Ethereum powered DAO.Casino announced today the release of a minimum viable product (MVP) for its blockchain-based gambling protocol, featuring several games for early adopters. The protocol enables cooperation between trustless parties within the gambling market such as game developers, casino operators, players, and referrals.
The team has built their protocol on the Ethereum blockchain, through which it is able to eliminate the need for trust between industry participants and bring increased transparency to the gambling ecosystem as a consequence of blockchain technology.
The decentralized nature of the platform eliminates the need for third-party verification and empowers industry participants to interact and exchange value peer-to-peer.
“Ethereum is the best network to use for increasing transparency and efficiency in any system. We are using the Ethereum blockchain to transform the gambling industry and support provably fair gambling.”
In the DAO.Casino white paper they show how applying crypto economics and implementing such a system on Ethereum can solve some common issues in the traditional online gambling industry through removing the need for trust ( i.e. automating crucial elements of online gambling industry that usually require trust reduce a risk of fraud and enable a new more sustainable business model to evolve), and also can minimise overheads for casino operators which allows higher payouts for the players and game developers to monetize their work.
All the transactions between stakeholders are happening within the DAO.Casino native token BET. It’s a standard ERC20 token and it will be distributed through a public crowdfunding campaign on June 29th.
The wallet allows a bankroll backing feature. Bankroll backer account is rewarded with BET for taking part in PRNG using the signidice algorithm.
Signidice algorithm allows the player to receive game results much faster before a new block is mined (1–3 seconds).
The application is available on all platforms — thanks to the framework Electron.js.
“Electron.js used in Ethereum wallet, and is available throughout all platforms, including Windows, MAC OS, and Linux.”
Referral system keeps track of registered users. Game revenue is distributed according to how active the players brought by the referrals are.
The referral system is integrated with Google Analytics, so the referrer can establish where the player comes from. Optionally the referrer can connect their wallet with a Google account.
The referral system also includes data about registered users, referral links and the amount of BET received. BET arrives in the referrers balance immediately after each game without delays.
For Game Developers
For Casino Operators (White Label)
Casino operators can customize their frontend platform according to their needs. It is possible to integrate Shapeshift if required. All necessary information is at this link on Github.
Signidice based on Elliptic Curve Digital Signature Algorithm with a custom initial point. This Algorithm supported in Ethereum by default, but bankroller can cheat. The team must check the initial point on the elliptic curve in the smart contract or use RSA (EIP-74) or another deterministic algorithm.
Another problem all transactions burn ~5$ tx fee every time (for every “hit” in blackjack or “roll” in dice). DAO.Casino says it’s necessary to implement technology like Lightning in the system.