How DAO.Casino intends to become the platform of choice for casino DApps
As a result of the many benefits that cryptographic blockchains offer, the online casino industry has experienced a complete transformation in the way it operates. One of the key factors to this modernization of the player to casino relationship is the utilization of de-centralized applications (DApps). DAO.Casino is at the forefront of this technological innovation. The online gambling platform offers an open eco-system for players to gamble, without requiring the trust of a third-party. Those opting for a conventional gambling website can only rely on hope when it comes to the credibility and legitimacy of the operator, however blockchains such as Ethereum have completely alleviated these concerns. DAO.Casino instead implements DApps to ensure that gaming outcomes are determined in a fair, transparent and accountable manner.
If it’s broke – fix it
Prior to the invention of blockchain DApps, online casinos applied a ‘behind the scenes” approach to its operations. This meant that there were no transparent mechanisms in place to ensure that the casino could be trusted, and even more concerning, it was essentially impossible to hold them accountable for any unfortunate acts of foul play. It is standard practice for online gambling sites to display their pay-out rates on products such as slot machines, however because gaming data is held confidentially in-house, there is no way to determine whether these statistical guarantees are actually legitimate. The same issues were also apparent when it came to the withdrawal of funds. The player would have to trust that the operator would pay them their winnings on time, or even at all. That was until the introduction of cryptographically secure DApps.
What are DApps?
DApps are essentially what they say on the tin – a product or service that can operate without requiring a centralized or single authority to verify transactions. In layman terms, DApps allow a process to function automatically, based upon a pre-defined if/when rule. For example, if Jane Doe wanted to bet that the 10:42am London-Pairs train would leave on time, but John Doe believed that it would be delayed, then a pre-defined DApp could facilitate the transaction without requiring human resources. If the train left on time, then Jane Doe would automatically receive her winnings, or on the contrary, if it was delayed, then John Doe would. This is all made possible by the cryptographic framework, whereby DApps completely remove the need for a centralized operator to facilitate transactions. Furthermore, because all transactions are available to view on the public blockchain, and a pre-defined smart contract cannot be altered, everything is fully transparent.
How will DAO.Casino revolutionize the online casino industry?
DAO.Casino uses an open source, decentralized platform that allows developers to host cryptographically secure gambling products. By creating DApps in this manner, players can eliminate third-party casino operators and instead gamble directly with another participant. Utilizing peer-to-peer gambling mechanisms has ensured that there is no longer a need to worry about the fairness of online casino games, as the smart contracts hosted by DAO.Casino guarantee that gaming outcomes are generated by provably fair, and unpredictable random numbers. As a result, there can be no malpractice involved in the legitimacy of the games as no one can win by knowing the outcome before the random number is generated. As an illustration of the gambling experience that casino DApps offer, a game developer could create a brand new slot game, and supply the DAO.Casino network with the relevant smart contract. Players can then engage with the slot game, knowing that the provably fair odds on display are guaranteed by the transparent cryptographic framework.
As funds are never held by the operator, instead securely escrowed within the blockchain until the outcome is determined, the smart contract provides the player with assurances that their money is safe from fraudulent activity. By alleviating the need for a middleman to validate each game, developers can offer significantly more valuable odds to the player, hence increasing their chances to win. Further costs are also removed as traditional fiat casinos must implement vast amounts of regulatory safeguards to ensure that they remain compliant with gambling legislators. This includes costly anti-money laundering and fraud departments, whereby the casino must verify the identity of the player on receipt of a new account being opened. This can lead to the unwanted task of the player having to supply personal documents such as a passport or proof of address, which will further increase the amount of time it takes for a player to receive their winnings.
Online crypto casinos that operate through DApps do not require the player to identify themselves. On the contrary, users can gamble anonymously in a safe and private environment.
Moreover, unlike conventional payment methods such as a debit or credit card, players instead wager with DAO.Casino’s bespoke cryptocurrency. This allows for an ultra-fast transaction speed facility, whereby players can receive their winnings in minutes, rather than relying on slow processing by both the casino operator and bank. This particular currency is available to exchange for other digital currencies such as Bitcoin or Ethereum, which in turn, can then be traded for real-world fiat money such as the US Dollar.
Finally, on top of the benefits listed above, which includes guaranteed fairness, low house-edges and high-speed transaction, both casino players and game developers are remunerated for participating in the eco-system, acting as a reward system to entice ongoing contribution. This makes DAO.Casino and its DApp online gaming platform a worthy and innovative gambling experience.
