iDice: Collected FAQ
DISCLAIMER
I own iDice tokens and, therefore, have a vested interest in success of the project. Originally I have summarized these Frequently Asked Questions for my own benefit, but decided to share them to help the many people that keep asking the same questions again and again, spamming the iDice channels. I make my best effort to post only information as I have gathered it in various sources, without altering the substance; the text is only formatted, summarized and edited in form. The information here represents what to my best knowledge is the substance of the information given by the iDice team in various forums until. I do not claim to have the full information. Where source is not indicated, it is the iDice Twitter or Telegram account.
WHERE DO I FIND INFORMATION ABOUT IDICE?
ICO web page: https://crowdsale.idice.io/
Website link : https://idice.io
White paper: https://crowdsale.idice.io/idice-whitepaper.pdf
Facebook: https://www.facebook.com/iDiceIO/
Twitter: https://twitter.com/idice_io
Telegram: https://telegram.me/idicegroup
Slack : https://idice.slack.com/
WHO ARE THE IDICE TEAM?
Founder, CEO: Jordan Wong
CFO: Steve Patel
Software Developer & Entrepreneur: Brandon Schmitz ([email protected])
Full Stack Developer & CO: Abdul Shafoor
LLM Advisor: Scott Wilson
IT Consultant: Bradley Celik
Media Contact: Kelly Singher ([email protected]), Los Angeles, CA
Source: https://bitcointalk.org/index.php?topic=1949528.0
WHAT IS IDICE?
iDice is a platform for decentralized blockchain gambling dapps powered by the Ethereum network. The platform provides players with a transparent and fair gambling experience without the use of any server architecture. Currently is plays dice, the easiest and most popular game.
Source: http://bitcoinprbuzz.com/press-release-idice-crowdsale/
HOW DO YOU MAKE PROFIT WITH IDICE?
Essentially there are three ways how to make profit with iDice:
- Place bets in units of Ether (gamble) or
- Bet on the house by holding iDice tokens (shareholding)
- Selling the ICE on an exchange (investment); the token is fully exchangeable
WHY IS IDICE USING ETH RATHER THAN ON BTC?
In the past Bitcoin has dominated blockchain betting platforms but with the recent rise of ETH, more ICO’s and betting platforms are adopting the Ether token, for the benefit of their userbase. iDice believes that ETH will begin to dominate the space as the technology evolves and it wishes to be at the forefront of the change in the industry. Ethereum also offers increased security through smart contracts, lower fees, and faster transactions. All these benefits represent just some of the reasons for iDice to choose ETH has the main cryptocurrency for its ongoing crowdsale.
Source: http://bitcoinprbuzz.com/press-release-idice-crowdsale/
WHAT IS IDICE’S MARKET?
The world’s first gambling app was probably SatoshiDICE. iDice is not looking to compete with that, neither with other pre-existing gambling dapps such as vDice and Etheroll. iDice seeks to be the first mobile gambling platform and the most successful one. The mobile gambling segment is a huge market that’s been neglected. Mobile devices make up around 68% of all internet traffic, and users in the US spend 71% of their digital minutes on their smartphones. That is a lot of potentials and a huge opportunity.
Source: http://www.newsbtc.com/2017/06/17/newsbtc-exclusive-interview-idice-founder-jordan-wong/
HOW DO YOU PLAN TO ATTRACT THE NON-CRYPTOCURRENCY GAMING POPULATION TO YOUR APP?
A lot of countries outlaw gambling and Ethereum and Bitcoin provide the residents of these countries a loophole for them to gamble. It’s completely decentralized and can’t be controlled by the government. There is a lot of interest from Chinese investors who believe that iDice will be a huge success in China since gambling is illegal there.
iDice is not encouraging people to break their local laws regarding this, but I think in a way, we’re converting a lot of non-Ethereum and non-bitcoin people into believers of the idea of cryptocurrency. They see that they are being oppressed in an unjust way and they are able to enjoy things that they normally couldn’t. iDice will be very successful in countries with strict laws and regulations.
