blockchain. It prevents this.

I believe that time is ripe to make a completely decentralized exchange, in particular by ensuring users’ wallets, with security and transparency practices (and especially by not wait for the next Cryptsy event!). Have you thought to use the Blockchain technology in other contexts?

vDice lives in an ecosystem. It must help others. It must be helped by others. We are going to focus on our core strength; making and launching the best decentralized gambling games in the world.

Already we are working on a Binary Options game. It’s like a simplified version of Augur. It’s essentially done already. You can view the code here:

https://github.com/jamesgroton/vDice-Contract-Code/blob/master/binary1.7.sol

When everyone focuses on what they do best, we all win.

As the Ethereum ecosystem matures we expect decentralized exchange technology to mature. This will facilitate the active trading of pegged tokens. These are blockchain tokens pegged to ‘real-world’ currencies. This will allow users to effectively gamble with fiat currencies using Blockchain tokens.

Once the technology matures and we have a greater distribution of pegged digital tokens, we will expand promotion to a more mainstream gaming and gambling audience.