DAO.Casino is a gambling protocol that enables trustless interactions between all parties. It allows fair gambling and automated value distribution.
Coinmark cap opening date: Jul 02, 2017.
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PROJECT OVERVIEW.
DAO.Casino is an Ethereum-based protocol for the online gambling industry that enables interactions between all parties without the need for trust. It consists of a system that is capable of providing equally unpredictable pseudorandom numbers for games, and 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.
BACKGROUND.
Online casinos take about 10% of the total legal turnover in the world gambling business, and 60% of online casinos belong to 22 leading networks. Another 30% are subsidiaries of well-known offline casinos, and the remaining 10% is owned by private individuals.
Taking into account these monopoly phenomena, the developer has few chances to attract the required number of audience members to start its project in this market. On the part of the player, 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.
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.
HOW IT WORKS.
DAO.Casino protocol automates value chain of the gambling industry. All the contributors — developers, bankroll backers, referrers, and casino operators will be automatically rewarded for their contributions without a need to trust each other, i.e. bankroll backers and referrals won’t have to trust game providers in order to cooperate.
The platform automatically reward the agents by the following shares, when their software is used:
- Game Developer - 25%.
- Casino Operator - 25%.
- Referrer - 25%.
- Bankroll backers - 25%.
Example: Alice operates an online casino and Bob is a referral. Bob brings a new player to Alice’s casino and wants a reward for it. In a conventional system Bob will have to trust Alice so that she gives him his reward for bringing a new player, or have a contract with him that is enforceable legally. In a DAO.Casino value distribution system this reward will go from Alice’s casino to Bob automatically, so Bob doesn’t have to trust Alice. So they don’t have to know and trust each other in order to cooperate. This is just a referral component example.
To allow fair gambling, DAO Casino has implemented the Signidice algorithm. This algorithm functions for two-player games, i.e., player versus house. Essentially what it does is ask the player for a random number, then the contract hashes it (along with the players address and the casinos private key), generating a new and unpredictable number. And all the contract has to do to prevent fraud is not to allow the same address to use the same random number twice.
To allow for more complex games, new algorithms will have to be implemented.
INTENDED USE CASES.
Casino operators.
Casino operators will be able to guarantee that all games held at their virtual premises are provably fair. The protocol is also hoped to reduce costs.
Bankroll Backers.
DAO.Casino’s sustainable model is supported by, what DAO.Casino refers as, Bankroll Backers. Bankroll backers are token owners that make their tokens available for a game contract. Many games play “the house” and need cash to pay winning players, thus they need bankroll backup.
Any participant holding DAO.Casino’s native token BET can take up the role of a Bankroll Backer; s/he will only require to install bankroll app and commit their tokens in a game contract, and receive rewards.
Bankroll Backers will be able to evaluate games in a market environment to understand what kind of reward they will be able to count on, and make a choice in favor of the best of the games. So, “bad” games do not even reach the player.
In fact, the bankroll sponsor conducts the first audit of the game. Naturally, he takes risks - the game justifies itself or not, but in the market conditions it works best. After the game has received the required amount BET`s, the bankroll sponsor will automatically receive a reward (part of the player’s loss), which is pre-programmed in the game contract code
Developers.
For developers, DAO.Casino proposes to eliminate their need to rely on centralized casinos. With a bankroll backer and randomness provider, game developers won’t have to depend on casino operators, and finding a bankroll backer would be enough for them to roll out a successful product.
With the protocol, game developers to get automatically rewarded for their job when casinos take their games onboard. Unlike the current situation, the developer will retain copyright for their game.
Gamers.
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.
VALUE OF COIN.
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.
ROADMAP.
CURRENT ACHIEVEMENTS.
- Alpha platform
- Dice game.
- EDCON “Hack the DAO” game.
- Blackjack in beta.
- RNG Signice integration.
View future releases here
COMPETITORS.
This team dreams about a gambling world where players win or lose because of their skill or luck – not because of someone’s will. To achieve this, they came up with an innovative idea to improve existing casino games with Etherium Smart Contract blockchain.
Features: Free money withdrawals and deposits, no delay to money withdrawals and deposits, random number fairness check, impossible for intentional casino profits draining and transparency guided by Ethereum smart contract.
Coinmark cap opening date: Mar 30, 2017.
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Vslice/vdice is a Dapp gambling game that exists as an Ethereum smart contract. vDice will give you the opportunity to be the casino or the house in online betting. By buying the token you also contribute funds to Smart Contract Game Developers and earn ETH from successful Game Projects.
Coinmark cap opening date: Dec 19, 2016.
Coinmark cap opening price: $ 0.110920.
Coinmarkt cap current price: $0.575158.
Etheroll is an Ethereum smart contract for placing bets on a provably-fair dice game using Ether with no deposits or sign-ups. Each dice roll is provably random and cryptographically secure thanks to the nature of the Ethereum blockchain.
Coinmark cap opening date: May 17, 2017.
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Players can use this Ethereum-based currency on casinos built on the firm’s protocol, which operates on the blockchain and uses patented payment channels to ensure scalability and speed. Developers, licensees and affiliates are also able to interact and build on top of the FunFair.io protocol.
Coinmark cap opening date: Jun 27, 2017.
Coinmark cap opening price: $ 0.017410.
Coinmarkt cap current price: $0.026588.
What’s its difference with competitors?
DAO.Casino is not a game platform, it’s a protocol - an automated business logic that any platform operator can plug into, provided they want to play fair - run Ethereum-powered games.
