Bitnplay to Launch Decentralized Online Poker, Using Counterparty for Crowdfunding

Bitnplay plans on launching its decentralized bitcoin-based poker platform this February. Poker sites will be able to use this platform to avoid the

Bitnplay plans on launching its decentralized bitcoin-based poker platform this February. Poker sites will be able to use this platform to avoid the counterparty risk inherent in traditional platforms, where the third party operator acts as custodian over all funds.

The company points to previous incidents where poker sites allegedly laundered client funds, such as the case of Full Tilt Poker. It describes on its website:

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“Our vision is to decentralize online poker, and offer the first trust-free platform. You do not need to trust Bitnplay with managing your funds. Our payment system is revolutionary in its transparency, security and simplicity. On Bitnplay, there are no deposits required—buy-in to the tournament of your choice, directly through your Bitcoin wallet. Upon finishing the tournament, you’ll earn your winnings back to your wallet.”

To crowdfund the launch, a total of 200 tokens are available for 2 BTC each, implying a total valuation of roughly $63,000. The tokens will function more than just as a vehicle for share ownership. Holders will get privileged terms as players, such as reductions in commissions. The tokens are also resalable to other parties interesting in exercising their benefits.

Although all transactions on the platform are technically anonymous, a third-party service is used to verify the ages of participants.

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