DAO.Casino, a project developing a universal blockchain-based protocol for online casinos, will be launching its token sale that seeks to raise funds for further development of its product.
The campaign, which launches at 01:00 PM GMT, will last until July 26th, 2017 or until its cap is reached, whichever occurs earlier. The project seeks to raise $25 million worth of ETH (83333,33). Thanks to the recent release of a minimum viable product for its protocol, the team decided against setting a minimum cap as the MVP would allow them to roll out the protocol in any case.
On the first day of the token sale, early contributors can buy 2,000 BET tokens for 1 ETH. For the next 13 days, token sale participants will be able to buy 1,800 tokens for 1 ETH. For the rest of the campaign, the number of BET tokens available for the same amount of ETH will decrease by 100 every three days.
Contributions will be accepted in Ether only.
Token Distribution and Funds Allocation
Seventy per cent of all issued tokens will be distributed among the contributors, while the remaining thirty percent will be distributed as follows:
- 10% for legal purposes
- 10% for bounty programs
- 10% for early adopters and founders
All funds raised through the crowdsale will be allocated in the following manner:
- 60% for R&D activities
- 20% for day to day operations costs
- 15% for marketing
- 5% for legal issues
Founders and early investors will have vesting, which is required to ensure 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. This means we will mature 25% of our tokens each 6 months.
About the DAO.Casino Protocol
DAO.Casino’s blockchain-based protocol automates the value chain of the gambling industry. It will enable independent game developers to receive automatic rewards for their work when casinos take their games onboard. Even more importantly, unlike the current situation, the developers will retain the copyrights for their games.
The protocol of DAO.Casino also introduces the roles of a bankroll backer and randomness provider. As a result, game developers won’t have to depend on casino operators and finding a bankroll backer would be enough for them to roll out a successful product.
Casino operators, for their part, will be able to guarantee that all games offered at their virtual premises are probably fair.
These and other aspects of DAO.Casino’s protocol will benefit all parties involved in online gambling business processes. All contributors – developers, bankroll backers, referrers, and casino operators acting as referrers – will be automatically rewarded for their contributions, eliminating the need for a third party to distribute said rewards. In other words, bankroll backers and referrers won’t have to rely on game providers in order to cooperate.
Further details regarding the protocol’s capabilities are described in the project’s whitepaper.
What do you think about the DAO.Casino protocol? How will it solve current problems plaguing the online gambling industry? Let us know in the comments below.
Images courtesy of DAO.Casino