Orbit - No Limits To Wagering

revelation007 (30)in #blockchain • 6 years ago

Gambling, which is the wagering of stakes (money or something of value) on an event with an uncertain outcome, just to win money or other valuables have been in existence since time immemorial. There are three prerequisites to gambling, these are; consideration, risk, and a prize.

Dating as far back as 2300 B.C in Ancient China where tiles which appeared to have been used for a rudimentary game of chance was discovered to the invention of dice in Egypt and later Greece and Rome to playing of cards in China in the 9th century to Baccarat in Italy and France to Blackjack in the 1600s to the first casino established in Italy to Roulette originated in Paris to the game of poker and so on, Gambling has gone through a series of modification from time to time which has even seen it gone online as well as mobile. But the new dispensation is gambling on the Blockchain.

The blockchain is a fast, digitized, tamper-proof distributed ledger that chronologically keeps a record of transactions between individuals. Using the cryptography technology, every information stored on the blockchain cannot be manipulated as each new transaction forms a new block which is added to the chain.

Since its invention, this great technology has been exploited (for good) by many industries to effectively enhance the operating capacity of their industry. Ranging from Medicine to Food to Real Estate to Agriculture etc every industry is making sure to take a bite from this amazing technology. One such company that is taking part in this revolution is Orbit.

Orbit is a gambling company that is leveraging on the power of the blockchain. By bringing gambling to the blockchain, Orbit hopes to eliminate the presence of the third parties (gambling houses) therefore eliminating high fees, giving more control to players (peer-2-peer), promoting transparency and increasing player's chances of winning.

How It Works...

A player can create or join a Ring (Rings are a group of players that stakes ETH to go into the running of who can win it all), Rings have set parameters which dictates the winning odds of each player and how much stake is required to buy-in.
Participants will then stake by sending ETH to the contract to buy-in to a Ring and be in the running to win the sum of ETH committed as a jackpot.
When the ring is complete, any player can spin (not necessarily the creator of the Ring) to determine a winner.
Winner gets paid instantly.

To increase chances of winning, a participant can buy more sectors of a Ring, i.e of a Ring consists of 10 players, a participant can buy up as many sectors as possible to increase their chance.