Virtue Poker, an Ethereum-based poker site that has been in development since 2015, has announced its upcoming future plans that include phase 1 of selling its poker tokens (VPPs) on April 25, with a phase 2, if any, to be determined at a later date.
The VPPs will eventually be traded on exchanges as cryptocurrency, but that won’t occur until the poker room fully launches on the Ethereum main net, expected to be sometime in Q4 of this year. The buyers of the tokens during phase 1 will be limited to those who intend to play on the site during the alpha and beta testing periods that begin on May 22 and tokens should not be purchased by those looking for a speculative investment.
Token purchases during Phase 1 on April 25 will be conducted as a simple sale in which 100 million tokens will be made available,
with a minimum price of $0.06 and a maximum of $0.125 per token. The price varies because it will be determined at the conclusion of the sale
by dividing the total pledged by 100 million, according to the Virtue Poker website.
Token Buyers Must Pass a Test
Those 100 million tokens of Phase 1 during the Early Adopter Sale are 20% of the allotted total of 500 million. The next 100 million VPPs will be available during Phase 2, with the remaining 60% of tokens set aside in various percentages for the founders (17.2%), advisors (4%), strategic partnerships (18.8%), and token reserves (20%).
The sale will conclude when $12.5 million USD in Ethereum is raised or after 14 days. The entire sale will be canceled if $5 million is not reached.
Those who intend to acquire tokens during Phase 1 must first pass a General Assessment Test designed to weed out potential buyers who lack a solid grasp of the technology behind Virtue Poker and the Ethereum blockchain on which it will operate.
Virtue and Integrity
That technology, as described by Virtue Poker founders, will revolutionize online poker due to the smart contracts on the Ethereum blockchain that will guarantee the security of player funds and make every hand dealt totally fair via card shuffling that involves all the players at the table.
Virtue Poker will never have control of player money and winnings will be sent directly to the digital wallets of players upon their exit from the game.
Joseph Lubin, one of the site’s strategic advisors and the co-founder of Ethereum, stated:
By enabling players to be in full control of their assets except in the moments that they are held in escrow by a smart contract, and by creating a framework within which shuffles are provably fair, Virtue Poker ups the ante regarding user-friendliness and security for the online poker and gaming industry,
Virtue Poker has also tabbed Phil Ivey, Dan Colman and Brian Rast as advisors.
Buyers of tokens during the Early Adopter Sale will have the opportunity to provide suggestions and feedback after playing during the testing periods. VP founders envision those token holders to be quite active as contributors to Virtue poker’s development and growth.
Players within the US will not be permitted to be part of Phase 1, but it is anticipated that Virtue Poker will be available stateside after all legalities are ironed out.