The token sale of an emerging blockchain betting platform has confirmed raising a whopping $1 million in just 90 minutes.
vDice, as the blockchain project is titled, had launched the ICO on November 15th — just a day before the press time. The crowdsale, prior to its launch, had garnered positive response from the cryptocurrency community, as can be seen on its Reddit and BitcoinTalk promotions.
The reason why vDice managed to strike a chord with investors — especially in times when most of the ICOs belong to vapourware projects — is because the project was already available for testing. Also the concept, which takes inspiration from classic SatoshiDice betting game to provide an Ethereum-ised smart contract betting platform, got received with both hands due to its practicality.
“vDice,” according to the white-paper, “leverages the power of Ethereum smart contracts to build a game that has no server architecture. Instead, bets are processed through an Oracle, using the 3rd party services of random.org for the random number source.”
That being said, vDice introduced decentralisation to an otherwise partially-decentralised concept of SatoshiDice. The improvement was attractive enough for investors to place their money on the project; hence, the successful crowdsale.
vDice representatives further explained that how they plan to develop a profitable venture for all of its early investors. The token involved in the sale — vSlice — is intrinsically tied to the profits of the vDice game. So any profit made by the project enables vDice holders to receive a proportional share.
The money raised via vSlice ICO, as confirmed by vDice, will be further allocated for additional development and marketing of the project. By doing so, vDice project will attempt to explore the possibilities of having on-chain transactions, through an oracle, using Ethereum Smart Contracts.
The issuance will last 4 weeks; it ends December 15th, 2016.