Anyone who has ever had a bad experience at an online gambling site would prefer a system that puts the player in direct contact with the betting operator; in other words, one that is minus the middleman who currently takes a big cut out of transactions and doesn’t necessarily provide a safe gambling experience. New kid on the block DAO.Casino says that it has just the solution for most of the online gambling industry’s problems. Promoted by a Russian operator, this online casino runs on the Ethereum blockchain, and it promises to revolutionise the gambling industry.
An Interesting Proposition by DAO.Casino
DAO.Casino has a very interesting proposition to offer indeed since it says that it can provide a gambling experience without many of the common problems that affect it. By using Ethereum blockchain, it can reduce the chance of fraud while also bringing costs down. Furthermore, it will drastically cut down the time taken by monetary transactions. This means that players will be able to withdraw their funds almost immediately. Overall, this will increase the customer’s’ confidence in the industry which is currently very patchy at best.
Concept of DAO.Casino
DAO.Casino is a very interesting concept but it is not a regular casino where people can just open an account and start gambling. It is actually an open protocol meant for online gambling operators to build their sites on. Therefore, it is not targeted at end users who won’t necessarily know that a site they are playing on is supported by Ethereum.
However, DAO.Casino has plans to create its own portfolio of branded games. The company intends to encourage online gaming software companies to integrate with its network in order to feature game there. In fact, anyone can develop a new gambling site using DAO.Casino’s protocol and its BET tokens, but can rename the tokens to suit their branding. Overall, the intention is to provide a safe, convenient, and enjoyable gambling experience without having a casino or middleman that adds to the cost of the transaction.
Cryptocurrencies are surging ahead in popularity. This is all thanks, in no small part to, rival currency, Bitcoin’s increasing use in the online gambling industry. Bitcoin’s value is surging ahead in 2017, and it is around $2848 so far. Ether, which is the currency used on the Ethereum network, has also increased in value, climbing 174% just the last month to touch $263.
Ethereum Smart Contracts
Ethereum is unlike Bitcoin blockchain in that it has been designed specifically for smart contracts. These are coded agreements that interact with other such agreements in order to enact certain functions automatically. Incidentally, both Bitcoin and Ethereum were launched in 2009.
The smart contracts used in Ethereum enable transactions to take place quickly and conveniently. Many companies, and not just online gambling operators, have indicated that they are keen to explore this technology. This is because of the many conveniences it offers. However, there don’t seem to be many applications for Bitcoin in particular at present. However, its value is being pushed up thanks to speculative activities. Ethereum, on the other hand, holds much more promise for commercial use. Interestingly, its founder Vitalik Buterin had a meeting with Russian President Vladimir Putin recently.
DAO.Casino Soon to Launch ICO
DAO.Casino has announced that it will be launching an initial coin offering (ICO) on 29 June. It will be as a means of raising funds for the startup. Additionally, it’s also getting people to buy its coin with another established coin. In this instance, investors will be able to buy DAO.Casino’s token, called BET, using Ether. The excitement generated by Bitcoin is quite a lot. Hence, it seems very likely that people will be open to the idea of investing in DAO.Casino’s BET as well.