What is Ethorse (HORSE) Crypto Beginner’s Guide
With the rise in popularity of gambling cryptocurrencies such as BitDice, LiteDice, DogeDice, it is no surprise that more developer teams would develop more ways for people to gamble. Winning some major cryptocurrencies while having the safety and security of cryptocurrency blockchains definitely makes it an enticing investment for gamblers of all ages.
Cryptocurrencies are always changing values every single day. In a way, you could actually view cryptocurrencies like horses in a race. Betting on the fastest horse or in this case a cryptocurrency’s price. If you thought it was high stakes enough to place a bet at the traditional horse racetracks then wait till you see what cryptocurrency really has in store for you.
If you are like many cryptocurrency users and gamblers, you may feel a little puzzled and full of questions about this application. You may wonder how can one make a bet on cryptocurrency prices and reliably get something back? How does this platform prevent rigged bets and other gambling troubles? Will it be in the currency you bet on or in the form of a lower altcoin?
How does such a program work in the grand scheme of cryptocurrency?
Ethorse: Giving Cryptocurrency Users a Whole New Meaning to High-Stakes Gambling
Well, the developer team of Ethorse seems to have managed to make a betting game that any racetrack gambler will be thrilled to try. The Ethorse team brought you a play on horse race betting by using cryptocurrency in place of those wonderful stallions. With their open-source platform, you can now place your bets without ever having to leave the comforts of your home.
How Does Ethorse Work?
Ethorse is a type of Dapp that operates within the Ethereum Virtual Machine and uses Ethereum smart contracts. The app works on web browsers such as Firefox, Chrome and Ethereum-based Mist. All users have to do is download the MetaMask plugin on any of these browsers and place their bets using horse tokens or Ether.
How the betting works is a group of cryptocurrencies will be grouped together. This is what is called a race on the platform. An announcement is made, the smart contract is released so that bets can be made on which cryptocurrency in the group will have the highest price for that day.
Once the window for betting closes, this is when the race will begin. All bets will then be locks and the prices for each cryptocurrency is then fetched. The race continues for about 24 hours before it closes with a final price fetch. The results are then called and the winner of the race if given approximately 30-days to claim their prize.
The main point of betting is to pick the cryptocurrency that will have the largest gains throughout the 24 hour period. Since the platform is open-sourced, everyone will be able to see how much each coin received in bets and the payoff for each coin. All races are done live so you can monitor at any time.
By having horse tokens you can trade them later for Ether token. There are a few other perks to having horse tokens such as:
- Using horse tokens instead of other tokens allows for a discounted takeout and unlocks other features of the Ethorse platform.
- Quarterly payouts of horse tokens are based on current distribution, and five percent of all betting pools go to horse token holders.
- Token holders can also vote on the platforms game features, rules, and even the takeout rate.
Final Thoughts on Ethorse (HORSE)
Ethorse is a very interesting way to earn some cryptocurrency while having fun at the same time. Since it is a safe way to gamble and a very secure platform, it prevents any possibility for altered winnings and scams.