Source: http://www.newsbtc.com/2017/06/17/newsbtc-exclusive-interview-idice-founder-jordan-wong/
WHAT ARE THE BENEFITS FOR PEOPLE WHO PARTICIPATE IN IDICE ICO?
People who participated in the crowdsale got iDice tokens. These are standard ERC20 smart contracts that are coded to split the profits of iDice gambling games. They’re like preferred shares that pay out dividends. iDice token holders have the right to a portion of iDice’s total profit. That also includes the official release of iDice mobile and desktop platforms.
Source: http://www.newsbtc.com/2017/06/17/newsbtc-exclusive-interview-idice-founder-jordan-wong/
HOW IS THE SECURITY OF THE IDICE FUNDS ENSURED?
iDice does not touch the players’ funds at any point, nor is there any server side architecture other than its web-hosting servers. Players can play on iDice mobile and desktop versions by directly sending their Ether to the game address. The game itself is a smart contract that computes the result of the game through an oracle that provides random numbers from random.org. This makes it hack-proof if any malicious 3rd parties try to steal the players’ funds. iDice is not an online wallet, it does not get any of private keys or any of player’s info. Players are not required to make any sort of accounts or fund anything. They can just open the app or website and start playing immediately. It’s a very secure and simple process.
Source: http://www.newsbtc.com/2017/06/17/newsbtc-exclusive-interview-idice-founder-jordan-wong/
HOW DO YOU ENSURE PROVABLY FAIR GAMING AND FAIR PROBABILITY DISTRIBUTION?
The source code of iDice is open source, so anyone can look at it on etherscan.io. Because everything is coded on the smart contract and running on the Ethereum blockchain, all gaming is completely trustless. iDice uses an open source blockchain based Oracle called oracalize. It to retrieves random numbers generated by random.org through TLSNotary. The iDice contract then performs encryption on the number and the IPFS address of the TLSNotary proof to compute the game result. This method is the safest and fairest method to generate random numbers without any sort of 3rd party interference of the game’s final result.
Source: http://www.newsbtc.com/2017/06/17/newsbtc-exclusive-interview-idice-founder-jordan-wong/
HOW TO VIEW IDICE (ICE) TOKENS?
Note that ICE is the symbol for iDice tokens.
- Go to MyEtherWallet.com
- Hit “Send Ether & Tokens” and unlock your wallet.
- Under the “Token Balances” section, hit “Add custom token”.
- Enter these details.
*Address: 0x5a84969bb663fb64F6d015DcF9F622Aedc796750
*Token symbol: ICE
*Decimals: 18 - Your balance should now show!
- The Send tokens has a dropdown box that will allow you to select ICE tokens.
- If you want to send tokens, you will also need a small amount of ETH in the account to cover gas costs. These are just minor transaction fees the network needs to move tokens around.
If you used a wallet other than MyEtherWallet, you can export your private key and unlock your wallet in MyEtherWallet.
Note that the initial token distribution won't show up on the token transfers tab. It's not a transfer, as it just sets an initial balance on the account
Source: https://medium.com/@iDice/guide-how-to-view-your-idice-ice-tokens-81ad3b7230ea
HOW CAN YOU CHECK THE BETTING TRANSACTIONS?
Bets are transparent and viewable on the public blockchain, directly from the platform at https://idice.io/ or via etherscan.io by searching the ethereum account 0xe6517b766e6ee07f91b517435ed855926bcb1aae: https://etherscan.io/address/0xe6517b766e6ee07f91b517435ed855926bcb1aae
You can see the same information from the website: https://idice.io/
Source: https://crowdsale.idice.io
HOW CAN YOU CHECK THE FUNDS COLLECTED DURING ICO?
Funds collected during ICO are transparent and viewable on the public blockchain. Check this link: https://etherscan.io/address/0x5a84969bb663fb64F6d015DcF9F622Aedc796750
Note that the initial purchase isn't a transaction, so the transaction tab doesn’t show that.
