DAO.Casino (BET) 

ICO Crowdsale (ended)

Project Type: Blockchain

Start Date: 13:00 UTCJune 29, 2017 / End Date: July 29, 2017

Website: Visit DAO.Casino

Whitepaper: Link

“DAO.Casino officially announces the successful end of its token distribution campaign.” DAO.Casino, Singapore, July 26, 2017

DAO.Casino ICO has ended

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Interview with DAO.Casino

 

Bitcoin Chaser: What kind of problem, market deficiency or opportunity inspired you to launch your project?

DAO.Casino: Common problems experienced by the players

  • After transferring the money to the game account, it is not credited or it is stolen
  • After withdrawing the money from the deposit, it has not been credited to the card
  • The player has not received the promised bonuses
  • The player is not able to enter his game account
  • Hidden fees: casinos charge a fee for the gain withdrawal
  • The player can withdraw funds only on a certain day

Some of the existing issues in the market of online gambling** that DAO.Casino protocol can solve**

  • Risk of fraud on behalf of online casinos
  • Inability to check the result of the draw
  • High and hidden fees
  • High entry level for the game developers
  • High costs of running an online casino
  • Operations overheads such as integrating payment systems & user account balance management

***

 

BC: How will your project address this problem, market deficiency or opportunity in a unique way?

 

DAO.Casino: The objective of Dao.Casino protocol is to enable a sustainable model which benefits all the parties involved in the online gambling business process. (i.e it should be more profitable for the developer to use Dao.Casino protocol, rather than work on its own, and less costly for a casino operator to provide better service for the players. Players should have access to more diverse range of games from independent game developers while having a higher level of security than in traditional online casinos).

Single points of failure – processes of value transfer where trusted third party would be required in a conventional online gambling business is replaced by code consistently executed by Ethereum network – a system of smart contracts. These contracts are, simply speaking, just escrows that can be triggered by particular actions performed by the participants and nothing else. These actions correspond to the value that the participants add to the ecosystem. When there is no human actors with administrator permissions that can change value distribution processes there is no risk of such actors would become corrupt and make changes in their favour. This consistency of code is a pretty useful feature in the context of gambling business.

Security of the system is achieved through transparency, consistency and cryptographic verifiability of software used to automate processes otherwise involving trust, and economic incentive mechanisms for it’s human participants.

DAO.Casino protocol still requires a fee system, but the distribution of fees is a hard coded reward system for all the participants described further. There is no hidden fees.

Suggested Dao.Casino reward distribution distributes tokens accumulated by game contracts as follows, rewarding all participants equally, however independent platform operators can choose their own reward distribution scheme (i.e. if the platform needs to incentivise more referrals but build their own games)

  • Game Developer – 25%
  • Casino Operator * – 25%
  • Referrer – 25%
  • Bankroll backers – 25%

*Casino operator / platform and a Referrer can be one entity

Despite of Gas cost that is required for Ethereum powered software to run, the fees should remain lower than in traditional server based online gambling. This is because the gas is paid per operation, and only for the operations and storage that is used.

Game’s front end can be stored either on the server or on the network using decentralised file storage systems such as IPFS or Ethereum’s native Swarm. Using Swarm will also allow to program the game to pay for it’s own front-end storage.

Dao.Casino Protocol Goals

Remove the need in a trusted party in all aspects of online gambling industry, therefore:

  • Reduce operational costs of online gambling therefore provide higher payouts
  • Reduce a risk of fraud
  • Remove the need and responsibility from online casino operators to maintain player’s account balances
  • Enable game developers to monetise their work while maintaining their IP
  • Enable game developers to access bankroll for their game without extra responsibility for managing it
  • Enable an open ecosystem of provably fair interoperable online casinos

Integrate a system of replicable templates and incentivised audit to allow game developers not familiar with Solidity to benefit from a new value transfer paradigm that Ethereum offers.

***

BC: How do you think that competition will develop following your ICO?

