What is iDice?
iDice is an Ethereum based dice game that was first announced on 5th June 2017 on BitcoinTalk.org. Like other dice games, iDice allows players to bet on the outcome of the dice roll. The riskier the bet is, the higher the amount that one can win.
iDice was founded by Jordan Wong, the current CEO. Other notable members of the development team include Steve Patel (CFO), Abdul Ghafoor (CTO) and Brandon Schmitz (developer). The focus of the team was to provide gaming enthusiasts with a better experience not available in other online gaming platforms.
When the founding team released iDice platform, they also released its native coin referred to as ICE. The coin was released through initial coin offering (ICO) that run between 16th and 30th June 2017. During its ICO, iDice raised $2.5 million.
One notable thing about iDice is that the native ICE coins are very few. Unlike Bitcoin that have 21 million or Litecoin with 84 million, iDice total supply is only two million. The primary goal for the low supply is keeping the demand and value of the coin as high as possible.
- A closer look at the iDice price in the market
While the iDice community has been upbeat that ICE is the coin of the future, the trend shown by its value appears to negate the assertion. Since inception, the value of the coin has been on a downtrend. This implies that those who bought the coin as an investment in 2017 were counting losses by the close of 2018.
When ICE hit the market in late June 2017, the value was $2.27. This was the highest mark in its history. By the close of June 2017, the value had dropped to $0.9 before shooting up to $1.7 on 3rd July 2017. But the positive show did not last.
Starting from July, the price took a bearish trend that culminated to a low of $0.09 in mid-September. In the last five days of December 2017 and early January 2018, the value of ICE shot up to reach a peak of $0.8. But the positive show resumed the bearish trend and sunk to $0.05 when it exited the market.
The exit from the market saw many gamers who had bought the coins left wondering what to do with them. Investors can only hold onto the coins hoping that the market will resume at some point.
What is the problem that iDice solves?
Though the growth of the blockchain niche has been impressive because of the large number of digital coins entering the market, some niches are still under-served. One of these niches is gaming. iDice seeks to address this problem and others described below.
- Poor adoption of cryptocurrencies
If you take a closer look at the rate of cryptocurrency penetration and use in the conventional setting, you will realize that many people are yet to adopt it. For example, if you have some native coins and want to pay for some services in a neighboring store, the chances are that the store will decline. Even if there are stores that support the native coins, they are only a handful.
The idea of cryptocurrencies as an alternative currency is yet to get fully accepted by people. Many stores are yet to appreciate how the coins can be used to transfer value just like the standard currencies.
iDice addresses this issue by providing a simpler and more reliable method of paying for gaming niche. It offers users efficiency and convenience that are unmatched by the fiat currencies.
- High cost of sending value using traditional financial organizations
When you decide to pay for services such as gaming through traditional financial organizations, the cost is very high because the providers are built on profit optimization model. Financial service providers such as credit card companies have to raise optimize profit to reward the shareholders and meet their long lists of expenses.
Because of the stiff competition, the traditional financial companies set their offices in top cities where rent is very high. Besides, they also have to pay wages, maintain their technology, comply with the law, and run extensive marketing campaigns. All these expenses are catered for by raising the charges for services such as sending value.
- Centralization of financial services
The traditional financial services are offered in a very centralized manner. This means that user data and transaction details are processed and stored in centralized vaults. But this model implies that they are easy targets for attackers.
The centralized system further results in a lot of inefficiencies because transactions are handled manually or a lot of people have to scrutinize the transactions before they are confirmed. For example, if you are paying for a gaming service, a transaction through the bank would be scrutinized by staff to ensure it does not violate anti-money laundering rules.
- Slow entry of cryptocurrencies into the gaming niche
While some gaming companies had already tried to introduce crypto payments, the process was generally slower compared to other niches. For example, since the sale of SatoshiDICE in 2013, most developers had concentrated on desktop applications. iDice claims to be the first global mobile blockchain mobile application.
How does iDice solve the problem?
The focus of iDice in the market was to provide a unique operational approach that users could rely on to get better customer experience when playing DICE game. Here are some of the methods that iDice use to solve the above problems:
- The iDice operates as a completely decentralized coin
To play DICE on iDice, users are required to pay with the native ICE coin. The target is ensuring that operations are fully decentralized. As a completely decentralized coin, it implies that transactions are run by nodes as opposed to a centralized organization such as a bank or credit card company.