The tab Token Holders lists the addresses by percentage of share. Filter on etherscan by your ether address.
Source: https://medium.com/@iDice/idice-june-development-update-2314d1e0eee0
WHAT IS THE DEVELOPMENT ROADMAP FOR IDICE?
- Key infrastructure development to ensure transparency and fairness
- Blockchain optimization to ensure efficient transaction and high processing speeds
- Beta testing, including stringent quality control for security and reliability
- Brand development: implementation of different game types including more traditional casino style gambling games such as Slots and Blackjack
- Mobile development: introduction of cross-platform mobile apps based on the iDice platform for Android and iPhone OS
- The iDice Mobile Gambling app for the Android and IOS systems will probably be launched at the end of 2017
- A wider variety of games for users to play besides dice; blackjack and roulette are next
Source: https://medium.com/@iDice/ethereum-gambling-revamped-idice-io-643884c8250e, https://news.bitcoin.com/pr-idice-innovative-online-casino-history/, iDice whitepaper
ON WHAT EXCHANGES IS IDICE LISTED?
iDice (Symbol: ICE) tokens are available through these exchanges:
Coinexchange: https://www.coinexchange.io/market/ICE/BTC
Mercatox (BTC): https://mercatox.com/exchange/ICE/BTC
Mercatox (ETH): https://mercatox.com/exchange/ICE/ETH
EtherDelta: https://coinmarketcap.com/assets/idice/
WHAT ARE THE IDICE TOKENS?
The iDice tokens are the shares that iDice trades in. A person who has bought the iDice tokens will automatically become one of the company’s shareholders and will be able to claim a portion of the iDice total profits.
The iDice token is a standard Ethereum ERC 20 token with additional functionality for the purpose of being used within the iDice ecosystem. iDice tokens were minted in a one off event during the limited 14 day token creation phase.
iDice tokens are limited in supply. There is a total of 5,000,000 iDice tokens on offer. The development team was be pre-allocated 500,000 tokens. Thus 4,500,000 was distributed to the ICO participants.
Note that as the developing team is motivated for the ICE to grow, as they hold even more ICE than the biggest shareholders (>$200k).
Token contract can be in any one of these two states:
- Locked: Tokens cannot be transferred nor exchanged. Each token holder can only withdraw their share of profit during this period only. The profits which are not collected can be withdrawn to the wallet contract. The length of locked time will be decided at the time of contract deployment.
- Unlocked: tokens are feely transferable, and profits cannot be withdrawn during this period. The length of unlocked time will be decided at the time of contract deployment.
iDice tokens are fully transferable and exchangeable on exchanges. However, transferring and exchanging is not possible during the period that the token is in the locked state.
Note that if an iDice token holder fails to withdraw their profits, they will lose their share of the profits during that time period.
Source: https://news.bitcoin.com/pr-idice-innovative-online-casino-history/
IS IDICE CODE UNIQUE OR A REPRODUCTION OF ANOTHER SYSTEM?
iDice referenced Etheroll's open source code and added several additional functions on top of it. Some parts are similar, but it is not an exact replica. Also, the old code was used, not the current one with all the improvements they had made. However, that is for the beta release only; the intention in using Etheroll's old code was to protect the final product from from potential competitors. The official mobile and desktop versions of iDice will have a source code that is completely unique.
WHAT IS THE HOUSE EDGE OF IDICE?
iDice set the house edge to 6.5% to test the beta game, not intended for the official launch.
The official release of iDice for desktop and mobile platforms has a house edge of 1%.
WHAT HAPPENED TO THE IDICE TOKENS (ICE) DURING THE TOKEN CREATION EVENT?
100% of all profit iDice earned was distributed amongst token holders, proportional to the number of tokens they hold. E.g. If you hold 5% of all tokens, you will receive 5% of all profit generated by iDice.
iDice token holders enjoy the advantage of the house edge always being in their favor. Token holders should always return a profit according to the law of large numbers, of an expected value that is always equivalent to the house edge.
