Cash Poker Pro, the Ethereum-based blockchain poker platform, is attempting to solve some of the major underlying issues of existing casinos and online poker applications.
Over the past decade, through the rising popularity of mobile poker applications and online casinos, an increasing number of users have started to play professional poker online, relying on intermediaries and third party service providers.
According to the Cash Poker Pro development team, players in casinos and online poker platforms are often required to pay over 8 percent in transaction fees to have rewards and money that they have obtained through their games moved to personal accounts.
“Players may have problem withdrawing their funds from the system due to various reasons. For example, they might not have played enough rounds in order to be given their money back, or they cannot prove that their deposit is legitimate, or they become accused of cheating, or the casino closes. And this situation is not accidental,” explained Cash Poker Pro.
For online casino users, the opaque and inefficient systems that have been implemented to handle financial activities and transactions are highly unreliable, because they utilize traditional financial systems such as bank transfers and electronic wallets to process payments. With payment processing, currency conversion, and maintenance costs, fees for online users add up to large amounts. As the whitepaper of Cash Poker Pro read:
“Firstly, online casinos are subject to laws on money laundering. Such regulations are present in all jurisdictions and require that the operator (the traditional online casino) should make sure that money deposited by a user is not of illegal origin before transferring it to the user’s account. Secondly, all online casinos use traditional means of payment such as electronic wallets and bank transfers, which are subject to the legislation of the countries where the processing centers are located. As a result, casinos charge fees for payment processing, currency conversion etc., and the amount of fees is usually quite big.”
Through immutable, transparent, and decentralized systems, Cash Poker Pro is targeting the abovementioned issues of online poker rooms and providing a more efficient and trustworthy platform for poker players. The Cash Poker Pro platform utilizes the Ethereum blockchain network and smart contracts to autonomously process payments and host poker games within a distributed ecosystem. Since payments and transactions are settled autonomously, there exists no thresholds, boundaries, and inefficiencies in regards to most financial activities.
The beta cross-platforms system and application of Cash Poker Pro in-game.
“With the help of an anonymous cryptocurrency wallet, the user will be able to play poker online without making a deposit or waiting until a deposit or withdrawal operation is approved by the system. The mission of our project is to give any person a chance to anonymously compete against other players on equal terms and to create our own online poker room based on the CPC Poker Room platform using a decentralized platform for monitoring card dealings and a system for fast deposit and withdrawal of funds with blockchain-based authentication,” the Cash Poker Pro whitepaper further explained.
Ultimately, as the Cash Poker Pro platform grows and scales, it aims to evolve into a major platform in the gambling industry by introducing a fair and sustainable poker and casino ecosystem that can be adopted as an alternative to existing platforms, casinos, and applications. Cash Poker Pro developers added:
“Cash Poker Pro Poker Room democratizes online gambling with its Ethereum blockchain-based poker room platform. The platform makes use of smart contracts to support the development of a fair and sustainable gaming and gambling industry, where everyone gets rewarded for their contribution. Cash Poker Pro ensures that the autonomous economic structure incorporated in the platform does not affect its usability by striking a delicate balance between both aspects.”
The first phase of the Cash Poker Pro initial coin offering (ICO) for its native token CASH was successfully completed in August. The second stage of the CASH ICO will begin on October 26 and 60 million CASH tokens will be sold during the ICO.