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What is Virtue Poker? Virtue Poker is the name of a start-up company that uses blockchain technology to regulate and administrate online poker games. The company states that, by using this kind of technology, they can achieve a much better overall result and have more transparency, decentralization and security for the players.
Wednesday, November 4 is Day 1 of the Virtue Poker Mainnet Launch Test. During the Launch test, we will offer only Sit & Go tournaments at denominations from 0.025 ETH to 0.1 ETH (roughly $10 to $40 at today's ETH/USD price).
- Virtue Poker distributes the shuffling process among all players at the table, as shown in the diagram below. Each player's app shuffles the deck and applies a layer of encryption. Once the deck is thoroughly shuffled and encrypted, the hand is dealt, and players exchange encryption keys so everyone can see their hands.
- The Virtue Poker team is committed to addressing the shortfall of centralized poker and make for a better overall playing experience. The platform was actually founded in 2020 and is intended to be a decentralized online poker source. It was incubated by ConsenSys, a company with a reputation for building decentralized apps.
- Dec 03, 2018 Virtue Poker is a peer-to-peer online poker platform that enables the self-custody of player funds and aims to eliminate security and game integrity issues inherent to existing poker sites by using Ethereum smart contracts.
- Virtue Poker, a poker network built on blockchain technology around the cryptocurrency Ethereum, is readying for its April 25 token sale and has released a breakdown of some key numbers regarding.
We have a lot of excitement planned for the next four weeks, during which we are giving away over 300 ETH and as many as 5 million VPPs (Virtue Poker Points, our token).
Our goals for the Launch Test are:
- Test the stability of the software in a real-money environment
- Build a baseline of player liquidity from our Beta player base
- Demonstrate the revenue-generating capability of the platform for the purpose of securing Justice staking nodes
After the test has concluded, our intent is to unlock our VPP token, distribute VPP prizes from previous betas and begin enlisting our Token Buyers as Justice nodes. Our plan is to first create liquidity on Uniswap to exchange VPP/ETH. We are in discussions about adding additional exchanges as we move forward.
The Virtue Poker team is grateful to all of our Token Buyers and previous Alpha and Beta participants who helped us get to this point. As we reach this milestone, we ask your help one more time by participating in our Launch Test so we can accomplish our goals and continue to expand and grow the platform.
The promotions below all start Wednesday, November 4 and run through December 6 except for the Weekly Leaderboard. The Leaderboard begins Monday, November 9 at 0000 UTC. Each Leaderboard week begins at 0000 UTC Monday and ends at 2359 UTC the following Sunday.
100% of the rake Virtue Poker collects during this Mainnet Launch Test is being returned to our players through these promotions (and we're adding even more).
Launch Week Promotions
Please note that there are playthrough requirements for all promotions - see the Promotion Rules for details.
- Drawings for 20 ETH. Make a deposit of at least 0.25 ETH by 2359 UTC Friday and we'll enter you in 20 drawings for 1 ETH each. Qualify by earning just 1 Grinder Point (see the Grinder Bonuses section below).
- 10 ETH Sit & Go Freeroll. The first 36 players to deposit 3 ETH will win tickets into a special 2-stage SNG. If you win your first table, you're in the money! Your second (and final) table has a prize pool of 10 ETH with 4 ETH to the winner. [NOTE: THIS OFFER IS NOW SOLD OUT.]
- Every weekday during our first full week (Monday, 10 November through Friday, 14 November) we will hold (5) drawings for 1 ETH each. All you need to do to qualify each day is earn at least 10 Grinder Points.
Deposit Bonus
- For every 1 ETH you deposit, you will receive a free bonus of 4,000 VPPs, which will be credited to your account before our full mainnet launch. Minimum deposit is 1 ETH and maximum is 3 ETH for this bonus.
Weekly Sit & Go Leaderboard
- You will receive points for every SNG you play, as shown on the Leaderboard Points Table in the Launch Test Promotion Rules.
- Each week, the top 4 players on the Leaderboard and 2 randomly chosen players will play in a SNG Semi-final. The top three players in each SNG Semi-final all win money, and the winner also wins an entry into the SNG Final Table. The fifth player for the SNG Final Table will be chosen at random from all players who earned at least 100 Grinder Points.
- The SNG Final Table is a 30 ETH Sit & Go with Virtue Poker Ambassador and WSOP Champion Phil Ivey. In addition to winning up to 10 ETH in the Sit & Go, the player who busts Phil receives an additional 1 ETH. And if that player wins, there is another 1 ETH bonus for a total potential first prize of 12 ETH. At today's ETH/USD price, this is about $4,700!
Grinder Bonuses
For each Sit & Go you play, you earn Grinder Points as follows:
0.025 ETH: 1 point
0.050 ETH: 2 points
0.100 ETH: 4 points
You may redeem these points for one of the following Grinder Bonuses:
- Grinder Bonus: The first 200 players to reach 100 points during the promo each receive 0.4 ETH and 2,000 VPPs.
- Super Grinder Bonus: The first 100 players to reach 200 points during the promo each receive 0.8 ETH and 5,000 VPPs.
- I Have No Life Grinder Bonus: The first 30 players to reach 400 points during the promo each receive 1.5 ETH and 8,000 VPPs.
We'd love to see you at the tables with us as we celebrate this exciting step towards launching for real money. Please join us and tell your friends!