Any tokens that remained unsold after the token creation phase are to be destroyed. Everything will be handled automatically by the smart contract; there is a specific burn function on the smart contract that automatically burns tokens that have not received an ETH contribution. The smart contract also automatically handles the conversion rates of the tokens to ETH. There is no human involvement in the token conversion process; it is all done by code.
No new iDice tokens will be created after ICO.
500,000 tokens will be pre-allocated to the development team.
Source: iDice White paper
HOW WILL IDICE USE THE FUNDS?
35% of all Ether raised during the crowdfund will become the house bankroll to pay winning bets. Token Holders as a collective receive 100% of iDice game profits.
30% of all Ether raised will be used by iDice development team to fund further development of the iDice platform, as well as to fund the development and implementation of other game types on the iDice platform.
20% of all Ether raised will be used in the development and launch of the world’s first mobile blockchain gambling app, which will be available for both Android and IOS Devices.
15% of all Ether raised will be used for promotion and marketing purposes.
Source: Whitepaper
WHY THE MOBILE APP SHOW THE HOUSE PROFITS, NOT THE PLAYER’S PROFITS?
The players like to try to take down the house!
WHAT IS THE SCHEDULE PAY-OUT FOR THE IDICE DIVIDENDS?
No set date, but dividend payout will happen when the house reaches a profit of 500 to 1000 ETH. Details will be announced regarding how to execute a smart contract to claim that.
Depending on how the first payout goes, the next ones will follow.
IS IDICE COMPLETELY DECENTRALIZED?
Not yet, in the future , this is still in beta, which need improvement first.
DO YOU EXPECT A GAMBLING-BASED MOBILE DAPP WILL FACE RESILIENCE FROM MARKETPLACES LIKE APPLE STORE?
Resistance from the Apple App store and Google Play is to be expected, their guidelines are extremely tight. iDice does not plan on releasing the app through central marketplaces, as it goes against the philosophy of what Ethereum is. Ethereum is a decentralized currency that isn’t controlled by any one entity.
The strict regulations can be circumvented by letting users download the app straight from the iDice site and installing it as a third party application. Android users are able to do this pretty easily by simply allowing 3rd party installations on their phone settings. iPhone users have to bypass Apple through a process called sideloading. It’s going to be a very secure process, audited by a 3rd party and verified before it’s released. iDice will have a very detailed guide on the website on how to do this for all of Apple users once the iDice mobile app is released.
Source: http://www.newsbtc.com/2017/06/17/newsbtc-exclusive-interview-idice-founder-jordan-wong/
IS IDICE AFFECTED BY THE RECENT SECURITY ISSUES WITH ETH?
iDice is not affected by these issues. Majority of funds was transferred to BTC because that's what developers and advertising networks and crypto news websites accept.
ITS A SCAM GUYS!!!! STAY AWAY!!!
@andreff Please provide your facts and reasons and references, otherwise I will need to assume this is one of many fuds with the intent to profit on negative propaganda. Also, please switch off your caps lock. I can explain how.
common sense says its a scam.
Absolutely no information provided on their sites (I've even read that picture were stolen and fake profiles were created).
They refuse to answer simple questions regarding their project and prefer to block those questioning instead of simple answering their questions.
All media related to Idice are paid advertisements. NOT ONE IS ORIGINAL!
They claimed dividends would be paid when reaching 500 ETH. Passed that a couple of days ago, still no payments!
Such a pity though, great potential project in the hand of total loosers. Cant even define such despicable characters.
I would be careful with the label scam. I do agree that the lack of information is alarming, but it might be a case of a techie project new in marketing. The iDice Telegram group has had many entries from the CEO and so far I have only seen them block people who spammed the stream. All advertisements were labelled as such, this is nothing unusual. The dividends were announced to be paid not at 500 EHT but at 500 to 1000 ETH. Some people claimed that the pictures were stolen, but without a reference this might be a case of the famous fake news. The crupto news are rich on them.
