DAO.Casino is not a genuine casino, but an open protocol one for the online gambling operators to build upon. The lack of transparency led people to believe that casinos are cheating. Even with the slightest manipulation that goes unnoticed by players, large casino operators might increase their profits at the very costs of its public.
However, the introduction of smart contracts makes sure that the game operators and casino owners cannot be wicked or corrupted.
The Russian company, DAO.Casino, is an Ethereum-powered protocol for the online gambling industry. The core aim behind its existence is to allow interactions between untrusted participants and bring an increased level of transparency to the online gambling value chain and sustains fair-by-design casino games.
Let’s dig deeper into it!
Following a market research and a technical feasibility study, both conducted in 2016, DAO.Casino has dissected the online gaming industry and introduced equally unpredictable pseudo-randomness to their system. Equally unpredictable random numbers that determine results in each game are provided by economically compensated participants interacting with the PRNG contract.
DAO.Casino focuses on the usability of players and wants to provide a perfect blend of direct and honest user experience, provable fair gambling games and higher payouts. The objective is to build trust and to draw speed, security and unpredictability in online gambling environment and deliver them to players, without any other human actors in-between.
Put differently, the scope of using this blockchain is to soften the transactions for the integrity of data in the online gambling market. The system’s goal is firstly, to provide a P2P business for game developers and secondly, to support a wide number of independent casino platforms where players can enjoy all kinds of gambling games that are fair-by-design, as mentioned before.
The DAO.Casino protocol will still demand fees, but in a hard-coded reward system for all those involved with no other hidden fees.
Basically, the DAO.Casino blockchain technology will aim to split the bill between the four major parties involved in the online gambling business. The reward distribution scheme would look like this:
- Game Developer: 25%
- Casino Operator*: 25%
- Referrer: 25%
- Bankroll Backers: 25%
*A casino operator can be both a platform and a Referrer.
So, this means complete fairness for the four independent platform operators.
De facto, it’s much more profitable for a gaming developer to use the DAO.Casino blockchain protocol rather than work independently and less expensive for casinos operators to deliver a more liable and secure service to its customers.
What Provable Fairness means?
If you’ve ever played online casino games before, you might have heard of it.
It’s an algorithm that helps players to verify each roll outcome in casino games in order to ensure they are getting a fair slice.
The random number generation is a basic element of encryption software and casino games. RNG software does not just generate a single random number but produces a series of possible number outcomes.
Truth is, each cryptocurrency gambling platform will use different provable fair approaches to for a wide variety of casino games that work on Bitcoin.
The application of cryptocurrencies will also stand to remodel the online gambling establishment. The question that comes on everyone’s mind: so, what are cryptocurrencies?
Cryptocurrencies are limited entries in a database no one can change without fulfilling specific conditions [https://blockgeeks.com/guides/what-is-cryptocurrency/]. In other words, they are basically digital cash you can make online transactions with.
What are the main issues the DAO.Casino Protocol solves?
- Risk of fraud in lieu of the online casinos
- Hidden fees
- Excessive costs of running a casino business
- Incapability to check the outcome of the drawing
- Operating expenses such as integrated payment solutions and user account balance management.
The main idea is to deliver casino games to players by eliminating licensing fees and other expenses that relate to owning a gambling business. The DAO.Casino blockchain protocol might bring bigger payouts to customers without any intermediary companies interfering to earn a small share themselves.