Is Sp8de A Scam?

Is Sp8de A Scam?

Sp8de notes that while it plans to release its MVP sometime in Q2 2018, it will do so on Solidity using the Ethereum Classic blockchain first. It claims that by the end of this phase, it will have ready a version of the Sp8de protocol that can be compiled on the IELE, the Cardano virtual machine. Sp8de claims that this is because of a certain degree of compatibility between the two systems. The idea is that when Cardano’s Goguen phase is complete in the latter part of the year, Sp8de will be able to migrate its code to Cardano quickly.

But what you should take away is that Sp8de is fully reliant on the development of the Cardano blockchain. Hence, the development of the Sp8de protocol will always be limited by the status of Cardano, which is far from ready. Sp8de bills itself as a platform for running distributed casino applications. It is targeting the lucrative online gambling market, which in 2015 was estimated to be worth $38 billion and forecast to increase to $60 billion by 2020.

The team is lacking in experience from a reputable established international firm. The main issue that I see with this technology is adoption by the online casino owners because this will not be to their benefit to make a more equitable gaming system. The backbone of Sp8de, the Cardano blockchain is the first Proof-Of-Stake protocol without security compromises.

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Unsold tokens will be partially allocated to the jackpots and to the Sp8de Foundation, which will use them for further development and promotion of the project. According to Sp8de, Cardano was chosen over other proof-of-work cryptocurrencies (e.g. Bitcoin or Ethereum) because they believe that POW coins cannot scale transaction-wise. Blockchain technology is set to launch online gambling into the digital future, thanks to its superior security and efficiency. Sp8de wants all of its members to profit from the successful marriage of online gambling and blockchain technology and has proven committed to bringing the brightest industry leaders on board. SP8DE Reliant on the Cardano BlockchainSince this is an article about Sp8de and not Cardano; we won’t delve much deeper into the latter.

This is a platform that can provide a fair chance for online casinos’ users. Today, the casino industry is actively developing on the Internet, but a lot of the platforms are created with a bunch of flaws.

Similar to many new ICOs and blockchain projects, Sp8de aims to utilize the power of blockchain and cryptocurrency to revolutionize a specific market; in this case, casinos and gambling. However, unlike many other ICOs, Sp8de isn’t based on Ethereum. Instead, it will be based on Cardano, which, at time of writing, is the 5th largest cryptocurrency by market cap.

All of these factors and more generally contribute to cryptocurrency prices, which is a key data point to know when buying Sp8de / SPX. An official system of cryptocurrency was built by the founder of Bitcoin, a mysterious figure known as Satoshi Nakamoto. This person, or group of people, is unknown but put into the world the blockchain technology system we have today. Satoshi Nakamoto added maturity to the idea of crypto mining, Bitcoin wallets, and more.

The MVP in question is Sp8de’s ‘Khronos Protocol,’ which is only mentioned three times in its whitepaper. In fact, the whitepaper spends far more time extolling the benefits of the Cardano blockchain and its Ouroboros protocol. Based on the whitepaper, this Khronos Protocol appears to be nothing more than a random number generator, albeit a ‘fairer’ one.

Sp8de (SPX) is currently the #1738 cryptocurrency by market cap at $21.9k USD. The most common news source covering Sp8de is Cointelegraph and the most common news category is Project Announcements. Sp8de is a protocol and a blockchain-based platform with features that are tailored for the growing blockchain gambling industry.

Given that the size of online bets can be very low, these fees may then be a significant percentage of the overall bet. Further, given how block rewards are distributed, gamblers may have to elect to pay higher fees to get faster settlement times. While Sp8de is not Bitcoin, the most well-known cryptocurrency, it has a large community. When comparing Sp8de to Bitcoin, you may notice the price change is significantly different.

Online casinos offer several advantages to gamblers over physical ones; namely lower costs (on both sides) and increased convenience. Bitcoin and Ethereum are the two of the most widely-accepted cryptocurrencies, so that should make it easier for you to trade for Sp8de. Most users who buy SPX do so with Bitcoin (BTC) or Ethereum (ETH).

