Zeebit isn't your average online casino.
Launched on the Solana blockchain, it boasts a revolutionary approach to gambling, built on the tenets of decentralisation, transparency, and provably fair gameplay.
This in-depth exploration delves into the core functionalities, reward mechanisms, and the challenges Zeebit has encountered on its path to becoming the ultimate Web3 gaming haven.
The online gambling industry is a behemoth, with a market size exceeding $90 billion and projected to reach a staggering $360 billion by 2023.
A new breed of blockchain-based casinos, or "CasinoFi" as they're called, has emerged within this space.
However, these platforms, like Stake and Rollbit, are still largely centralised, which comes with a set of drawbacks:
Zeebit emerges as a breath of fresh air, aiming to disrupt the status quo with its decentralised architecture.
Here's what sets it apart:
On 18 July, Zeebit announced the launch of its innovative decentralised risk-on microgaming platform, a first on the Solana blockchain.
This platform, designed using the Sonic Virtual Machine (SVM) infrastructure, promises to redefine the gaming landscape for crypto natives by integrating an array of innovative Web3 gamification features.
Billed as a "degen playground," Zeebit's new platform will feature a variety of casino classics and player-versus-player (PVP) games, along with Web3 native risk-on experiences.
The cornerstone of this platform is its commitment to verifiable and provable fairness and non-custodial settlements, ensuring a transparent and trustworthy gaming environment.
Bayzian, a core contributor at Zeebit, stated:
"Our collaboration with Sonic is possible thanks to the enhancements made to the SVM in recent months, utilising core functionality to unlock new types of games and experiences,"
This partnership marks Zeebit as one of the pioneering game platforms to leverage Sonic, offering players a unique opportunity to explore the Sonic ecosystem.
Zeebit's platform will capitalise on Sonic’s scalable Layer 2 (L2) capabilities, specifically designed to support high-volume decentralised applications (dApps).
Settlement will occur on Solana Layer 1 (L1), ensuring the efficiency and security of transactions.
As part of this initiative, Zeebit will migrate its existing Solana-based platform to Sonic L2, including all player histories, stats, and points.
This transition is expected to enhance the overall user experience and operational efficiency.
One of the standout features of Zeebit's platform is its use of verifiable random functions (VRF) for on-chain randomness, which ensures that all game outcomes are transparent and fair.
This technology is crucial in maintaining the integrity of the games, allowing players to trust the results without any doubts.
The integration of VRF exemplifies Zeebit’s commitment to creating a fully decentralised and fair gaming environment.
Zeebit has been incubated by Solana Labs, being one of the 6 selected teams out of 300 applications, and is backed by prominent Web3 venture capital firms, including Jump Crypto, Mirana Ventures, and GBV.
This support underscores the platform's potential to create new on-chain experiences and push the boundaries of Web3 gaming.
Chris Zhu, CEO of SonicSVM, remarked,
"Zeebit stood out to our team immediately as they weren’t just building another crypto casino: they are a highly technical team that were looking to fully utilise the benefits and utility of web3 technology on Solana."
The platform is set to launch on the Sonic testnet in the coming weeks, featuring a mix of existing and all-new games, including Dice, Coin Flip, Limbo, Plinko, Roulette, Mines, Crash, Baccarat, and Blackjack.
Following the testnet phase, a full mainnet launch will occur, accompanied by a series of incentivized campaigns for gamers and on-chain users.
Participants will have the opportunity to earn Zeebit points and Sonic rings, which can be redeemed later, adding another layer of engagement and reward to the gaming experience.
For now, the initial phase of the platform's launch, known as "Mainnet Alpha," is a closed testing stage where only whitelisted wallets can access the platform.
This phase is crucial for ironing out bugs and issues before the full public launch.
Selected testers will provide valuable feedback, helping to refine and perfect the gaming experience.
Zeebit’s non-custodial protocol ensures that all bets, transfers, and player interactions occur directly between users’ wallets and the protocol, with results and settlements that are verifiably fair.
This approach eliminates the need for intermediaries, enhancing both security and transparency.
"Zeebit is the future of CasinoFi," asserts the team, emphasising their vision of a decentralised and community-centric gaming platform.
Zeebit’s reward ecosystem is designed to keep players engaged and incentivized.
At the heart of this ecosystem are Ranks, XP Points, timed bonuses, referral rewards, rakeback, and boosts.
