EtherJack (JACK) ICO Review – ICO Token News
Investors, EtherJack has managed to raise 100 ETH coins for the jackpot—but 233 ETH coins are still needed. The goal is quite far, and the project’s progress has been stalled. That’s why this project is aborted, its tokens are canceled, and its refunds are initiated. The development team behind the project can’t possibly start rolling the dice with 100 ETH coins because the smart contract is immutably coded to begin the game at 333 ETH coins. (Owing to the project’s transparency and the game’s fairness, EtherJack’s smart contract is isolated from the influence of its core developers too.)
When the project started in the fall of 2017, raising 333 ETH coins wasn’t entirely a big deal. At that time, raising the planned amount was actually worth raising just 100 ETH today in fiat currency—so the team wasn’t completely wrong in its estimation. The team says that it has already spent the advertising budget on different ad channels—some of them worked while others didn’t work. The ones that initially worked have stopped working, now.
Right now, the team claims that there’s no fund left to advertise the game—plus, it possibly can’t invest any more in the project out of its own pocket. Now, since the project’s team is quite honest in their dealings, it’s refunding anyone who’s bought JACK. More details on how you can claim your refund are available on EtherJack’s website.
What is Ether Jack?
Etherjack is an Ethereum blockchain (Mango Start Ups, Gamblica, Alttex, THEFANDOME, BunnyToken, EQUI, StarLight, Kelta) -based platform, which runs on on-chain and off-chain technologies and allows placing bets and wining the jackpot. It is a smart contract based game with simple, entertaining idea, and allows participants to earn a huge amount.
A bet in the EtherJack game is released for a very limited time. Even if it continues to come, the size of jackpot also continues to grow. The game is entirely transparent game and works on the theory of smart contracts to ascertain bets come to you with complete transparency.
In the EtherJack game, it is just the participants who are allowed to control the entire game process. Developers or anyone else are not allowed to affect the game in any way. Neither can they manipulate or adjust it, nor can they change the rules on the fly. The fixed contract code determines the game remains transparent and fair to all participants.
Thus, EtherJack is a massively multiplayer community game with exceedingly safe and secure process. It is run by contracts with disclosed source code, with just optional extensions basing off-chain.
The game comes with extremely easy to follow rules: bids fill up the jackpot; the last to bid wins and gets the huge prize.
Thus, Ether Jack offers a game, for which quick transaction processing is not critical, and which is latency tolerant. The game is crafted in such a way that the existence of the latency does neither break the game nor make it less engaging or interactive.
How does EtherJack work?
EtherJack has very basic rules. It has a jackpot as and when a player claims it. But the jackpot is limited by time duration as a countdown timer remains on until the game is on. If someone bids (by sending an amount of Ether to the Jackpot smart contract), then he/she will be entitled to claim the jackpot, the bid is thereafter added to the jackpot, and the timer is reset.
In case, the jackpot is not claimed by anyone, the timer runs out, and the jackpot shifts to the last person who placed a bid. During that period, the bid price keeps going up, from 0.005 ETH to more than 1 ETH, and the timer duration runs down, let’s say from 3 hours down to 5 minutes.
Everything detailed above is completely executed in smart contracts with published source code, which signifies that the public can verify and audit it. All smart contracts’ variables remain for the same purpose. If a player makes double, triple, etc. bids and pays extra amount for those bids, then he/she is rewarded with Jack tokens.
The Jack tokens help in placing bids without requiring spending Ether later, for investment. Moreover, the player can sell their tokens to the newer players if they are interested in doing so. This way, the investors are able to liquidate quite easily, as well.
What is Jack ICO?
Jack ICO is still going on and will last until 25 June 2018.
Dissimilar to other ICOs, such as Vacuum Space Energy, LocalCoinSwap, ShopIn, Phoneum, Cibus, MoonLite, SprintX, Fire Lotto, and several others, neither does the Jack ICO allow for a share in a business, nor does it make any such claim that is not verifiable. It is a custom ERC20 tokens, which will be having a value of 0.004 ETH to 0.006 ETH during the Jack ICO token sale. Once the game starts, it too starts costing 0.01 ETH, and the way game rules are designed, the price also automatically starts growing during the game. Moreover, you can transfer the Jack tokens freely between players or trade them through exchanges.
With the launch of Jack ICO, EtherJack aims to raise funds so it can set up a solid Jackpot and give a great start to the game. With it, the company not just targets to achieve 333 ETH, but it also starts the game with it.
Following are the ways Ether Jack benefits the Jack token holders, such as they can:
- bid with a token rather than ever growing ETH amount;
- store the tokens in the Vault and get a cut from each ETH bid made;
- sell tokens to players at ever growing price via the Vault;
- sell to anyone via exchanges or personally.
EtherJack created 1 million of Jack tokens. 2.5 percent of the amount was created to be used for bounty rewards, while the rest 97.2 percent will be used for Jack ICO sale. The ICO continues to go on until the Jackpot has achieved at least 333 ETH.
Once the company is able to achieve the targeted threshold, 2-day timer starts. When the timer runs out, ICO closes, and the game starts. At the time of ICO, investor makes a transfer of Ether to Jackpot Contract and acquires in return the Jack token.
