DAO.Casino has created a blockchain protocol for gambling. The protocol was created by the founders of the Satoshi Fund and other major blockchain technology companies. Here’s our DAO.Casino review.
What Is DAO.Casino?
DAO.Casino, found online at DAO.Casino, is a blockchain platform for gambling. It’s a decentralized, public system for the gambling industry. The name “DAO”, obviously, comes from “Decentralized Autonomous Organization.”
One key part of the system is an automated value distribution protocol acting as a mechanism for incentives and expressed in a system of Ethereum contracts. The other key part of the system is its ability to provide “equally unpredictable pseudorandom numbers for the games.”
Ultimately, DAO.Casino isn’t the first to realize that Ethereum and its contract system can solve crucial problems in the gambling world – like removing the need for trust or a third-party middleman.
Like other Ethereum blockchain-based technologies, DAO.Casino also offers auditability and cryptographic verifiability, which makes the certification process for gambling games even easier.
In layman’s terms, DAO.Casino has created a blockchain platform where gambling game developers can grow their games in a P2P marketplace. As of June 2017, the company has an alpha version with two games available, including a dice game and a blackjack game. DAO. Casino expects to launch a testnet release before the end of 2017.
How Does DAO.Casino Work?
Essentially, DAO.Casino is a protocol that defines the interactions between untrusted participants for the purpose of online gambling.
There are two levels to these interactions, including the game level (a player’s trust in a particular casino operator in the context of the game, and provably fair gambling), and the business model level (the game developer doesn’t need to trust a casino operator in order to get rewarded).
In other words, all parties in the gambling ecosystem do not need to trust each other in order to cooperate.
Instead of a trusted third party, DAO.Casino uses Ethereum smart contracts. These smart contracts act as autonomous agents. The agents automatically reward all key contributors to the gambling ecosystem, including the game developers, referrers, and operators of independent platforms.
Licensed casino operators can incorporate their gambling games into the platform to earn money. Players can choose these gambling games from a P2P marketplace. Games that are provably fair will naturally rise to the top.
What Problems Does DAO.Casino Seek To Solve?
DAO.Casino aims to solve a number of crucial problems in the world of online gambling, including all of the following:
- After transferring money to game accounts, players do not receive credits, or their money is stolen
- After withdrawing money, players discover the money hasn’t been credited to their card
- The player doesn’t receive promised bonuses
- The players get locks out of his or her account
- Hidden fees, including large withdrawal fees on winnings
- Players can only withdraw funds on certain days
- Online casinos have a risk of fraud
- There’s an inability to check the result of a draw
- High and hidden fees
- High entry level for game developers
- High running costs for online casinos, including overhead costs like integrating payment systems and user account balance management
Overall, DAO.Casino seeks to solve some of the biggest problems in the online gambling industry.
DAO.Casino comes with all of the following features.
Like other blockchain technologies, DAO.Casino is designed to be as transparent as possible. Everything on the platform is transparent – from the random number generation to rewards distribution. This information is auditable and administered through cryptographically verifiable code. Nobody can change the rules secretly in their own favor.
Game developers can deliver games directly to players in the P2P marketplace. Developers can raise funds from the community, then use automated reward mechanisms to remunerate players – like giving referral commissions to players who invite other players to the game.
An author’s IP stays with the author. Game developers don’t need to open their own casino: with DAO.Casino, anyone can be their own casino.
No participant in the DAO.Casino ecosystem has power over another. Whoever contributes value is automatically rewarded by the system. It’s designed to be fair without relying on a third party.
Decentralized systems don’t encourage rent-seeking behavior. Nobody can take a cut for nothing. That means higher payouts for genuinely great game developers.
Market research began in 2016. By Q1 2017, DAO.Casino had released their first game on Edcon and created a platform prototype. Today, they have an alpha and several more games available – including a dice game and a blackjack game.
By Q4 2017, the company hopes to release their official platform on a testnet. By 2018, they hope to have a VR platform, betting integration, and prediction integration in the form of DAO.Casino JS.
The company is led by CEO Ilya Tarutov, a serial entrepreneur with a background in finance, operations, and marketing.
You can contact DAO.Casino by email at [email protected] You can also view source code for the project at the official GitHub page.
DAO.Casino hasn’t yet announced a date for its crowdsale. However, you can sign up for an email newsletter at the official website to receive information as soon as possible. Right now, DAO.Casino is preparing to release their platform onto a testnet before the end of 2017.
At the moment, they have a working alpha with two games – a dice game and a blackjack game.
Obviously, DAO.Casino isn’t the only Ethereum-based gambling platform. However, it may be the most ambitious. It aims to allow developers to build their own casino games, then market those games to players through a P2P marketplace.
Stay tuned for more information about DAO.Casino as the platform continues its development.