Ethorse is a dApp based on Ethereum Smart Contracts that lets users bet based on the price of a cryptocurrency, then earn winnings off everyone that bets against them. Users bet on a token or coin that will perform the best in comparison to the others within a specific period. The DApp is within the Ethereum Virtual Machine, taking advantage of technology that has already been proven to be reliable.
What Platform Do Bettors Use?
Users take advantage of the MetaMask plugin on their Firefox or Chrome browser to place their bets and claim their rewards. Alternatively, they can use the Mist browser, which is based on Ethereum. Because the betting always takes place via the blockchain, there is no worry about a single person or entity controlling the user funds or the race after a contract has been deployed and a race has been announced.
How Does Ethorse Work?
Each bet on a group of cryptocurrencies is referred to as a race. Each race begins with an announcement, followed by the contract being deployed and betting opening. Throughout this process, Ethorse displays live bet statistics. Once this betting period is over, the racing period begins. As soon as the race starts, the betting is locked and the prices are fetched. At the end of the race, the prices are once again fetched and the results are announced. This is when the reward is prepared, as well. There is then a rewarding period, during which the winner must claim their prize. At the end, any unclaimed winnings are bankrolled. At the moment, users have 30 days to claim their prize, but this is subject to change.
During the bet, the goal is to select the cryptocurrency that will experience the largest gain within the fixed period, known as pari-mutuel betting. Because the bets are all done on the blockchain, users can easily see how many bets there are and how much was bet for every coin, plus the payoff odds based on that information. This means that if users follow the crowd, they can choose the winner. It also allows for large wins when you bet on an underdog and win.
What Are Some Important Features of Ethorse?
Ethorse is the first DApp in the world that lets users bet on cryptocurrency prices. The team compares it to betting on horse races but with cryptocurrency, giving the example that if you think ETH will rise, you can bet on ETH and earn more of it.
Ethorse is trustless, as the platform is entirely open source; in fact, the code is listed right on the main website. There are also no signups or deposits required to participate, and the betting is completely fair. The platform works whether it is a bull or bear market.
To get accurate price information that is not open to manipulation, the data comes right from the exchanges via Oraclize. The interface is also very user friendly, and the funds have security thanks to Ethereum smart contracts.
What Are HORSE Tokens?
Those who hold HORSE tokens get to earn ETH in the form of quarterly payouts. Five percent of all the betting pools is divided up among token holders, giving you more incentives to invest in HORSE. The distribution of the quarterly payout is based on the proportion of HORSE you have to the current market supply. If you choose to bet using HORSE tokens instead of another token, you will get a discounted takeout and unlock additional features. Holders of the token also get voting rights, letting them vote on the game rules, features, and takeout rate.
The crowdsale for HORSE already took place, with the Phase 1 whitelisted sale on Jan. 10 and 11, 2018, and the Phase 1 public sale on Jan. 11–17. There is a total of 125 million HORSE tokens, with 100 million distributed during the crowdsale. In Phase 1, the rate (already including the bonus) was 25,000 HORSE for each ETH.
Now that the crowdsale is over, you can buy HORSE on exchanges, such as Etherdelta and IDEX.
What Is the Takeout Rate?
The takeout rate is the small cut that Ethorse takes out of the betting pool of a race, and this is done before paying out the prize to the winner. At the moment, the takeout rate is just 5 percent, with the option for HORSE holders to vote and change it. This takeout rate is very minimal considering the average takeout rate for horse betting is between 15 and 25 percent, three to five times that of Ethorse.
What Does the Ethorse Roadmap Look Like?
The roadmap for Ethorse began back in October 2017, when the developer beta was completed on testnet. In November, the team ran and completed a public bug bounty to ensure the betting smart contract was perfect. December saw the announcement of the crowdsale, the crowdsale smart contract, the public testnet beta, and the code audit.
Now in Q1 of 2018, Ethorse will complete the exchange listing. The team will also launch the mainnet with its daily bets, complete the dividends contract, and make enhancements to the user interface. In Q2, Ethorse plans to open the voting portal, make it possible to bet on even more cryptocurrencies, and Oraclize multiple exchanges pricing. Q3 will see the mobile application launched, more types of bets, and integration with Status.im. The additional bet types will include Trifecta, Exacta, Show, and Place. Finally, Q4 of 2018 will see the addition of support for other languages, including Chinese and Korean, plus additional advertising and marketing.
Ethorse is a great example of working dApp built on the Ethereum platform. For those interested in betting, Ethorse offers a new way to do so. This is a great way for people to get involved in cryptocurrencies, make educated predictions, and put some money behind their instincts without having to actually buy the cryptocurrency they want. It is also a natural extension of betting with the rise of the blockchain and cryptocurrency. Because all bets are done on the blockchain, it is fair and easy to follow.