EtherJack is a new decentralised Jackpot game that works entirely through smart contracts. EtherJack uses escalating jackpot won by placing the last bid before a timer runs out.
This unique gambling game as an equally unique method for of distributing tokens during its Initial Coin Offering (ICO). Here we’ll look at exactly how the EtherJack ICO works so you can decide whether it is something that you would like to participate in.
A Breakdown of the EtherJack ICO Process
Appropiately for a Jackpot game, EtherJack has turned the ICO process into a Jackpot itself.
The EtherJack ICO will last until the Jackpot accumulates to 333 ETH. Once the Jackpot has a balance of 333 ETH an time will begin. This timer will be for 48 hours. Once this timer hits zero the EtherJack game beings.
At the start of the ICO process one million JACK tokens are created. JACK tokens are a cyptographic token which is native to the EtherJack platform. Of these one million tokens 2.5% were immediately transferred to the developers of EtherJack. The remainder are being distributed during the ICO.
When someone wants to buy JACK tokens they send Ether to the Jackpot smart contract. They will then receive the JACK tokens in return. JACK tokens can be used in the game.
The exact price of JACK tokens will vary depending on when they are bought. The earlier JACK tokens are purchased the less expensive they will be.
These costs breakdown as follows:
<10000 JACK tokens sold: 1 JACK = 0.004ETH
10,000 – 29,999 JACK tokens sold: 1 JACK = 0.005 ETH
20,000 – 29,999 JACK tokens sold: 1 JACK = 0.0053 ETH
30,000 – 39,999 JACK tokens sold: 1 JACK = 0.0057 ETH
40,000+ JACK tokens sold: 1 JACK= 0.006 ETH
There is also a volume bonus. So if you are buying a large number of JACK tokens there will be an additional bonus applied. These bonuses range from 0 – 25% depending on how many JACK tokens bought.
During the ICO the house will receive 20% of the sale to allocate towards the marketing budget. The remaining 80% will be used for the Jackpot.
One of the benefits of this system is that the more people contribute during the ICO the more attractive it will be to future players. This should in turn help to make the price of JACK tokens increase faster.
If you would like to buy JACK tokens you can do so by visiting:
Or you can you learn more about EtherJack by visiting: