BASE.INFO team has interviewed EtherAce Developer the CTO of EtherAce project. We have asked the most topical questions to get acquainted with the project and to learn the future plans of the EtherAce team.
Please welcome, EtherAce Developer.
Please describe your company/project in 2 sentences.
EtherAce aims to build a provably-fair gambling platform that enables the supporting community to earn passive income from.
Why did you decide that blockchain should be the basis of your project?
Using blockchain technology enables us to create a transparent platform with games run by our smart contracts. We only support betting in cryptocurrency which makes our platform extremely accessible for everyone to use. Using a decentralized model ensures we keep users cryptocurrency funds safe.
Why did you launch the ICO? Was it the only option to collect the funds?
We launched an ICO to raise a house pot to start the platforms first dApp. It is one of our only options because of the grey area cryptocurrency-only gambling applications operate in. Regulations are unclear which scares away traditional angel or VC investors. ICO's also have great benefits such as kick-starting the community and brand presence around our platform.
Briefly describe your team. Why these people became the engine of your project?
Our team is small, only consisting of three founders. All of us have had an interest in blockchain technology since near the inception of Ethereum. We didn't actively get involved into the space until early 2017. Two of us have experience running tech start-ups and all of us are developers.
The idea was proposed after the novel idea of Etheroll was discovered by one of our founders. We realized the future of gambling and how we could build a platform that can reward the community through the service we offer but also passive income.
What are the main centerpiece and the highlight of your project? What will attract the investors' attention?
We don't claim to be changing the world with respect to EtherAce. Something you'll notice is many ICO's are geared towards big dreams and ideas which sound great but are completely unrealistic. Something investors in these type of ICO's will realize in two years when they all fail and claim bankruptcy is the teams behind them did it for a nice cash-in and way to afford themselves gaining experience and connections in the technology of the future.
We're unlike that. We built the first version product product before our ICO to prove we have the ability to create it. We've laid a clear path to how we'll be profitable and our growth strategy. We've done the market research and we've chosen a lower-risk opportunity (the base concept is proven). Our ICO approach is closer to a traditional investment opportunity then an ICO. We are evaluating ourselves harder then we may be forced to. Related, this makes EtherAce a better investment opportunity to investors.
What are your thoughts about ICO marketing? Can it be really effective due to all the restrictions and other phenomenas?
ICO's have gotten a bad reputation because of the many scam projects and lack of responsibility to token-holders in non-scam projects. People in the cryptocurrency sector are trained to label an ICO that markets on Facebook as example as a scam.
We conducted a small bounty marketing campaign for a couple weeks. What we found is bounties are ineffective in a bear market. This is because bounty-hunters follow bounty-hunters. Bounty-hunters are the people who have heavily invested into the market. During a bear market these people have no money to be putting into ICO's. Most of them are at a loss because they held onto their cryptocurrencies through the transition from a bull to bear market.
We would never conduct another bounty-marketing campaign during a bear market. Overall, marketing for an ICO is a hard deal because of the reputation they now have.
Why is your project better than your competitors?
We've identified what our competitors are missing and why they aren't exploding with users with heavy market research. One thing we found is our competitors aren't necessarily trying to run a full-blown business. They're just doing it on the side as a side hustle. This leads them to not spend the time to take their projects to those next levels. We've compiled a roadmap and growth strategy we believe will easily put our project above any other project existing today.
What are the major ways of monetization for your project?
Our main profit model is the casino model. We have a house edge, and roughly make 1% of all bets that are taken on our platform.In the future we're looking into expanding our business model and what our platform does to open other opportunities for monetization.
Which markets are the most attractive for you right now? Do you take in consideration the USA and other countries with the legal restrictions for the crypto crowdfundings?
The countries we're focused on gaining users from for our platform are cryptocurrency friendly countries such as Singapore, India, South Korea and Japan and the European nations. With our decentralized model we still provide access for other nations such as the USA.We don't allow participants from the USA or China in our crowdfunding due to the legal restrictions and complications in those countries.
Describe your project in 3 years? Will it change something in the world?
In three years EtherAce will be a gambling platform across multiple blockchains. We'll offer opportunity to people all over the world in forms they would traditionally never have. We aim to have 20,000 people earning passive income off platforms and services we've built.
We'll help change the world industry standards for gambling with new levels of transparency, security, accessibility and user privacy.