 

DAO.Casino: In the beginning we can expect existing licensed online casino operators can integrate with the protocol to reduce costs, while long term new forms of regulations more suitable for decentralised, transparent and automated systems can emerge. Long term goal of DAO.Casino project, apart from providing experimental software and implementing main protocol components, is to contribute to a development of new forms of online gambling certification. So far gambling games on Ethereum remain in the gray legal area, but it doesn’t have to be so, since technologies such as Ethereum open up possibilities for far better customer protection and enable fair by design gambling.

***

BC: What are you planning to do with the proceeds of your ICO, and why?

 

DAO.Casino: After the BET is launched we will be able to test a running system with more participants. A percentage of the funds raised during the crowdfunding campaign will be used to implement, test and release following components:

  1. Reward distribution contract 2.0 – added Bankroll Backers reward
  2. Games Certification Contract example – a registry for audited game contract addresses with a reference to IPFS hashes and it’s contract in Solidity
  3. DAO.Casino Browser 1.0 – a standalone desktop client that addressed Games Certification Contract and assembles the games taking their Ethereum addresses and the frontend stored in IPFS. Detailed specs of the browser will be released during the summer 2017.

In this release a bankroll crowsourcing aspect is completed. DAO.Casino protocol is public, and anyone can audit game contracts, but we can’t expect that every player will read the source code. For that reason a system for whitelisting audited games is useful. Platform operators can use their own Game Certification Contract for the games that they have audited. In this period research and testing of possibly better PRNG solutions continues.

First releases of DAO.Casino are focusing on Ethereum powered components and a client – a browser that allows to navigate games without centrally hosted UI. After those components are implemented and tested the focus of the project should shift towards onboarding new developers and making the system more appealing to traditional casino operators and more useable. Working plan for the end of 2017 beginning of 2018 and onwards:

  • Contracts Opensource Licence based on DAOFactory. Smart contracts as any software needs a licence to define the rules of it’s usage, distribution and relations to patented work. A unique thing about contracts, that it they can be their own licence and the licence is also a piece of code. In the context of gambling games integrated with reward mechanism we are planning to implement a reward based licensing. It means that anyone can replicate anyone’s contract within Ethereum to a new address, while the original contract author is still entitled to automatic rewards defined in the licence.
  • Game Factory – a system for secure replication of game contracts based on DAO.Factory
  • Host Global Game Jam locations end of January 2018. Global Game Jam is the biggest event for independent game developers. Our plan is to release a number of contract templates and documentation allowing game developers without prior knowledge of Ethereum to create games.
  • Integrate a test VR application with DAO.Casino logic. Traditional online casinos are moving into VR, and if we if want to bring decentralised fair gambling to the masses, not just decentralisation enthusiasts, we will need to release VR/3D application integrated with DAO.Casino protocol to stay up to date.

We expect that further research for obtaining equally unpredictable pseudorandom numbers will be needed. Some components of the system, PRNG in particular, might also benefit from such systems as Dfinity while remaining Ethereum compatible.

***

BC: For all those who have read your white paper and are still on the fence about investing in your ICO, what can you tell them that could lead them to invest in your project?

 

DAO.Casino: Smart-contract powered gambling games are gaining traction, we believe that gambling related use cases for Ethereum can be developed beyond a few experimental provably fair games, into a sustainable ecosystem – a backbone that caters for all aspects of gambling industry.

Three issues need to be addressed for this to happen:

  • There should be a system of incentives for all parties that add value to the system. Apart from provable fairness of the game, that will drive adoption and further development.
  • Reliable PRNG. Most likely different sources of randomness for different games and most likely secured by economics, not just technical aspects.
  • There should be ways for the game developers to create games on Ethereum without deep knowledge of Solidity: replicable contract templates, examples and documentation.
  • There should be ways for platform operators to run set up a platfrom that plugs into Ethereum and display games from independent creators without deep and detailed knowledge of Ethereum ecosystem.

 

Are you interested in this ICO? Let us know in the comment section below. If you would like discover more ICOs, head over to our Initial Coin Offering hub for a full list of upcoming and live token sales.

BitcoinChaser Staff

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