This is extremely useful for projects like Sp8de – gambling platforms can use these randomly-generated numbers to ensure that their games are provably fair. Untested Protocol Built on an Untested Network with Many Valid ConcernsThat being said, because the SPX token price has fallen so much since the ICO, there actually might be some profit potential in it.

  • Today, the casino industry is actively developing on the Internet, but a lot of the platforms are created with a bunch of flaws.
  • Sp8de creates an innovation in the field of online casinos, which will help introduce blockchain and cryptocurrency to the most actively developing niche of .
  • This is a platform that can provide a fair chance for online casinos’ users.

Sp8de is a protocol for decentralized blockchain based platform with multiple features that are essential for the growing blockchain gambling industry. Blokt is a leading tech, cryptocurrency, privacy, bitcoin, and blockchain resource. We provide the latest in breaking crypto news, cryptocurrency and privacy guides, price analysis, security tips, and industry tools.

In short, Cardano is a smart contract blockchain, similar to Ethereum or NEO, which uses a Proof of Stake consensus mechanism known as Ouroboros. It’s actually been around since 2015 and has its own native token, the ADA, which has a current market cap of$7.1 billion, making it the seventh most valuable cryptocurrency. High Transaction Fees –Most blockchain casinos are building their platform using the Ethereum network, which charges gas or fees per transaction.

He is also the co-founder of CryptoPad and founder of RealCasino and TheRedBox. David Wainwright has joined the Sp8de team as a Blockchain Gambling Advisor. Not a single adviser there, neither from gambling industry or Blockchain community. General idea is good, but can’t see the approach toward gaming industry itself.

Sp8de creates an innovation in the field of online casinos, which will help introduce blockchain and cryptocurrency to the most actively developing niche of . In other words, Sp8de is a platform for developing decentralized casino applications, where everyone can participate. There are no restrictions for entry, and only SPX tokens are used. Own wallet and blockchain make the platform independent from other overloaded networks, where transactions can be expected more than a day. Sp8de provides tens of thousands of transactions per second and minimal fees.

Sp8de will be built on top of Ouroboros, which will equip it with the ability to generate fresh unbiased randomness for casino games. The transparent nature of the blockchain will also allow it to provide provably fair and completely decentralized games. Ouroboros, the underlying proof-of-stake protocol beneath the Cardano blockchain, relies on generating unbiased entropy.

Sp8de (SPX)


However, on an overall basis, Sp8de’s long-term prospects look shaky at best. If Sp8de is indeed a legitimate project and not a mere profit scheme, its team had better get its act together if they want to salvage this debacle.

Following the ICO, people started noticing that many articles talking about the project or promoting the ICO were being deleted. This is highly unusual considering that all ICOs have some sort of official blog used to keep people updated, and Medium is the most popular platform used. Sp8de’sSteemit pageis still up, however other than details surrounding the ICO and a general overview of the project; there is nothing else there. The format of the ICO also had multiple ‘Jackpots’ scheduled after each sale phase.

While you unfortunately cannot buy SPX directly on Coinsquare, you can use Coinsquare to purchase Bitcoin or Ethereum, which can then be used to purchase SPX. I tend to look for teams with blockchain experience or an open source community building or a large scale platform. At the time of writing, the platform had already sold over 862 million SPX tokens (862,254,150 SPX to be exact). Wainwright is an active investor and platform builder with over 20 years of experience. He has built and sold companies — including NetplayTV (Playtech), TelecomsTV (Oxygen8), HollywoodTV (Golden Race) and WHO Studios — in over 20 countries.

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Other influencers like Vitalik Buterin, founder of Ethereum and Ether, brought forth things like smart contracts, which paved the way for cloud mining. Sp8de is a well-known cryptocurrency that trades using the ticker symbol SPX . To learn how to buy Sp8de / SPX, scroll down to the “How to buy SPX section”.

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To see more about Sp8de’s price, check out their CoinMarketCap page. On CoinMarketCap, you can see the exchange rate for SPX to BTC, or Bitcoin. Not all tokens are created equal – tokens sold in the same phase can have different multipliers attached to its probability of winning the jackpot. A more detailed mathematical explanation is available in the Sp8de Whitepaper.

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