Dao.Casino introduces the first Ethereum-backed protocol for the online gambling industry. By building their protocol on the Ethereum blockchain, Dao.Casino is able to eliminate the need for trust between industry participants and bring increased transparency to the gambling ecosystem as a consequence of blockchain technology. The Ethereum blockchain is a near-tamperproof platform that enables decentralized applications to run on top of it. The decentralized nature of the platform eliminates the need for third-party verification and empowers industry participants to interact and exchange value peer-to-peer.
Ilya Tarutov, Dao.Casino Founder and CEO said, “Ethereum is the best network to use for increasing transparency and efficiency in any system. We are using the Ethereum blockchain to transform the gambling industry and support provably fair gambling.”
Dao.Casino’s protocol incentivizes the participation of the entire gambling industry, including developers, players, casino operators, referers, bankroll backers, and random number providers, through a system of rewards executed by smart contracts. Rewards are attributed in BET tokens, Dao.Casino’s in-game currency.
This June Dao.Casino is launching their ICO. The funding will be used to continue development of the protocol. Already, Dao.Casino has introduced algorithms for equally unpredictable pseudorandom number generation (PRNG) for two-party games with multi-player PRNGs in the works. Achieving randomness, or “pseudo-randomness” is an integral aspect of fair gambling. Dao.Casino requires that PRNGs be fast and decentralized, which they outline in their recently released white paper. Dao.Casino also recently issued a BankRoller App. Any token holder can become a bankroll backer by locking their tokens in a game contract and automatically receiving a reward for their support.
Dao.Casino expects the first adopters of their protocol to be distributed enthusiasts, but their ultimate goal is to reach gamers and other industry participants who may not be initially familiar with blockchain technologies. The beauty of Dao.Casino’s protocol is that users do not need to understand the inner workings of blockchain to support games and participate in their ICO raise.
Tarutov added, “Blockchain has far-reaching potential in the gambling industry and beyond. We are excited to invite the gambling industry to participate in our ICO raise and open-source network.”