Phil Ivey, World Poker Tour winner, and professional poker star has endorsed the particular platform. Virtue Gaming, a decentralized online poker platform based on the Ethereum (ETH) blockchain, established the first play-to-earn digital poker casino in the United States where you can pay via Exodus without any fees.
Virtue Poker’s team is made up of outstanding computer scientists, seasoned industry veterans from the blockchain technology and poker industries, and some of the world’s best poker players. The team comprises a former NASA engineer, PokerStars’ first Chief Marketing Officer, and a development and product team with an average of 15 years of expertise in their respective disciplines.
Virtue Poker’s advisory board comprises Joe Lubin, one of the Ethereum blockchain’s co-founders, and Damian Sokol, the former CEO of PokerStrategy which is the largest online poker strategy website. Phil Ivey, Dan Colman, and Brian Rast of the Virtue Poker Team have fifteen World Series of Poker bracelets and almost $70 million in wins.
How Does It Operate?
Virtue Poker provides a safe, trustworthy environment for online poker gaming as they combine the unique advantages of blockchain technology with peer-to-peer networking and sophisticated cryptography.
One of the most often asked questions regarding online poker is, “Is it protected?” “How can I ensure no one has tampered with the deck?”
Virtue Poker shares the shuffling process across all players at the table. Each player’s app shuffles the deck and adds an encryption layer. The hand is dealt after the deck has been completely shuffled and encrypted, and players exchange encryption keys so that everyone can view their hands. Because there is no server containing the entire, unencrypted deck, a hacker would have to defeat encryption on each player’s computer independently.
Virtue Poker Sidechain
When you engage in online poker, you usually deposit money, which means you give money to the site to be held for you. If the site is trustworthy, that’s wonderful, nevertheless, in the past, poker at CasinoGap sites that are not on GameStop have shown to be less than credible.
Your funds are always secure in the Virtue Poker system. Instead of making a deposit, just send ETH or tokens from your wallet to the Virtue Poker sidechain. The cash is kept on the sidechain and controlled via a smart contract. When you win, just return the ETH or tokens to your wallet. You are always in command.
In May 2018, Virtue Poker held a token sale in which they sold 100 million tokens at a price of 4,000 VPPs = 1 ETH. In the Virtue Poker network, these VPPs have three functionalities:
- Make a bet and earn fees. As table referees and validators, the Virtue Poker service uses Justices. Anyone with enough VPPs may seek to stake VPPs as Justice in return for fees.
- Participate in VPP-denominated games. Games on the Virtue Poker system are denominated in both VPPs and ETH.
- Participate in special competitions. They run exclusive tournaments for Virtue Poker token holders.
How Virtue Gaming is Trying to Popularize Poker
Only six states in the United States have authorized and now regulate internet poker. These states are Nevada, Delaware, New Jersey, Pennsylvania, West Virginia, and Michigan. The country has been sluggish to act on the issue because they are afraid that overseas poker sites will divert money away from domestic, land-based gaming establishments. In addition to that, in order to operate in the states listed, it is mandatory for the holders of poker games to receive licenses from each specific government.
As a result, US residents often do not have access to famous and established online poker sites the likes of PokerStars or 888 Poker, which are otherwise open to players all across the world. To address this issue, Virtue Gaming has introduced a play-to-earn model in which the platform awards customers with 500 Virtual Player Points (VPP), which are worth roughly around $147.37 USD.
When a player signs up, they will receive them absolutely for free. Players who complete the required amount of playing in cash games and tournaments will then become capable of cashing out their VPP for Tether (USDT). Therefore, anyone in the United States would then be able to compete with players from across the world who transferred VPP, Ether (ETH), or other cryptos into Virtue Gaming’s locked sidechain smart contracts to wager in the game.
As per legislation, points or credits that the benefactor of the game or contest offers to contestants free of charge and can only be utilized or redeemed for involvement in games or tournaments made available by the sponsor fall outside the purview of the legal definition of a bet or wager, thus potentially giving the play-to-earn model some regulatory leeway. According to December 2021 figures, the site has over 25,000 participants from countries outside of the United States.