EtherJack is a jackpot game, based in the Ethereum blockchain.
The rules are simple: there's a massive jackpot, and people are placing bids to claim it, within allowed time after the last bid. If no bid comes, the last to claim gets it. If bids keep coming, the jackpot grows further.
The game is 100% transparent and fair (thanks to the Ethereum Smart Contracts), and everything depends only on the participants, not on devs.
We are announcing the start of the game's ICO stage. This is the stage when the jackpot is formed, and JACK tokens (read more on them below) are distributed at much lower prices than during the game phase. The collected jackpot will attract players placing bids, and the JACK you get will help you get a cut of the bids. The game will also automatically sell your JACK to the new players at a growing price if you wish so.
This ICO is about selling stakes in the one-time big jackpot game. House always wins, so why not be the house?
What is the game?
After the ICO phase is over, the jackpot will have at least 333 ETH in it, and the game will start.
Players will be placing bids (starting with 0.01 ETH). Each bid claims the jackpot and starts a countdown timer. If nobody else places a bid before the timer runs out, the player to make the last bid gets the whole jackpot. This won?t happen so easily though, because someone else will want to place another bid and claim the jackpot for themselves instead, at the last moment. Someone else will place a bid to not let that second person win it, and so on.
The more bids are placed, the shorter is the countdown timer (3 hours down to 5 minutes), and the higher the bid price (0.01 ETH up to 0.1 ETH to 0.5 ETH and higher with no limit).
Check EtherJack.io to see a simulation of the game running, and read an illustrated version of the game rules.
The game is implemented as a smart contract with published source code. The source code of the JACK token is published as well.
Neither the developers nor the Croupier bot (off-chain component of the game) can affect the course of the game in any way other than available to everyone else, it can be verified in the contract code. More details on roles of the developers and Croupier can be found in the white paper.
EtherJack.io is a combination of game of good timing, patience, luck, and investment. Every participant has a very real chance to win the big chunk of Ether. Mathematically proven.
What is being sold?
During the ICO phase of the game, the Jackpot contract is selling JACK tokens (a custom ERC20 token used in game mechanics) at a discounted price until there's at least 333 ETH in the jackpot.
The price of JACK tokens during ICO starts at 0.004 ETH per JACK, and will reach 0.006 ETH by the end of ICO. At the game start, the price will jump to 0.01 ETH per JACK and keep growing as more and more bids are made in the game.
The JACK price is defined by game rules (the smart contract), and the way the game is designed guarantees that JACK is worth at least the nominal price at all times. You can read more on that and why it is so, in the white paper.
The power of JACK
JACK has three roles in the game, and it's three ways you can benefit from being a JACK holder.
Role 1: Bid JACK.
At any moment, one can bid one JACK instead of an ETH amount to claim the jackpot. This is especially useful when bid prices reach too high levels. When not everyone can afford to pay the bid price to claim the jackpot, JACK holders still can by bidding just 1 JACK.
Bidding JACK tokens permanently burns them, reducing the total supply and thus increasing their value even more.
Role 2: Get a cut.
A JACK holder can deposit their JACK with the Croupier bot and get a cut (17.5%) from every bid made in the game and a cut (35%) from every new JACK token sold during the game phase. The cut is divided between all deposits proportional to the amount of JACK deposited. Deposited JACK can be withdrawn back to your wallet at any time. The deposit balances are stored on the blockchain.
Role 3: Resell.
Since the price of JACK grows all the time together with the bid price, one can benefit from buying early (cheap) and selling late.
Moreover, the game can sell your JACK for you automatically. Issue a command to the Croupier bot, and it will put your JACK on sale, and you will be getting 100% of sale price every time your tokens are sold to new players.
You can of course also resell JACK directly, all wallets support it as a token, since it conforms to the ERC20 standard.
The JACK Holders' Panel at EtherJack.io allows you to monitor your deposit and earnings in real time, and to give commands to the Croupier bot.
So what's the JACK price again?
It starts with 0.004 ETH per JACK, and will gradually reach 0.006 ETH by the time 40,000 JACK are sold in total. Buying at least 200 JACK in one transaction provides volume discounts starting from 5% and up to 25%.
You can check the current JACK price and use a volume discount calculator at EtherJack.io (scroll to the very bottom for the calculator).
When does the ICO end?
Having 333 ETH in the jackpot will start a 48-hour countdown timer. After the countdown is over, ICO will end, and the game will start.
If you subscribe to AirDrop on the website, we?ll e-mail you an alert 12 hours before the game starts, and right when the game starts.
You can also subscribe to push notifications on game status changes (works in Chrome, Firefox, and many others, including mobile; but doesn?t work in Safari including iOS Safari).
During the ICO the price starts with 0.004 ETH per JACK. Once 10,000 tokens are sold, the price will change 0.005 ETH, and then gradually reach 0.006 ETH.
Once the game has started, the price will be 0.01 ETH and will grow up by 0.006 ETH with every 100 bids placed.
After 1000 bids (which is no later than 35 days from game start) JACK will cost 0.07 ETH, and after 5000 bids (67 days from start max) 0.31 ETH, and so on.
JACK holders can start selling JACK to new buyers through the game's smart contract from the start. Alternatively, they can start getting a cut from each bid made in the game, or both, or first deposit, and then when the prices have grown, sell them.