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:
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.
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?
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:
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.
