VIABET, a soon-to-launch cloud-based betting casino and peer-to-peer sports betting platform, has revealed plans for an initial coin offering (ICO).
The firm, which said it will be the world’s first cloud-based betting platform, will operate solely online and through the use of a new cryptocurrency called VIA, according to a company White Paper.
Players will be able to bet online against each other, with one player acting as the casino and given the house odds.
To become a casino player, punters must purchase and stake VIA Tokens, play a certain amount of game rounds as a regular player against the house, or against those who have qualified to become the casino.
Players can earn ‘Edge’ tokens, an in-house utility token that can players also use as a unit of exchange between each other.
When a player collects a certain amount of tokens, they can become the casino and have the ability to offer and opens games against themselves.
VIABET said in the White Paper: “We aim to create a new kind of gambling experience; an experience where the user no longer has to feel like he’s at the mercy of the casino provider.
“There are a lot of Bitcoin/cryptocurrency based casinos out there; however, none of them have allowed the player to actually become the casino, so, this is a world-first.
“This is not just evolution, this is a revolution of the gambling industry as a whole and we welcome you to be a part of it.”