Virtue Poker Attracts Big Names For Charity
The colourful world of Poker hardly ever does anything on a small scale. After Virtue Poker, the world’s first licensed Ethereum-based decentralised Poker app and platform, went live on Friday, it has now been confirmed that some of the biggest names of the industry will be hosting a 12-player charity event later this month.
The blockchain Poker site had been all of five years in development before going live on Friday. It is officially the first cryptocurrency-driven Poker platform ever to receive a gaming licence. Virtue Poker was awarded an official licence by the Malta Gaming Authority (MGA) in April this year.
The star-studded charity event planned for later this month will feature a diamond cast of celebrities – including Phil Ivey, Brian Rast, NBA Hall of Famer Paul Pierce, and popular YouTube personality Mr Beast. Ivey, who also happens to be an investor in the new Ethereum-powered Poker site, will be donning his ambassador’s cap for the big event.
The Format Explained
The event’s format will be two staring tables of six competitors each, with the three top-finishing players from each progressing to the final table. The ultimate winner of the event will decide on a charity of their choice for donating the proceeds of the special tournament.
The action will be live streamed through Virtue Poker’s official Twitch channel, as will also be seen on some of the participants’ own private channels on the popular streaming platform.
The five-year project, which is the brainchild of co-founders Jim Berry and Ryan Gittleson, had more good news to share earlier this month. Following the awarding of a B2C Service Licence by the MGA earlier this year, the site received a cool $5 million in combined new-funding investment capital from FunFair, Consensys, the DFG Group, and Pantera Capital.
How DApp Works
The site will operate completely free from funds being held inside the app itself. This is made possible by so-called “smart contracts” powered by Ethereum’s blockchain.
In order to compete, players simply link their Ethereum wallets to the decentralised app (DApp). Should they not be in possession of a blockchain wallet, they can easily create one via FunFair, who are the makers of the decentralised wallet and payment solution. The next step is then to send tokens from their wallet to a sidechain of smart contracts. These then keep tabs on an increase and decrease of available balances.
One of the first investors in the new app had been none other than Phil Ivey. He now also serves as the official ambassador and spokesperson for the new site – along with fellow Poker-pros Brian Rast and Dan Coleman.