All promotions are subject to the Launch Test Promotion Rules and the Virtue Poker Terms and Conditions.
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Ticker:
VPP
Token type:
ERC20
Fundraising Goal:
25,000,000 USD
Total Tokens:
10,000,000
Available for Token Sale:
50%
What is Virtue Poker?
Virtue Poker bills itself as the future of online poker. It states that online poker is currently stuck as the software is constantly called into question, there are claims of funds being lost, or the games being unfair. The Virtue Poker team is committed to addressing the shortfall of centralized poker and make for a better overall playing experience.
The platform was actually founded in 2021 and is intended to be a decentralized online poker source. It was incubated by ConsenSys, a company with a reputation for building decentralized apps. The platform is build on top of the Ethereum blockchain and provides the ability to transfer all value to escrow wallets on the blockchain using a transparent set of rules. This means that users do not have to entrust a third party to handle their money.
There is a timeline provided through the platform website which highlights some of the big milestones and achievements it intends to reach in the coming year. On March 1st of 2021 it will host a live stream poker game on Twitch featuring professional poker players. By the Fall of 2021 it seeks to release an open beta. By winter 2021/2021 it wants to have a live deployment and launch a tournament.
How Does Virtue Poker Work?
To begin, players simply need to download the Virtue Poker software. The tables are actually smart contracts on the Ethereum blockchain, and all tables are published to the Virtue Poker registry through the Ethereum blockchain. Players are able to join tables using the funds from their Ethereum wallets.
The gameplay itself is handled off-chin via peer-to-peer connection. Payouts are handled through the table based on the game outcome and are made available almost instantly. When the game is complete the results are published to the Ethereum blockchain in order to uphold transparency.
Meanwhile, Virtue Poker tokens can be used an in-game currency, give access to the special tournaments, can be earned as rake back, and serve as nodes in the platform's incentive system.
Features and Benefits of Virtue Poker
The platform highlights some of its primary benefits through the website. Among the main benefits are the security of the player funds unlike other online poker platforms. Players do not have to deposit money into a centralized system, and instead can put money into their own digital wallets, therefore no one else touches their money. The payouts from the game happen automatically, with the players receiving the funds they won in less than 60 seconds from the table to the player's wallet.
According to the site, the gameplay is tamper proof because it all occurs using an off-chain secure implementation of mental poker. This means that all the players that are seated at a table are involved in shuffling and use a Byzantine Fault Tolerant consensus mechanism to ensure that the cards are being dealt fairly. Additionally, there are guaranteed tournaments available to players as the platform re-invests the money they make back into the platform to give opportunities to all players.
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The Virtue Poker Token Sale
The token sale for Virtue Poker is not set yet but should be occurring sometime in 2021. The whitelist is available to join currently. It does not appear that there are any countries that are barred from participating in the token sale. The tokens will be referred to as VPP and distributed as ERC20. In total there will be 10,000,000 tokens created and 50% of them will be made available for sale.
The fundraising goal for Virtue Poker is set at $25 million, though it also states that it will end once 5 million tokens are sold, and the longer the sale takes, the lower the price of the token will be. The sale will accept ETH and currently there are no minimum or maximum contributions that are set.
Currently, no information is provided regarding the allocation or distribution of the funds raised. As far as the tokens, half of the tokens that are created will be made available in the public sale, 30% will go to business development, and the last 20% will go into reserve for the founding team, locked in escrow and vested for over four years.
Who's Behind Virtue Poker?
The team behind Virtue Poker is identified through their website. There are twelve members of the core team that are profiled, with links offered to their LinkedIn pages. The co-founded and programmer for Virtue Poker is Jim Berry who also works as a programmer for Consensys and holds a BA from the University of Virginia in Astronomy and Physics. The other co-founder of the platform is Ryan Gittleson who also works for ConsenSys in Business Development and Marketing. He was educated at the University of Pennsylvania.
The advisory board for the platform features some big names. The strategic advisor is Joseph Lubin who is the co-founder of Ethereum and founder of ConsenSys. There are several other members of the board who hold positions with ConsenSys, as well as an assistant professor at the University of Illinois and a Senior Martketing Executive.
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Virtue Poker also features the involvement of three professional poker players – Dan Colman who is third all-time on the money list from poker winnings, Phil Ivey who is sixth all-time on the money list and a member of WSOP Hall of Fame, and Brian Rast who is tenth all-time on the money list.
Conclusion
The world of online poker is lucrative to many users but also full of potential issues. Primarily, there are trust issues among players who have no choice but to give the big poker platforms access to their funds and trust that they will use them correctly. There have been multiple instances in the past few years in which centralized poker platforms have used player funds in an unscrupulous manner. By making it so players do not have to give the platform access to their funds, many of the trust issues go away.
Virtue Poker being associated so heavily with ConsenSys is a good thing for the most part because ConsenSys has a good reputation online for creating decentralized apps. That said, many of the team members for Virtue Poker also hold positions with ConsenSys, so it is unclear how much time they will be able to dedicate to this project. Additionally, the platform website states that a public token sale should happen sometime in mid-February, but obviously that has not happened.
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Still, the appeal of the platform is significant as the online poker industry has continued to grow, Virtue Poker seems to be the first decentralized option being offered and they can potentially take a large share of the market.