DAO.Casino, a project developing a blockchain-powered protocol that any online casino can integrate, has launched its token sale in order to raise funds for further development of its product.
The campaign will end on July 26th, 2017 or when its cap is reached, whichever occurs earlier.
The project seeks to raise $25 million worth of ETH (83333,33). However, due 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 to roll out the protocol in any case.
DAO.Casino protocol enables independent game developers to get automatically rewarded for their job when casinos take their games onboard. As opposed to the present state of affairs, the developer will retain copyright for their game.
The protocol of DAO.Casino also introduces the roles of a bankroll backer and randomness provider, so that game developers won’t have to rely on casino operators, and finding a bankroll backer would suffice to roll out a successful product.
Casino operators, on their part, will be able to guarantee that all games they hold are provably fair.
The entire system seeks to benefit all parties involved in online gambling business processes. All parties involved in the industry, players included, will be automatically rewarded for their contributions without a need to trust each other, i.e. bankroll backers and referrals won’t have to trust game providers in order to cooperate.
Further details as to the protocol’s capabilities are described in the project’s whitepaper.
Token Sale Details
On the first day of the 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 amount of BET tokens available for the same amount of ETH will decrease by 100 every three days.
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 go on R&D activities, twenty on operation, 15 on marketing, and 5 on legal issues.
Contributions will be accepted in Ether only.