DAO Casinos To Use Crypto Currencies for Online Gambling
Are you a bettor? Have you heard about cryptocurrencies? If so, there is some news for you; as per the paper plan of Russian company DAO, it is soon going to pitch for a decentralized platform for its online gambling business.
The online gambling operates on the Ethereum blockchain and will now be operated on a decentralized system. This means there will be no middlemen between betting operator & the bettor.
DAO disclosed its plans on its developer site Github. The company says that this step will curb many problems associated with online gambling that is a concern for both; the bettor & the game operator.
The problems quoted by DAO include frauds, risks, hidden charges, high entry fees for bettors and game developers, access to funds, operational overheads, delays in player withdrawal, and generic lack of trusts.
DAO to launch an ICO (Initial Coin Offering)
To embrace the bitcoin business, DAO will release an ICO (Initial Bitcoin Offering) to its customers on June 29th. ICO is a newer way to raise money for buying cryptocurrencies for startups.
Under this offering, the investors will buy DAO generated coins in exchange of crypto coins that are more established. DAO will sell BET- casinos own coins in exchange of valued ethers.
DAO isn’t a real Casino:
For those who are wondering the existence of DAO, we would like to clear that it isn’t an actual Casino but is a protocol for online gambling companies to follow. You can also call it sports betting site or a game creator.
DAO isn’t targeted to the end user rather it is for companies and in case a bettor wants to assess it for eurobet, he/ she needs to know what the companies are following and move accordingly.
The companies can develop their sites on DAO and profiteer the opportunities online. DAO will pay the users in BET. The company also plans to change the name of BET to Dancoins.
With high hopes, the company is expecting to associate with more and more gambling sites that would like to cut-off the middlemen casinos which are already taking a huge share of their profits and many time turns up fraudster.
Many betway websites have already expressed their interest in utilizing this platform to make more profit and eliminate any third party intervention. It is now to see, how many of these companies show up on June 29 for the Initial Coin Offering (ICO) of the Company.