Blockchain-Based Dao.Casino Set to Bring Transparency to Online Gambling

Gambling online is certainly convenient, and anyone who likes to play can do so as long as they have access to the internet and money in their pockets. However, players always have questions regarding the fairness of the games in the back of their minds.

For the gambling industry, there is a question of the creation of a viable open project that can be utilized to build games. Can these twin problems be solved with the application of a distributed ledger and a cryptocurrency?

DAO.Casino is a protocol based on the Blockchain designed for gambling applications.

What Is Dao.Casino?

Dao.Casino is a lot of services rolled up into one holistic solution for the gambling industry. The system provides services like random number generation, rewards distribution with transparency built in due to a cryptographically verifiable code. Dao.Casino also has a P2P marketplace which allows game developers to bring games directly to the players and raise funds from the community for further development.

This marketplace can also be used by developers to generate referral programs. Casino operators stand to gain as well because they will be able to use the Dao.Casino protocol, which introduces a bankroll backer and a randomness provider into the equation. Casino operators can now rest assured of proven fairness, and they can extend this promise to their players.

Game developers on their part get significant freedom, and as long as they can get a bankroller, they will be able to bring out a working product. Now that anyone can open up their own casino, the community owns the system, and contributors get rewarded by the system.

Why Use A Blockchain Anyway?

Blockchains have come a long way since the days of Bitcoin. Today with Blockchains it is possible to implement ‘smart contracts’ which can be executed automatically against a set of ‘self-verifying’ rules. Using a Blockchain in conjunction with Dao.Casino’s randomizer tool ensures that there is an element of fairness baked into the system.

Talking about the transparency in their system Ilya Tarutov, CEO of Dao.Casino tells Cointelegraph:

“Everything in the system from random number generation to rewards distribution is transparent, auditable and administered by cryptographically verifiable code. No one can change the rules secretly in their own favor.”

BET On Dao.Casino And You Might Just Win

Dao.Casino would be launching their token sale on June 29, 2017, and it will continue until July 26, 2017, or until the maximum cap is reached. Using a token sale a company or a group of people can raise money for an intended project by issuing cryptocurrency. In the case of Dao.Casino they will be release BET tokens and by selling them to members of the public, they will be raising funds for their venture. The maximum capitalization (cap) has been pegged at $25 mln in Ether, and this is the amount that Dao.Casino wants to raise. Since there is no minimum cap, they will launch irrespective of any conditions. There are discounts available to early investors:

discounts available to early investors

It would be advantageous for early investors because due to discounts they will be able to get more BET tokens for the same amount of money.

The nitty gritty of the token sale

Dao.Casino plan to have a compulsory vesting when it comes to tokens. Founders and contributors will have a vesting of two years with a six-month ‘cliff.’  A quarter of their tokens will mature every six months. This will usher in more transparency into the crowd sale as tokens will not pass into the hands of the founders all in one go. As for token distribution, a significant stake (nearly 70%) would be going to the public.

token distribution

After the conclusion of the crowd sale Dao.Casino plan to use the proceeds on this basis:

intended use of revenue

Dao.Casino has something to offer everyone whether they are into gambling or not. Game developers can benefit by contributing their expertise. While gamers can benefit because they can now access fair and transparent games, casino operators have a chance to shift to a trustless and fair system without having to reinvent the wheel, and members of the public can participate in the token sale and be investors in the system itself. It would be interesting to see how the project shapes up after the crowd sale and the traction it gains with the passage of time.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Source: Cointelegraph