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.