AltCoin Review: Providence

Providence: Cashless & Physical Crypto Casino & Resort


Introduction

In 2012, the aggregated income from casinos around the globe accounted for USD 450 Billion in revenue, 88% of which came from offline casinos. Providence is providing a revolutionary new way of operating casinos by eliminating the cash element and replacing it with cryptocurrency. This structure will be the first of its kind where gamblers may buy chips with cryptocurrency and every transaction in the casino is recorded on a blockchain network. Providence intends to integrate this cryptocurrency based structure at every retail outlet casinos. By this method, the company will introduce a potentially vast market for the spending of cryptocurrency, gambling. Since all transactions will be recorded on a blockchain, Providence also intends to eliminate any chance of fraudulent activity involved in the casino increasing customer trust.

Roadmap

Providence is not only taking advantage of its introductory position for a revolutionary application of cryptocurrency for casinos, but the company is also striving to implement its idea to the market in the shortest possible time. The company will initiate the sale of its token, PVE,  in November 2017 with a hard cap of 114,000 ETH and will initiate intensive marketing activities. In the December of 2017, Providence will update its architectural activities, procure its 99-year lease for casinos, issue its Providence Casino license, and launch its online casino platform. Continuing this pace of innovation, the company will launch its gold and silver debit cards and renovate its retail locations in the first quarter of 2018. Furthermore, in Q2 of 2018 the company intends to integrate its exchange system and open its resorts for guests whereas, in the second half of the year, it will launch its smart contract and reward redistribution. In 2019 Providence aims to integrate its online and offline network casinos to a single platform

PVE Token Structure

For transactions in its casino operations, Providence has introduced its token under the name of PVE. This token is of ERC 20 type and is based on the Ethereum smart contract for transaction and consumption purposes. The initial exchange rate of PVE is measured in terms of Ethereum where 1 ETH = 600 PVE. The company intends to print a total of 200 Million coins over the course of its investment rounds. However, only 102 Million of the total coin supply will be released upon its initial coin offering. These coins may only be purchased using Ethereum coins. The minimum contribution amount for the token sale is set to 0.06 ETH where less than this amount will not be accepted as a viable investment. The company has allocated 51% of its tokens for sale to the general public where 15% of that amount is allocated to Vlora Asset Management firm. 49% of the remaining tokens will remain in the Providence management firm where 31% of these tokens will be retained by Providence for online and physical casino liquidity. A share of 8% will be split equally between marketing and promotional activities and bounties. The remaining 10% of the tokens reserved by the firm are allocated to the founding team members, strategic partners and employees of the company

Advantages

Among the many advantages that Providence presents through its introduction of cryptocurrency and blockchain technology to the global gambling industry is the reduction of costs, independence from the currency exchange rate and a decrease in the volatility of the prices which hence increases its revenue and simultaneously decreasing its operational expense. The currency exchange system will be handled with extreme ease by the consumer to buy chips. Furthermore, no extra taxes will be taken from the consumer on the transaction. Since blockchain technology is implemented, all transactions within the casino will be recorded which will eliminate any potential risk of fraudulent activities

Conclusion

Providence has introduced the first cryptocurrency based casino, simultaneously introducing a potentially vast market of USD 450 Billion spent on gambling. Upgrading the conventional operations of casinos with cryptocurrency and blockchain technology is a factor the gambling industry is in need of. As the Providence cryptocurrency is based on spending for gambling, the daily trade volume of its coin will be very high compared to other cryptocurrencies. This, in turn, will increase its market cap. Hence it is highly likely that this cryptocurrency will increase in value exponentially within the short time of its launch. I hope to have provided all data and analysis for Providence above, however, if you require more information on this subject please visit the links provided below

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Written By: AltCoins Reviews
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AltCoin Review: Providence AltCoin Review: Providence Reviewed by AltCoins Reviews on November 09, 2017 Rating: 5

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