DAO Casino wants to use cryptocurrency to disrupt online gambling

If that sounds like a mouthful, let’s take a step back. In the cryptocurrency world, much of the press and attention right now is around bitcoin, since the price of bitcoin is flying: it’s up 200% in 2017 so far.

But the price of a rival cryptocurrency, ether, has seen a bump as well: it’s up 174% in the past month, to $263. Ether is the currency of the network, which is a blockchain for smart contracts.

View photos

Price of ether in 2017. CoinMarketCap

More smart contracts

While bitcoin runs on the bitcoin blockchain,  situs judi online a decentralized, permissionless ledger—and blockchain technology originated with bitcoin in 2009— runs on its own blockchain specifically designed for smart contracts.

Smart contracts are coded agreements that live in a permanent address on the chain. These agreements can interact with other contracts to automatically enact functions.

While bitcoin is soaring as a speculative investment, there aren’t yet obvious mainstream uses for the currency beyond trading and holding it; many in the industry await the “killer app” for bitcoin.

DAO.Casino is not an actual casino itself, but an open protocol for online gambling companies like an online casino, blackjack game operator, or sports betting site to build on. DAO.Casino will also build its own branded games. It isn’t aimed at the end user—if an online betting site were to use it, the bettor wouldn’t have to know or see that they’re using a system built on . situs judi online I could even develop my own gambling site on top of DAO.Casino’s protocol and pay out users in BET tokens, but rename them Dancoins. The company’s hope is that online betting sites will integrate with its network to offer games without the casino, a middleman that takes a big cut and may not always be trustworthy.

Story Continues

No relation to The DAO hack

Nonetheless, the company embraced the DAO acronym because of what it stands for, a decentralized autonomous organization which any blockchain-based project is, even if it now carries the stink of The DAO.

Potential causes for hesitation

Of course, online betting operators may be hesitant to jump on an -based protocol for reasons that have nothing to do with DAO.Casino’s name.

As of January, nearly 25% of all smart contracts on were game-related. That’s why DAO. situs judi online Casino CEO Ilya Tarutov honed in on a gambling protocol. Traditional server-based online gambling sites don’t engender enough trust, he says, but using a decentralized network can add transparency.

To ensure fairness of games, DAO.Casino implements randomness through PRNGs pseudorandom number generators, and incentivizes users who develop new games, fund the development of new games, operate casinos, and contribute random-number algorithms by rewarding them in BET tokens. The games built on DAO.Casino will operate in BET. “Grossly simplified,” Tarutov explains, BET is a “security measure.”

For now, DAO.Casino is in beta, situs judi online and offers a simple dice game as an example of what it can do. More games are coming, Tarutov says, from online gambling operators ready to put their games on DAO.Casino’s testnet. In the next few days, the site will add a blackjack game.

Leave a Reply

Your email address will not be published. Required fields are marked *