Players progress through ranks by acquiring XP Points, unlocking new rewards at each milestone.
Zeebit offers daily, weekly, and monthly bonuses, enhancing the player’s experience and rewards as they advance through the ranks.
Referral rewards allow players to earn by sharing the platform with others, while the rakeback system ensures that every bet placed earns a return, regardless of the outcome.
Zeebro NFTs are central to the Zeebit platform, offering exclusive utility and benefits within the decentralised CasinoFi environment.
Limited to just 3,333 NFTs, the Zeebros not only enhance the gaming experience but also unlock unique rewards, platform perks, and participation in profit distributions.
Staking Zeebros grants access to gamified profit-sharing opportunities, including a share of daily casino profits, NFT marketplace royalties, and unstaking fees.
Additionally, Zeebro holders can earn eligibility points for future $ZBT token airdrops, with early presale buyers benefiting from multipliers that boost their airdrop rewards.
These NFTs are smart contract-governed, ensuring that benefits and distributions are transparent and secure.
In a bid to uphold the highest standards of security and reliability, Zeebit underwent a comprehensive smart contract audit conducted by the esteemed web3 security firm, Sec3 (formerly Soteria).
This extensive audit focused on Zeebit's three core smart contracts: Cashier, Random, and Casino.
Each contract serves a vital function within the platform:
The audit revealed several issues, all of which have been addressed or deemed non-threatening, and a subsequent review by Sec3 validated the effectiveness of the implemented changes.
By ensuring that these smart contracts are secure, maintainable, and easily integrable with new games and features, Zeebit guarantees a robust and trustworthy gaming environment for its users.
The full audit report can be viewed here: Sec3 - Zeebit Core - Final Report 20240227.pdf
Sec3 is a blockchain security firm specialising in auditing smart contracts and providing security software for Web3 projects.
Founded by a team with impressive credentials including Goldman Sachs, Standard Chartered Bank, IBM Research, and Northwestern University, Sec3 offers a suite of products to secure projects at various stages.
While the smart contract audit market is competitive, Sec3 has secured $10 million in funding and boasts high-profile clients like Helium Network and Metaplex.
Their focus on the Solana ecosystem, coupled with plans to expand, positions them as a potential leader in the industry.
Zeebit's anonymity is a significant factor in assessing its trustworthiness.
While the project has undergone a security audit by a reputable firm, bolstering its credibility, the lack of public information about the team behind it remains a concern.
Should we still trust the project?
Despite that, Zeebit's selection for incubation by Solana Labs offers some reassurance.
Solana's incubator likely vets companies through a rigorous process that evaluates their team's expertise, project's potential, alignment with Solana's ecosystem, and technical feasibility.
This typically involves multiple rounds of screening, interviews, and technical assessments to ensure that selected projects have a high chance of success and contribute meaningfully to the Solana ecosystem.
This provides a degree of confidence in Zeebit's potential.
Zeebit’s journey hasn’t been without challenges. Shortly after launch, Solana's network congestion posed significant hurdles, impacting the platform's reliance on low-cost and low-latency transactions.
However, the core contributors have been diligently working on solutions, demonstrating resilience and commitment to their vision.
Zeebit’s roadmap outlines a comprehensive vision for expanding its decentralised gaming platform.
The journey begins with the initial launch on Solana, including the deployment of its Devnet and Mainnet, introducing a suite of all-original games, forging key ecosystem partnerships, and initiating early adopter rewards and an NFT collection launch.
Following this, Zeebit plans to expand its reach to EVM and cross-chain environments, with the rollout of a second generation of games, the publication of tokenomics, and the introduction of gasless transactions and cross-chain bridging.
The final phase envisions a broadening of its gaming offerings, the implementation of token and NFT staking, enhanced liquidity provisions, and the integration of fiat on- and off-ramps, aiming to position Zeebit as a leader in decentralised gaming.
Coinlive sees Zeebit's commitment to decentralisation, verifiable randomness, and a non-custodial approach as positive steps for the future of online gaming.
Their partnership with SonicSVM for scalable L2 transactions and their focus on provable fairness are innovative solutions.
However, the anonymity of the team and challenges faced on the Solana network raise questions.
While the Solana Labs incubation provides some validation, long-term success will depend on Zeebit's ability to navigate these hurdles and establish a strong user base.
Can Zeebit become the "degen playground" it envisions, or will it succumb to the complexities of the dApp landscape?
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