DAO.Casino, a project developing a universal blockchain-based protocol for online casinos, launched its crowdsale today. The crowdsale is aimed to raise funds for the further development of its product.
DAO.Casino protocol automates value chain of the gambling industry. The protocol enables the independent game developers to be automatically rewarded once the casinos take their games onboard. The developers retain the copyrights to their games under the DAO.Casino as opposed to the current standard protocol.
The DAO.Casino protocol also introduces the roles of a bankroll backer and randomness provider. This will enable the game developers to successfully roll out a product simply with the support of a bankroll backer, without having to depend on casino operators.
Casino operators, on their part, will be able to guarantee that all games held at their virtual premises are provably fair. Therefore, benefitting all the parties involved. All the contributors – developers, bankroll backers, referrers, and casino operators acting as referrers will be automatically rewarded for their contributions without the need for a trust based relationship.
A detailed description of the protocol’s capabilities can be found in the project’s whitepaper.
About the Token Sale
The ICO campaign will conclude on July 26, 2017. The campaign seeks to raise $25 million worth of ETH (83333,33), and the campaign will end once the cap is reached. The team behind the project decided against a minimum cap as the recently released minimum viable product for its protocol will allow to roll out the protocol in any case.
2,000 BET tokens will be available for 1ETH on the first day of the crowdsale. For the next 13 days, token sale participants will be able to buy 1,800 tokens for 1 ETH, and for the rest of the campaign the amount of BET tokens available for the same amount of ETH will decrease by 100 every three days. Contributions will be accepted in Ether only.
Seventy per cent of all issued tokens will be distributed among the contributors, while out of the remaining thirty per cent, ten will be reserved for legal purposes, the other ten for bounty program, and ten more for early adopters and founders.
Sixty per cent of the revenue will be used for R&D activities. Out of the remaining 40%, twenty on operations, 15% on marketing, and 5% on legal issues.
Finally, founders and early investors will have vesting, as a means to ensure that the work on the protocol continues after the token sale is over. Founders and early contributors will have 2 years vesting with 6 months cliff.