Their account isn't old enough to post [ANN]s, yet, but I wanted to help them announce this before Consensus 2017. DAO.Casino is an Ethereum-based protocol for the online gambling industry that enables interactions between all parties without the need for trust. It aims to cover not just the games and user account balances, but the gambling industry value chain as a whole.
It consists of:
- A system that is capable of providing equally unpredictable pseudorandom numbers for games open to any game developers.
- An automated value distribution protocol that enables a P2P markets to emerge.
Smart contracts act as autonomous agents that reward all the key contributors for their work exactly how they have been programmed: game developers, referrers and operators of independent platforms necessary for the game discovery, and those that take part in PRNG.
Obtaining randomness necessary for gambling games in a deterministic virtual machine is not a trivial task, so an economic incentive layer should be introduced. Equally unpredictable random numbers that determine outcomes in each game are provided by a bankroller panel interacting with the gaming contract.
Problems with Traditional Casino Systems
The online gaming industry has a plethora of issues that directly/indirectly originates from the concentration of trust. These issues can be anything from RNG to user balance account management and developers’ access to the market.
Here are some of the common problems experienced by the players:
- After transferring the money to the game account, it is not credited or it is stolen;
- After withdrawing the money from the deposit, it has not been credited to the card;
- The player has not received the promised bonuses;
- The player is not able to enter his or her game account;
- Hidden fees: casinos charge a fee for the gain withdrawal;
- The player can withdraw funds only on a certain day.
Why DAO.Casino Protocol?
DAO.Casino enables a sustainable working model which benefits all the associated parties in the online gambling business process. DAO.Casino can solve:
- Risk of fraud on behalf of online casinos;
- Inability to check the result of the draw;
- High and hidden fees;
- High entry level for the game developers;
- High costs of running an online casino;
- Operations overheads such as integrating payment systems & user account balance management.
Our Mission
The core objective behind the existence of DAO.Casino is to replace centralised casino models with a socio-economic protocol with no human intervention whatsoever. This decentralized system will achieve a fine balance between active participation and a fair economic return for those who participate.
For developers, DAO.Casino proposes to eliminate their need to rely on centralized casinos. Instead, the protocol makes it easier for these talented individuals and teams to monetise their work, raise funds, and expect bankrolling without paying heavy commissions.
For gamers, DAO.Casino is equally attractive, as it allows them to break free from rigged centralised online casinos. Traditional casinos are a black box; players cannot call their bluff easily, because the outcomes of each bet are calculated behind closed curtains. DAO.Casino, on the other hand, allows for transparency.
The protocol focuses on obtaining pseudorandomness in all the gaming outcomes by introducing an economic incentive layer. Here, the participants interact with PRNG contracts to ensure unpredictable pseudorandomness. In the beginning we expect existing licensed online casino operators to integrate with the protocol to reduce costs, while long-term new forms of regulations more suitable for decentralised, transparent and automated systems can emerge.
The long-term goal of the DAO.Casino project, apart from providing experimental software and implementing main protocol components, is to contribute to the development of new forms of online gambling certification. So far, gambling games on Ethereum remain in the gray legal area, but it doesn’t have to be so, since technologies such as Ethereum open up possibilities for far better customer protection and enable fair-by-design gambling.
Read our whitepaper
https://github.com/DaoCasino/Whitepaper/blob/master/DAO.Casino%20WP.mdAbout the BET Token
BET is DAO.Casino’s internal token. It is used as in-game currency for all the game contracts integrated with the protocol and to power DAO.Casino reward system. In the near future, BET accounts can also be used as a reputation system and for ranking the games and the players. For example, most popular games would have more transaction history.
DAO.Casino values participation as much as it values investment, so the protocol will benefit all the parties involved in the online gambling business process. Suggested Dao.Casino reward distribution is as follows; it rewards all participants equally, however independent platform operators can choose their own reward distribution scheme (e.g. if the platform needs to incentivise more referrals but build their own games)
Game Developer: 25%
Casino Operator*: 25%
Referrer: 25%
Bankroll Backers: 25%
*Casino Operator/Platform can only be one entity. All figures are subject to change.
BET Crowdfund
The BET crowdfunding campaign is planned during Q3 2017. Dates will be announced soon.
Our Roadmap
DAO.Casino Team
Press Mentions
CoinDesk:
http://www.coindesk.com/scam-free-gambling-ethereum-regulators-might-not-ready/The Blockchain:
http://www.the-blockchain.com/2017/03/14/dao-casino-decentralising-gambling-economy/NewsBTC:
http://www.newsbtc.com/2017/03/17/dao-casinos-ethereum-blockchain-based-platform-ensures-safe-secure-profitable-gaming-experience/http://www.newsbtc.com/2017/03/06/dao-casino-decentralising-gambling-economy/http://www.newsbtc.com/2017/03/30/dao-casino-announces-release-alpha-decentralized-casino-platform-dice-game-smart-contracts/http://www.newsbtc.com/2017/03/16/ethereum-platform-dao-casino-announces-bounties-game-developers/http://www.newsbtc.com/2017/05/22/dao-casino-automates-trust-online-gambling/Eastern Daily:
https://easterndaily.com/scam-free-gambling-ethereum/Bitcoinist:
https://bitcoinist.com/dao-casino-gambling-blockchain/CoinDol:
https://coinidol.com/dao-casino-announces-blockchain-decentralized-ethereum-gambling-ecosystem/CoinTelegraph:
https://cointelegraph.com/press-releases/daocasinos-whitepaper-explores-automation-of-trust-in-online-gamblinghttps://cointelegraph.com/news/daocasino-fair-gambling-powered-by-ethereumCrypto Insider:
https://cryptoinsider.com/dao-casino-not-play-dice-trust-automates/Blog Index
May 31st, 2017:
Breaking the Two Most Common Myths About DAO.Casino:
https://medium.com/@dao.casino/breaking-the-two-most-common-myths-about-dao-casino-3cdfad4cab35March 31st, 2017:
DAO.Casino Announces Release of Alpha Decentralized Casino Platform and Dice Game on Smart contracts:
https://medium.com/@dao.casino/dao-casino-announces-release-of-alpha-decentralized-casino-platform-and-dice-game-on-smart-e564a9c3c6c4March 14th, 2017:
The Difference between The DAO and DAO.Casino:
https://blog.cyber.fund/the-difference-between-dao-and-the-dao-dao-casino-example-29c35574e995March 10th, 2017:
Game Devs Bounty DAO.Casino:
https://hackernoon.com/game-devs-bounty-dao-casino-b88d1714a488March 3rd, 2017 -
Introduction to DAO.Casino:
https://blog.cyber.fund/dao-casino-coming-out-of-stealth-mode-9a11e472c6acFebruary 28th, 2017 -
DAO.Casino - The Future of Gambling:
https://blog.cyber.fund/dao-casino-the-future-of-gambling-d1fd883116d6November 9th, 2016 -
Dao.casino - Next generation gambling industry built on Ethereum:
https://blog.cyber.fund/dao-casino-coming-out-of-stealth-mode-9a11e472c6a
