Category Archives: Online Gaming
19th of May, 2017 — The DAO.Casino team announces the release of their whitepaper. DAO.Casino is an Ethereum based protocol that automates out the need of trust in a value chain of gambling industry and provides a decentralised source of PRNG for the games.
In the paper titled Blockchain Protocol for Gambling, authors Ilya Tarutov and Konstantin Lomashuk discuss the possibilities of removing barriers in value transactions, not just in the individual games, but in the all aspects of online gambling industry, utilising crypto-economics and integrity of data and code enabled by Ethereum. First part discusses crypto-economic architecture: incentive system, followed by a research of existing methods of random number generation on a deterministic virtual machine, and a new implementation of PRNG algorithm that answers industry requirements in terms of speed while remaining decentralised.
DAO.Casino aims at creating an ecosystem that enables exchange of value between the participants who don’t trust each other, as well as to bring game developers to the Ethereum ecosystem by providing easy templates, libraries, and PRNG methods to work with. Right now, gambling on Ethereum is not developing as it should, and by bringing new skills to the ecosystem, new markets and business models would evolve, and eventually a new form of gambling industry, with Ethereum as a backbone.
Ethereum allows to replace trusted third parties with smart contracts that run exactly how they have been programmed in the context of DAO.Casino provide an equally unpredictable PRNG for the games and automatically reward all the participants for their contribution thus creating a system of incentives. This reduces risks of fraud and as well as the reduce costs for casino operators, thereby allowing higher payouts.
DAO.Casino protocol as a system of smart contracts includes several components: game contracts integrated with reward distribution logic and PRNG, referrer system, and an open bankroll backing system.
Ilya Tarutov, who is also the CEO of DAO.Casino, adds:
“We were observing a lot of experimentation with games using Ethereum smart contracts. But apart from the individual games what is needed for the industry to grow is an ecosystem that allows all the market participants to interact. DAO.Casino aims to solve questions from the value chain perspective.”
In context of provably fair gaming, the DAO.Casino whitepaper confirms that their development team is hell-bent on introducing different sources of randomness for different games that is most likely to be secured by economics, not just technical aspects.
The DAO.Casino team is releasing an MVP until the end of June, and after that will start contribution campaign.
Tablets and smartphones have made online industries all the more convenient.
Despite only having been around for just under a decade, cryptocurrencies have become an increasingly prevalent market force in recent years. For a digital currency, it comes as no surprise that industries with large or exclusively online presences are some of the first to have accepted payment in cryptocurrency. Although there are more than 500 cryptocurrencies, according to this analysis by the University of Pennsylvania, Bitcoin is by far the most common with an estimated 80 per cent or more of market share at the time of writing.
One of the industries set to capitalise on this cryptocurrency is online gaming. As an industry with such an active online presence, iGaming, as it is often known, is at the forefront of user-oriented development. iGaming encompasses online casino and poker games as well as sports betting, all of are expected to change through the implementation of new technologies. According to the casino of the future infographic found on bgo’s website, virtual reality will profoundly change the way people play poker online, personalising and even humanising the experience through technology that allows one to approximate being in the same room. Many other companies such as Little Miss Bingo and Jackpot Finder are developing their own user-friendly interface through such methods as niche marketing and taking a shopbot approach, respectively.
One of the developments we’re beginning to see at the intersection between iGaming and cryptocurrencies is the acceptance of Bitcoin as a payment method. In all industries, but perhaps more often discussed in the gambling community, some of the most cherished elements of conducting business online are the immediacy of the transaction as well as the privacy and security cryptocurrencies provide.
Bitcoin can cater to these precise demands of online customers. For example, as a decentralized currency that operates independently of national fiat currencies, Bitcoin does not require a third-party guarantor in the way that banks act in most transactions. The peer-to-peer nature of cryptocurrencies provide a much greater level of anonymity. And by virtue of the currency going directly from payer to receiver, like cash, instead of having to be cleared by a third-party such as banks in traditional online or credit transactions, Bitcoin creates the possibility for unprecedented immediacy in online payment transactions.
Perhaps best known for his role as Mini-Me from the Austin Power’s film franchise, Verne Troyer has been the public face of bgo.com since 2014 in his persona as ‘The Boss’. The gimmick is that the customer tries to beat The Boss to win big. That is very much what cryptocurrencies and iGaming are attempting to do together. By combining their attributes as both being net native industries, they have tremendous potential to create a seamless user interface together. As was pointed on in a recent special report by The Economist, Uber has proved a near fatal force to cabbies as Amazon has to traditional retailers. With a recent anti-establishment mood sweeping the world and Bitcoin and iGaming working more closely together than ever before the potential for growth is not to be underestimated.
Even inherently bricks-and-mortal industries such as hospitality are beginning to accept Bitcoin, like this hotel in Ljubljana.