- DAO.casino using blockchain technology to develop ‘provably fair’ gaming
- Casino is based on Ethereum, seen as a new stage in blockchain concept
An online casino that is looking to revolutionize the sector with ‘provably fair’ gaming based on blockchain technology will put interest in the project to the test with a public fundraiser known as an ICO (initial coin offering).
The casino is based on the transparency offered by blockchain, the distributed database concept which has been made famous by Bitcoin.
The potential application of this technology outside of the realm of cryptocurrency has been discussed for some time now, but DAO.Casino is making the first steps towards this goal by creating a provably fair online gambling protocol powered by the underlying technology of Ethereum.
Ethereum is claimed to be a new frontier in the blockchain concept, which not only incorporates cryptocurrency, but also ‘smart contracts’, or computer scripts that can be executed transparently to complete processes. Start-up businesses, like DAO.casino, are able to use Ethereum as a platform on which to build applications – while carrying the badge of transparency that Ethereum brings.
Fair and independent
These days, online casino games are mostly regulated by independent third parties. These licensing and auditing agencies usually have an impeccable reputation, and their judgment is trusted by the players, but a seed of doubt about fairness that can linger with some players.
Even if there is no actual proof to back these claims, players frequently take to forums or social media to question whether the casinos and their games are playing fair.
That’s one of the reasons why Ilya Tarutov, founder and CEO of DAO.Casino, has come up with an idea to introduce a protocol based on the underlying technology of Etherum. This technology has transparency as its main feature, with everyone being able to check what’s going on in the chain. Additionally, it is practically impossible to tamper with due to its decentralized nature.
The selling point of the new protocol is the ability to offer casino games that are provably fair beyond a shadow of a doubt. With the results of all computations available to the public, there would be no way for casinos to do anything shady to “rig” the games, and players could play worry-free, knowing they aren’t being cheated out of their money.
Getting the industry excited
DAO.Casino wants to get the entire industry involved in the development of the new protocol. Game providers, operators, players, and all other relevant stakeholders are incentivized with special rewards at DAO.Casino for participating in the project.
In the coming days, the casino will be launching their Initial Coin Offering (ICO), looking to raise more funds necessary to keep the project alive and moving forward. Thanks to the new protocol, anyone can become a bankroll backer, giving even players a chance to get involved in owning, rather than playing at a casino
Initially, the idea is likely to attract enthusiasts and tech-savvy individuals who understand all the technical details about the blockchain technology. The challenge will be to bring the concept to a wider audience.
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