RACOIN – The gamblers coin
Gambling has been known to be a habit of man from time immemorial. By default, certain decisions and actions taken by men are arrived at after some considerable mental gambling might have first taken place. Man has however chosen to take this default setting to another level- transform it into a hobby. Hobbies are fuelled by desires to have fun and be entertained. Gambling as a hobby is of an entirely different niche, in that there is the potential to earn as you have fun. Not everyone is always lucky all the time though. But then, why would it be called luck if you get to have it all the time?
As with all activities with addictive tendencies, the gambling industry has seen a steady incline in growth over the years. Revenue generation accrued from the sector has soared, surpassing eve the billion dollars – mark. Just in 2017 alone, the total estimated revenue garnered from the industry was pegged at about 465billion US dollars. Whilst the sector is immune to new innovations, it has remained largely localized and rather conservatively traditional. Online gambling platforms, though considered a breakthrough could only be rightly classified as minor. Despite the “breakout”, there still existed lots of cases of privacy issues and an absence of transparency.
The Gambling Problem
Despite the introduction of the online platform for gambling, the issue of thorough transparency and optimum privacy is yet to be solved. Shady dealings riddle the entire system and a porous security is the order of the day.
Gambling platforms usually implement the use of third party servers which regular users have no access or control over. Rigged with several blindspots, there’s little room left for trust, as the users have no assurance whatsoever of what actually goes on beneath the surface. In the long run, doubts begin to arise in the hearts and minds of long time users over the authenticity of matches and odds. Confidence level enters a decline when such thought trains begin to leave the tracks.
Solving the Problems
With the incorporation of the blockchain technology, there is a possibility of a transparent system. A reliable security system can be implemented using the help of the blockchain platform. This technology boasts of an open system that bares its dealings to ensure that all participants who are engaged are fully carried along and given steady assurance of its reliability.
With its ledger of records known as blocks, secure connections are established underpinned by a safe and strengthen cryptographic encryption system. Equipped with time stamps, transaction information as well as a cryptographic has belonging to the previously attached block, the block system makes it fully resistive to modification attempts. This makes it practically difficult to impossible to falsify records and data on the platform.
The RA platform also implements the smart contract system which is an effective application that helps to regulate as well as enforce contractual agreements within the platform. It exists without possibilities of counterparty risks or even fraud. The system is underpinned by the Ethereum platform – a secure open-source operating system with an enabling environment which supports and encourages the creation of more cryptocurrencies by developers.
Team and Advisors
Having carried out extensive research and study on the gambling industry and the modus operandi of casinos, the team has set to draw up an alternative system. Competency is a watchword of these team members and it glaringly evident in the quality of the project.
Conclusion
Having analysed the challenges plaguing the industry, RA Entertainment Inc has sought to innovatively device a smarter solution which would take care of shortfalls of the traditional gambling system, while reserving the fun and gusto associated with the sport. Utilizing the potency of the blockchain technology, a middle ground has been discovered to harness all the powerful potentials of the blockchain technology so as to weave it into fashioning a veritable upgrade to the gambling industry. This is a very commendable stride.
Useful links
Website: https://racoin.io
Whitepaper: https://racoin.io/pdf/racoin_whitepaper_eng.pdf?ver=20180523
Twitter: https://twitter.com/RAcoinNews
Facebook: https://www.facebook.com/RAcoin-1348409231971565/
Telegram Group: https://t.me/racoinnews
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3177504.new#new
Author: Ambition1
Author’s Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1797812;sa=forumProfile