For example, when you initiate a payment transaction on the iDice system, the process is picked by miners who follow back on the public address to ensure you have ample coins and there is no double spending. This implies that the transactions are completed faster for more impressive user experience.
- It operates a mobile gaming app
Though the advantages of using blockchain technology are appreciated in the gaming community, few had ventured into the mobile niche. Extending the technology to mobile phones was considered complicated because of limited storage and memory. However, iDice team was able to conquer the challenges and crafted a winning mobile application for DICE gaming enthusiasts.
The mobile app implies that gamers can now play their favorite DICE games even when away from the main computers. The application is light and easy to use when masking payment using ICE and playing DICE.
- The coin can be used for gaming and other purposes too
To make it easy for more people to join the crypto niche and use the coins for direct payments, iDice coin is not restricted to iDice. Rather, you can also use the coin to pay for other games in the industry. Now, traders are also accepting ICE for payment of services and goods in their stores.
What makes iDice better than it’s competitors?
The entry of iDice into the market in 2017 found a niche that was already experiencing stiff competition. Both old and new crypto networks had to fight for space to win a bigger market share. Here are some of the things that make iDice better than competitors:
- iDice supports both desktop platforms and mobile platforms
While other blockchain based networks are mainly targeted at the desktop platforms, iDice went a mile ahead to focus on the mobile platforms. This model has helped to ensure that it reaches more users and provides them with an opportunity to game even when away from the computers.
- The coin has a limited supply that helps to keep its demand and value high
Unlike other coins such as Bitcoin and Litecoin that have more than 20 million coins, the total token supply for the iDice platform is only two million. The low supply was designed to help the coin demand and price remain as high as possible.
However, the effectiveness of this model is debatable because the value of the ICE coin has been on a downward trend since its release into the market.
- The ICE coin allows users to become part of the network owners
Like other coins such as Bitcoin and Ripple, iDice coin allows users to participate in its governance. When you acquire the native ICE coins and join the network, you become part of its governance system. This implies that you can be called to vote or even suggest new features that should be added to improve the network.
- It targets a rich gaming field
The iDice development team’s focus on the rich gaming field has given it an edge over others because of the fast-growing community. Many people have been seeking ways to get the casino experience into their homes, workplace and even on holiday.
As a mobile app, iDice helps to take the DICE game to where people are without requiring them to visit the conventional casinos. You only need to have a smartphone and some ICE coins to start playing DICE on the mobile phone.
It is important to note that the coins can also be used to pay for other games in the online gambling niche. This helps to reduce reliance on fiat currencies and providing users with a platform for paying anonymously.
How can iDice be categorized?
iDice is an ambitious project that targets to enhance user experience in the gaming niche. The development team demonstrated that though the blockchain technology is still at infancy, the emerging challenges can be addressed through creativity and innovation.
The iDice team provides a mobile DICE gaming platform at a time when it appeared almost impossible. Thoughts of the heavy blockchain and memory requirements made most developers opt for the simpler desktop versions. After iDice demonstrated that the blockchain platforms can also run on the mobile platforms, more developers are now focusing on creating more advanced platforms.
What is iDice’s vision on security?
The security vision of iDice is to become the most secure and reliable DICE gaming platform in the gaming niche. The development team wanted to guarantee gamers that the platform would not compromise their smartphones or the stored content. Here are some of the methods used to keep the platform secure:
- The platform and its native coin operate as a decentralized system. This implies that there is no single point of failure that can be targeted by attackers.
- The development team at iDice evaluates the network regularly to identify gaps and further seals them before attackers can take advantage.
- The user details on the iDice system are completely encrypted to make it hard for attackers to gain access to user details.
Examples of iDice’s use cases/ applications
When a cryptocurrency is introduced into the market, developers target to optimize the applications for greater acceptance. Though iDice is targeted at the gaming community, it can also be used in the following applications:
- You can use iDice to access and play DICE game on the mobile phone. This means that you do not have to visit a casino or restrict playing to the desktop alone. Note that players are required to pay for the service using ICE coin.
- iDice coin can be traded in the market just like other coins. You only need to identify an exchange that lists the coin and register for a trading account. Then, pair ICE with another coin such as Ripple before placing your orders.
- The iDice coin can be used as a store of value. If you are entering the crypto niche or want to invest, iDice coin is a good option. The low supply of only two million implies that the chances of the coin’s value rising in the coming years are very high.
- Like other coins such as Bitcoin, iDice can also be used to send value across the globe. Note that the recipient and sender must be on the same platform.