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DAO.casino is a protocol defining interactions between untrusted participants in the context of online gambling industry. This includes two levels: game level - player’s trust in a particular casino operator in the context of the game (provably fair gambling) and a business model level: i.e. game developer doesn’t have to trust casino operator to get rewarded. In short: all participants that are needed for the system to function don’t have to trust each other in order to cooperate.
Trusted third party that is needed in a traditional online gambling industry to function is replaced with smart contracts that act as autonomous agents that automatically reward all the key contributors: game developers, referrers and operators of independent platforms necessary for the game discovery, and those that take part in PRNG. The fact that reward system is fully automated and transparent allows to introduce a crowdfunding element into a bankroll of every game (see section 2.1.5) and incentivise community driven security audit.
Obtaining randomness necessary for gambling games in a deterministic virtual machine is not a trivial task, so that in addition to technically obtaining pseudorandom values an economic incentive layer should be introduced. Equally unpredictable random numbers that determine outcomes in each game are provided by economically incentivised participants interacting with the PRNG contract. PRNG method implemented in DAO.Casino MVP is described in a section 3.
This system can provide a P2P marketplace for game developers and support a large number of independent front-end platforms where players can discover and play gambling games fair by design.
In the beginning we can expect existing licensed online casino operators can integrate with the protocol to reduce costs, while long term new forms of regulations more suitable for decentralised, transparent and automated systems can emerge. Long term goal of DAO.Casino project, apart from providing experimental software and implementing main protocol components, is to contribute to a development of new forms of online gambling certification. So far gambling games on Ethereum remain in the gray legal area, but it doesn’t have to be so, since technologies such as Ethereum open up possibilities for far better customer protection and enable fair by design gambling.
BET - DAO.Casino internal token - is used as point system for incentivisation as well as a sub-currency which is used in the games. See section 2.2. BET token is a standard Ethereum ERC20 token.