Market Decline Does Not Equal Tech Decline

It’s no secret that blockchain technology has had a tough 2018 in terms of market valuation. With most projects kicking off the year at an all-time high in January, prices waned in the following months.

But in a market as inefficient as this one, a decrease in market value does not indicate a depreciation in the technology behind it. While prices have fallen this year, development efforts to improve and optimise blockchain tech have not.

The industry has survived its toughest market year to date, and prices suggest that we are now entering a more stable period. This resiliency emphasises that blockchain tech is here to stay – and thanks to the combination of innovative ideas and intelligent individuals, the future looks disruptive.

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Blockchain For The Benefit Of The Online Gambling Industry

One industry which looks to be disrupted by blockchain technology is online gambling. This is because the blockchain has numerous advantageous properties which can resolve issues that currently plague the online gambling industry.

One of these is the transparent nature of the blockchain technology. The fact that all transactions are publicly explorable is particularly relevant to curbing problems of fraud and corruption in online gambling. Players want to be guaranteed that they are playing in a safe environment where their winnings are assured – and blockchain technology can facilitate this.

Another beneficial feature is immutable smart contracts. In the context of online gambling, this can further protect players – and affiliates – from potential fraudulent behaviour of casino operators.

DAOBet (ex — DAO.Casino) Protocol: Implementing Blockchain-Based Solutions to Benefit Everyone

Fortunately, the potential for change that blockchain offers to the online gambling industry is not just a fantasy. DAOBet has developed an effective protocol which is tailored to resolve the current problems within the gambling space. The good news is that this protocol will benefit everyone involved – players, casino operators, affiliates, bankroll backers and game developers. But how?

The Players

As we have already discussed above, blockchain technology assures players that they are gambling within a provably fair environment. Sessions can be verified by players to confirm that both the games they play and payouts they receive are unbiased.

Another perk for players under the DAOBet protocol is that the use of cryptocurrencies gives them an unparalleled level of privacy. For those playing within territories where online gambling is outlawed, cryptocurrencies can allow players to circumvent this.

The Casino Operators

Our protocol can provide a massive reduction in costs for casino operators. Smart contracts cut administrative costs by automating previously manual tasks, while equipment costs are minimal as the majority of operations will take place in a decentralized, external system.

On top of saving money, casino operators can look forward to generating more of it. This is thanks to bringing in a new market of players – cryptocurrency owners – who are continuing to grow in number.

The Affiliates

The huge size of the online gambling industry owes a lot of its success to the hard work of affiliates. Unfortunately, these affiliates often aren’t credited in a way that fairly reflects their efforts. High administrative fees and dishonest figures regarding revenue distribution cut into the profits which affiliates expect. Add slow payments into the mix, and it is no wonder why affiliates are often unhappy with their treatment from casino operators. Our protocol prevents these types of failings from happening because of the automated, confirmable and low-cost nature of smart contracts. With these contracts being unchangeable on execution, affiliates will instantly earn the amount which they are entitled to – and can verify this thanks to a transparent blockchain.

Bankroll Backers

The DAOBet protocol also democratises casino operation by creating a new role in the industry – bankroll backers. Anyone can be a bankroll backer: the only requirement is that they own BET tokens. These tokens can be used to fund hosted games, and bankroll backers will derive profit from them as they are played. This makes getting into the casino business easier than ever.

The Game Developers

On September 17th we have launched Sandbox – an opportunity for game developers to integrate our protocol into their own games and submit them for use. You can check out our SDK on GitHub to get started. The prize: developers with the best submissions will be rewarded with DAOBet BET tokens!

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