DAO.casino, an online casino based on Ethereum blockchain technology has set the bar high with its goals to provide its players with the fairest conditions to play. The CEO of the casino hopes that the project will receive more attention through a public fundraiser.
Ilya Turatov, the CEO of the blockchain casino seeks transparency in all his ventures and this online casino successfully follows suit. The protocol for gambling on the Internet which he is creating can be proven as fair at all times and is a platform which provides decentralized applications to run on top of it. This means that there is no need for third-party verification, which gives industry partners the opportunity to interact peer to peer and exchange data and information.
The ICO, also known as initial coin offering which is used by startups in order to raise money for a new crypto-currency venture. It is not regulated, but this makes it more time-efficient and a less rigorous way to fund the new business. It will be used to further the development of the project and exploration of the field. Recently Turatov introduced to the public algorithms for equally unpredictable pseudorandom number generation (PRNG) compatible with two-party games. He also revealed that there are plans for developing multi-player PRNGs as well.
This new type of protocol will give anyone the opportunity to make their dreams come true and become a bankroll backer. Gambling fans can now not only play at a casino but also be part of the casino operators world and see how owning a casino feels like. All kinds of tech-savvy enthusiasts are expected to be interested in the project, and the audience is expected to broaden even further than them.
Ilya Turatov is aiming to make a quality change in the gambling industry by making it less dependent on trust between the participants and more relying on transparency in general. Ethereum is the most convenient network, working on the blockchain principle, which could be utilized to support the efficiency of the project. The in-game currency in the DAO.casino is called BET tokens and this is how the rewards are paid off.
The casino’s technology is used to maintain a list of records, called blocks which continues to grow constantly. It is an open ledger, which can keep a record of the transactions which have occurred and are occurring between two parties in a very efficient and legitimate way. This type of database distribution has been initially made well-known by Bitcoin. It encourages the participation of all sectors of the gambling field, among which casino operators, bankroll backers, players, developers, further rewarding them for it through smart contracts.