Proof of Toss is a decentralized betting ecosystem that aims to modernize the betting industry. Find out how it works today in our review.
What Is TOSS?
Proof of Toss is a betting platform where users can create wagers, bet on events, and judge outcomes to compete for TOSS tokens.
The goal of the platform is to modernize the betting ecosystem by building a decentralized system. That system will cater to ordinary bettors as well as existing bookmakers. It will democratize the gambling ecosystem, providing benefits to gamblers and bookmakers.
The token sale for TOSS tokens will take place sometime in 2018. More information about the token sale is being revealed in mid-February.
Proof of Toss is in active development by a Riga, Latvia-based team of developers.
What Problems Does TOSS Seek To Solve?
Proof of Toss believes there are multiple problems in today’s gambling ecosystem, including:
- When we gamble online, we put our trust in multiple intermediaries, including the payment solution provider, the betting website operator, and other parties
- We’re forced to trust websites to place bets on the outcome we picked
- Betting website need to trust sportsbook providers, including employees and agents
- Fraudulent activities and an overall lack of trust are endemic across the industry
- Bettors face long verification processes
- Bettors are forced to deposit personal funds into the platform, and there’s an overall lack of control over your personal funds (i.e. withdrawal limits and restrictions)
- “Everyone wants a cut” through all of these intermediaries, which ultimately lowers returns and increases fees across the industry
How TOSS Smart Betting, Gambling & Blockchain Works
Proof of Toss is a decentralized, non-profit ecosystem built with one specific goal in mind: to democratize betting.
Proof of Toss will decentralize betting through a blockchain-based platform. That blockchain-based platform provides solutions like:
- Transparent transactions
- Crowd betting wisdom
- Smart contract-based transactions
- Instant payouts
- Dispute resolution
- Global coverage
The platform caters to bettors – the people who want to gamble on the outcome of various events – as well as bookmakers – the people who set the odds for various event outcomes.
Users can play multiple roles in the platform. You can bet on the outcome of an event, for example. Or, you can earn rewards by participating in the platform as a judge.
Proof of Toss’s judging mechanism will use the prisoner’s dilemma to ensure the right decision is made every time. Each wager requires 50 judges to make their ruling. 90% of these judges have to vote for the same outcome. Wages for judges are chosen using the ecosystem’s random number generator. In order to judge an outcome, a user needs to make a deposit of TOSS tokens. The deposit is used to calculate each judge’s earning. At the same time, if a judge makes a ruling against the majority, the deposit is passed to the jackpot fund as a form of punishment.
Proof of Toss will use this judging mechanism to ensure accurate, decentralized outcomes for all events supported on the platform.
Proof of Toss doesn’t currently have a platform or product in place. The first goal of Proof of Toss is to launch a browser extension wallet (something they’ve scheduled for Q1 2018). The remaining parts of the platform, like the platform itself, the web wallet, and mobile applications, are scheduled to launch later in the year. The official public launch of the platform is expected to take place in Q3 2018.
Proof of Toss aims to provide all of the following benefits to bookmakers and users:
Full control over funds in your wallet; users have complete control as funds move from their TOSS wallet to the Proof of Toss betting smart contract, and funds cannot be hijacked, delayed, or stolen by a third party during this process
Multiple roles for users; users can create a wager, place a bet, or join a distributed crowd judge mechanism as a judge
Verified results based on crowd wisdom; Proof of Toss will use crowd wisdom (and the judging system) to provide verified results for all events
No termination of service; because the Proof of Toss ecosystem is fully decentralized, each user retains full control over their wallet, which means they always have the right to interact with the ecosystem
Instant payouts, with all payments and payout logic defined by smart contracts that are run automatically inside the system by the system
Ironclad rules embedded into smart contracts, which means users can trust that the rules will not change
Businesses – including existing betting platforms and bookmakers – can enjoy benefits like all of the following:
- Increase profit margins by eliminating transactional costs
- Increase market coverage worldwide
- Provide better odds to players by eliminating transaction fees
- Avoid chargebacks because blockchain transactions are irreversible
- Enjoy better liquidity because all payments are directly between the wallet and the smart contract
Overall, Proof of Toss is marketing its platform to bookmaking businesses as a way to “stay ahead” of the competition.
TOSS ICO Details
The Proof of Toss token sale for TOSS tokens will take place sometime in Q1 or Q2 2018. The company is announcing more token sale information on February 15, 2018.
We know that there will be a total fixed supply of 1 billion TOSS tokens. TOSS tokens will be sold at a rate of 1 TOSS = $0.17 USD during the token sale.
Proof of Toss has set a hard cap of $50 million USD for the token sale, including a cap of $17.5 million for the pre-sale and $32.5 million for the main sale.
Of the total supply of tokens, 70% is being sold during the ICO and pre-sale, with the remaining tokens (30%) split between a fund (21%), bounties (1%), a whitelist (1%), and the team (7%).
Who’s Behind TOSS?
Proof of Toss describes its team as a group of “both young and seasoned professionals” who have experience in gambling, betting, development, marketing, and business.
Key members of the team include Dmitry Starostenkov (CEO), Azamat Akylov (Co-Founder), Eugene Pavlenko (CTO), and Eugene Malahov (CMO).
Proof of Toss is headquartered in Riga, Latvia. The company has been operating in stealth mode since being founded in 2017.
Proof of Toss is a smart betting ecosystem in active development by a Latvia-based team of developers. The ecosystem aims to provide a better, more democratic betting system through a decentralized network. The system is built on a decentralized judging system and smart contracts.
To learn more about Proof of Toss and how it works, visit online today at Toss.pro. The token sale for TOSS tokens is scheduled to take place in Q1 or Q2 2018.