LetBet announce launch of new cryptocurrency

LetBet has become the latest platform to offer a cryptocurrency to be used in conjunction with online gambling with the introduction of the LetBet coin (LBT), its own new digital currency.

Ethereum and Bitcoin coins

Bitcoin and ethereum are two established digital currencies utilising blockchain technology. © Pexels.

The Letbet initial coin offering (ICO) will begin via crowdsale on 25th February 2018. There are a total 70m LBT up for grabs in the crowdsale, while 20m will be issued during the pre-sale, with a total cap of 199m for sale throughout the period.

The pre-sale begins on the 20th January and ends on the 14th February 2018, with a starting price of $0.5 per LBT and a 70% bonus of first purchase. Any coin remaining after the ICO will be burned to benefit investors.

The use of its own coin allows users from across the globe to use LetBet, even those in localities where gambling is strictly regulated. The creators believe that LBT will increase as the number of games and players increases. Once a wallet is created and tokens are deposited, they can be used on the platform, where they are referred to as felix.

Currently only sports betting on football is enabled on the platform, with other sports such as tennis and basketball expected to arrive in the summer. Many games are apparently also in development, with slot machines and roulette expected to arrive shortly.

What differentiates Letbet and LBT from other digital gambling currencies?

LetBet is an online gambling platform powered by the blockchain that is open to all, from users to game developers. Through the use of its own cryptocurrency, the LetBet platform aims to provide a completely private, trustless, anonymous, quick, transparent, and secure gambling environment. Everything on the platform is designed to revolve around the coin, from players funding their wallets, to the payout system, with everything written in a smart contract to ensure automation and that no-one can control or manipulate any game, its outcomes or payouts.

Users have the option of either betting peer to peer or directly with a hosted provider. The odds are directly taken from established bookmakers, while the results of events are processed through a SmartContract, with then distributed through a blockchain powered automated payment system.

LetBet is not the only platform looking to make it big with blockchain powered online gambling. However, the operator differentiates itself from the competition due to two main factors.

Firstly, it is a platform that is open to everyone. That means that not only can users come to the platform to bet and play games, but game providers, bookmakers, and others can come to the platform and engage. In this way, LetBet aims to serve the interests of everyone in the industry, by providing a platform that can be used by all.

The creators also believe they have solved some key problems currently associated with the blockchain. LetBet promises quicker transactions and zero transaction fees on a platform that is proven to be fair.

LetBet have also built their own wallet for LBT, since it is not an ERC-20 token. Doing so also enables the platform to be exactly how the developers want it to be; quick, free to use and fair.

Blockchain powered online gambling

In October 2017, cryptocurrency betting platform Unikrn raised $31m at the ICO of its own cryptocurrency, UnikoinGold, after raising $15m in the pre-sale. The eSports betting platform set the standard for token sales in the industry and netted a host of big name investors. Unikrn initially released its virtual currency – Unikoin – back in 2015, with the new UnkicoinGold available for purchase or sale on third party exchanges or to be withdrawn from the platform.

What is the blockchain

Blockchain allows for decentralised online gambling. © Realtybiznews.

There are a number of platforms and operators utilising blockchain technology to facilitate anonymous and secure online gambling, often free from third party providers, with most utilising Bitcoin as the digital currency of choice.

The decentralised nature of gambling platforms utilising blockchain technology and digital currencies is a big draw for many, who have little confidence in the safety of their deposits and funds with traditional online gambling operators. For the creators of these platforms, the challenge has been to create a gambling service that could run in real-time on the blockchain, with verifications and validations occurring instantly.

Many have been successful. Along with Unikrn, Peerplays, CasinoCoin and FansUnite are just some of the platforms offering blockchain powered platforms.

This has led to a number of ICOs springing up by new operators or platforms wanting a slice of the pie. However, despite the rise and value of popular cryptocurrencies such as Bitcoin, the real world value of many coins remains to be seen. While Bitcoin can be spent or sold around the world, newer digital currencies can currently only really be used at their relative platforms, with success far from assured.

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