What is Cryptonia?
Cryptonia is an online poker platform that wants to enhance the online gaming environment by utilizing blockchain technology.
At the Cryptonia platform, game rooms can be accessed from anywhere in the world. CPC Tokens are the chosen currency used to play in the transparent and secure network that completely eliminates the possibility of fraud, something that unfortunately is a regular occurrence within the gambling industry.
The project has been endorsed by poker legend Scotty Nguyen, a professional poker player that has won over 6.7 million on poker tournaments.
Problems with online gambling platforms today
Transparency is a common concern within the online gambling industry. The only individuals that have an insight on how the winnings are distributed on any gambling platform arethe management and developers of the platform. It’s therefore easy to manipulate the algorithms for a bigger profit. It’s a well-known fact that many online gambling platforms have algorithms implemented that intentionally gives winning players a disadvantage while playing, as well as limiting them if they believe they have won too much.
Delays on deposits and withdrawals of winnings are often painfully long, and it may take several days to process. This is the case because in most cases, every withdrawal has to be dealt with manually and get approved. When the withdrawal has been approved, the transactions have to go through several banks in different countries before reaching the final destination. In some cases, accounts are also frozen without any proper reason.
Another concern is KYC-requirements. These days, almost every gambling platform requires you to go through a KYC (Know Your Customer) verification. This prevents many players from being able to play, as many countries have introduced gambling restrictions.
Solution: Cryptonia (CPC) token
On Cryptonias game rooms, players will use the platforms own Ethereum based erc-20 token, Cryptonia (CPC), which is created for use within their ecosystem. The tokens will be available for purchase at several crypto exchanges after ICO. The token can be purchased anonymously and used from anywhere in the world.
The token it’s underlying blockchain technology is the solution to the concerns above:
With the Cryptonia software, the blockchain technology provides transparency to the platform, ensuring that there is fair play involved.
Deposits and withdrawals
Are executed by smart contracts, this minimizes transaction times for deposits and withdrawals. Automating this process is a cost-efficient solution as well.
Cryptonia is a decentralized network that is maintained by a smart contract. Because you play with anonymous CPC tokens, no government can prevent you from playing on the platform.
Benefits of holding the Cryptonia token
35% of the rakes (commission fees) are distributed to the gamers on the platform. This is to encourage existing and new players to play on the platform.
The price of the token will be set by the number of players on the platform. The more people that play through Cryptonia, the more the CRC token will appreciate in value.
Hosting the platform on a decentralized network that is maintained by a smart contract has numerous benefits.
With a single transaction system, people around the world can play poker without limits because there is no central server that maintains the platform. Ethereum helps minimize transaction times and provides liquidity for players which makes the entire system more efficient. Players retain their anonymity as they do not have to disclose personal information to play on the platform.
Cryptonia is now conducting a coin issue for their token that will be the driving force of the platform.
Under the ICO, up to 75% of the total token supply will be sold to players and investors. 15% will be used for promotions and events for the Cryptonia token holders, while the remaining will be used for marketing and development of the platform, as well as for promoters, managers, and advisors for development and value creation.
The price for tokens during the main ICO is seven thousand tokens per Ethereum. The project is currently in the ICO stage 2 while there is offered a 20% discounts for contributions. All unsold tokens will be burned, ensuring investors that their tokens will not lose value if the project doesn’t reach its hard cap.
The ICO started April 10, and the soft cap (90 million CPC tokens) has been reached. 15,000 ETH has been raised so far.
The ICO will last until July 1.
Find out more about the project, the product, the team behind and the acquisition of funds on their website, Cryptonia.poker