Here is my take on it, when iDice reach 1000 (given the rate in about one to two months, so say October), this will be the moment of truth. Not paid – dead end. Paid – ICE will fly up, multiplying the ICO value in a week as it would be the first ICO with a payout to date.
@reonardun
Hi I ran into your article by looking f0r information and am hoping you can lead me the way!
I paused in came back to writing you and after logging-in to MyEtherWallet, I can now view my tokens ;) Great p0st however, very helpful!
@tradz You are welcome. To be completely honest, we (investors) have the tokens, but just how profitable this project becomes will only become clear once the first dividend is paid out. At this moment it's hard to tell, the communication with the dev team is limited. Hope they are instead spending the time working on the app (fingers crossed).
Yea, I wasnt really spewing hate, just doubt! :/
I just wished the team members would be more transparent with those possible investors.
Makes those with limited funds ( mysefl) less willing to invest in such risky business.
Despite it being a great idea and easy to implement goal (relatively speaking), their lack of professionalism makes something that would be a sure deal into a stay away no-go!
:(
I 100% understand this doubt. iDice are abysmally bad when it comes to communication. I hope for you sake that your invested funds will be profitable in the long run.
All I can say at this point is see what happens close to 1,000eth and worst comes to worst it could be the moment to sell, whether the payout happens or not. They key is to see if any work has been done on the mobile application: thus far there is no news of that.
@andreff
I do hope this isn't true as I invested $40 into this ICO and am CLUELESS on how to obtain my TOKens ;(
I will now ask @ reonardun how to ;)
0k it's absolutely legit! And I finally see my tokens when logged-in to MyEtherWallete ;)
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STOPHere is an update. A news announcement will be made by the dev team before 13 Aug.
23rd today....
There was one announcement: http://www.newsbtc.com/2017/08/09/idice-beta-makes-50-profit-bankroll-1-month/ and here is another: https://twitter.com/idice_io/status/910682966938005504
Please note that I just re-post the announcement, as to the trustworthiness of it I have no idea just like anyone else.
Disclaimer: I am just a bot trying to be helpful.
http://www.newsbtc.com/2017/08/09/idice-beta-makes-50-profit-bankroll-1-month/
How Tolken Holders receive profits as the campaign says: There is a % of profit for token holders from the gambling game rolls. But I can't find Where I can check this , If there is a session somewhere for tolken holders to login and see what is happening.
@gabrielmraphael Token holders should receive profit when the rollout profit is 1000 eth. As of today it's at 578 (see https://idice.io/). To follow the chat of iDice investors and the (infrequent) update from the CEO, connect via Telegram at https://t.me/idicegroup .
Thank you!!!
Sent 1.10448188ETH to you guys 30 minutes ago and it isn't registering. Sent to 0xe6517b766e6ee07f91b517435ed855926bcb1aae 67 confirmations . So why do I NOT have access to my cryptos to play on your website?
Please Advise
Now AFTER The fact, I do my research. These guys are freakin big time SCAMMERS. Glad I didn't give them any ICO cryptos. I only lost over 1 ETH in their sad scammy site. They know that people will go there and think they are depositing Ether into a bucket so they can gamble. But noooo.... Every deposit is actually a bet. I have played on other sites where I deposit 5 Ethers. And then I can bet multiple times with whatever amount I choose to bet. Their user interface is deliberately misleading. I hope they rot in their basement. LOL! Hell is too nice for them
I am NOT part for the iDice team, I just invested into it, which may (or possibly not) turn out to be a waste of money. I am not sure yet. But I know for a fact that at this moment is by far my worst performing investment. I can understand the frustration that you had, indeed I would expect the option to load the account to be separated from the betting option. I would be annoyed as well.
Provided this turns out to be still a functioning project, I do hope they fix this issue. Peace!
An idice action group been setup to organize group action against the iDice team. It has over 100 members. Join so you are part of a group that is not controlled by iDice:
https://t.me/joinchat/GUFnnQnWfnqNuofbdfYT_g