Jack token price
The sale price of Jack token continues to change during the ICO sale; hence, it is more profitable if you become an early adopter instead of the last one. Jack token price fluctuation relies on the amount of Jack sold. Check the table below to understand it better:
Moreover, when 200 or more Jack tokens are bought with one transaction, a volume bonus is applied. In the table below are indicated the bonus discounts rules:
How to acquire Jack token
You can acquire the Jack tokens in the following ways:
- By taking part in the game’s ICO
- By bidding at least double bid price during the game phase
- By making purchase from exchanges or directly from other people
How to sell Jack token
You can offer the Jack tokens for sale at its face value in the following ways:
- Through the Jackpot contract;
- Through exchanges or directly to other people
While putting tokens on sale to bidders, the Jackpot contract sells them from:
- Jack tokens put on sale by holders through Croupier, or
- Jackpot’s JACK balance
It is notable that the Jackpot contract puts tokens on sale from its own balance provided no tokens are offered through Croupier. As long as tokens are offered via Croupier, Jackpot puts only them on sale as first priority.
Jack token intrinsic value
The Jack token comes with an intrinsic value because of two Jack token’s functions:
- It can be used for bidding rather than Ether hence its value is no less than the bid price at any time;
- The Jack token holders can get a portion of value of all bids conducted and new Jack tokens sold through the Jackpot contract (dividends)
The value of Jack is supported by the presence of the Jackpot prize, since the Jackpot motivates the players placing bids.
The game has four key components
Jack token smart contract:
- It defines the token and its transfer functions
- It takes care of withdrawals and deposits
- It takes care of bids
- It takes care of deposit freezing and unfreezing for token sales via the jackpot contract.
Each time a token is used for a bet, it is irreversibly ruined. This way, it reduces the total supply.
Jackpot smart contract
The Jackpot smart contract actually helps the game run. Following are the functions it does to make the game run:
- ICO stage: Under this stage, it sets the tokens on sale with an aim to achieve funds
- Similar to the EtherJack team, it is also committed to start the game when the ICO goal is complete
- Minor prize tracking and payouts
- Game end conditions
- Jackpot payout
- Token bids
- Ether bids
All essential parts of the game are executed in this smart contract and happen on chain. This comprises tracking bids, last bidder, keeping the Jackpot, checking game end conditions, paying out the jackpot.
The smart contract helps in interacting with other parts of the system via method calls and events.
A Croupier is a bot sprinting in safe environment, functioning with an Ethereum. It functions with an off-chain database and comes with the following functions:
- When it finds out that the conditions for ending ICO and starting the game are achieved, it directs Jackpot to begin the game.
- When it finds out the game end conditions, it asks Jackpot to end the game
- When the game is ended, it asks the Jackpot contract to pay out the Jackpot
- Every time an Ether bid is done, the Jackpot contract makes a transfer of dividends to Croupier, Croupier splits 70 percent of the dividends among Jack deposit holders as per their deposit value.
- By transferring a specified amount of Ether to Croupier, players can request payout, and Croupier will transfer the Ether it owes to them.
- By transferring, a specified amount of Ether to Croupier, players can request Jack deposit withdrawal, and Croupier triggers an on-chain deposit withdrawal operation.
- By transferring a certain amount of Ether to Croupier, players can request that Croupier sells their Jack deposit at current token price, or
- Or, you can also tell it to stop selling their deposit by transferring a different amount, and Croupier starts triggering a combination of on-chain and off-chain operations to make it possible.
- It also helps in managing player message activation.
EtherJack website has an important role to play. It displays the status of the game, instructions a player needs to know for the ongoing stage, list of messages, as well as the game rules.
EtherJack bounty allocation program
- 4 percent for Airdrop
- 20 percent for social media
- 20 percent for translation and moderation
- 20 percent for Bitcointalk.org signatures and avatars
- 20 percent for media, video and blog posts
- 8 percent for random prizes during the game
- 8 percent for miscellaneous expenses
How to deposit & receive dividends with Croupier
Any player who is having at least one Jack can become a deposit holder with Croupier and start getting dividends. Dividends in this process are a share of every bid made, every token sold from the Jackpot contract. To make a deposit to the Vault, all you need to do is just make a transfer of the desired amount of Jack to Croupier. The token smart contract takes care of such transfers in a special way and converts them to deposits. The token smart contract monitors all vault deposits.
Dividends acquired through share and sale of the tokens are:
- 25 percent of every Ether bid carried out during the game;
- 50 percent of sale price of every Jack sold from the Jackpot contract
The calculation of dividends is conducted on-chain and transferred to Croupier. Croupier then makes use of off-chain lookups in its internal database to make proper distribution of them among deposit holders.
Every time dividends are paid to Croupier, the later gives them out in the following way:
- 70 percent is distributed among deposit holders, as per the size of their deposit;
- 30 percent is split to House (developers) to cover running costs and current market support.
When a player receives Ether for selling his/her tokens, it is carried out within Croupier records and does not generate a quick on-chain transaction. A player can make a request for payout from Croupier at any time by following instructions in the Jack holder’s dashboard.
A deposit holder can also withdraw his/her Jack deposit from the Vault any time by requesting Croupier to start triggering on an on-chain deposit withdrawal transaction.
EtherJack is a very simple game to play as compared to other already available games. Seeing its ease of use and simplicity, it can be said that it is surely going get a good response from the potential enthusiasts (especially the game enthusiasts), as well. This is the reason why you should think about investing in this ICO, which is still going on and will last until 25 June 2018.
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