In the world of online poker, there is still plenty of potential for future improvement. Virtue Poker, a new venture with Ethereum co-founder Joseph Lubin as one of its advisors, aims to offer a safe, fair, and high-integrity platform which relies on smart contracts to enhance the poker experience.
The Concept of Virtue Poker
It is evident there is plenty of room for competition in the world of online poker. Over the years, we have seen multiple companies flock to blockchain technology and cryptocurrency. Even so, it is only a matter of time until we see improvements made in this area, including the development of smart contracts. Virtue Poker tries to achieve this goal by relying on ConsenSys for this blockchain service.
How Does it Work?
Considering that Joseph Lubin is the co-founder of Ethereum, it’s not a big surprise that this venture will utilize the Ethereum blockchain. Consequently, Virtue Poker will inherit the technical features that make Ethereum unique, including smart contracts.
Because Virtue Poker wants to keep user funds safe at all times, the project will need to use some innovative technology. Smart contracts are employed to commit player funds to gameplay without forcing users to trust third-party custodians. It is a more decentralized approach to running an online poker platform, but it remains to be seen how successful such a venture will be in the long run.
Virtue Poker utilizes a distributed shuffling mechanism which makes the entire ecosystem highly secure. Additionally, the deck of cards used by this platform isn’t hosted on a centralized server, which should nullify any tampering attempts. Whether or not this aspect will prove successful is a different matter altogether.
The Native Token
As is the case with any blockchain-based venture, there has to be a native token. Virtue Poker will issue its own token in the near future, which will be required in order to enjoy all of the benefits this platform has to offer. Furthermore, the sale of these tokens will be fair, as there are no special bonuses, discounts, or anything along those lines. It’s an intriguing business model, although it remains to be seen how many people will actually show an interest in this currency.