Since the time of the internet revolution, every industry in the global scenario has been taken over by a storm. The gambling and betting market, especially has grown so exponentially that it is not able to facilitate the evolution. The total gambling market capitalization today, is expected to reach $400 billion and is showing great potential for growth, embracing new technologies and innovation.
Blockchain is a fine example of tech that is currently changing the world. This technology is aimed at making transactions faster, safer and transparent. The company Proof of Toss was therefore inspired by the idea of making betting effortless, enjoyable and profitable for all participants.
Backed by blockchain technology, they have created a unique ecosystem where it creates a fair win-win situation for market operators and players, both of whom are aimed at keeping their competitive advantage
What is Proof of Toss?
Proof of Toss is an online betting platform based on the technology of blockchain and Smart Contracts. They offer opportunities both for end-users (P2P) and bookmaker companies. Their main goal is to provide a fast, reliable and trustworthy system that would meet all its users’ demands.
For potential clients and partners, they have developed an open source solution to conveniently transition existing traditional betting business models to blockchain. The utility token will be Toss tokens.
Benefits for Users
- Transparency – with the help of the blockchain technology, this platform will be able to provide users the tool to monitor all transactions made.
- Control Personal Funds with one Wallet – users will solely control their funds from one wallet to smart contract wallet and vice versa. All payments, withdrawals and deposit will be instant.
- Wide Range of Opportunities – users have a choice to place a bet, create a Wager or be a DCJ judge. They can take one role at a time. But for token holders, multiple wallets can be created.
- Users can be Operators – users can take the role of an operator when the amount required for the collateral for a wager has been met.
- Irrevocable Transactions – any transaction that has already been written in the smart contract and been published in the blockchain is considered final and irreversible. This will increase the users’ accountability in the system.
- Fair Results - internal distributed crowd judging mechanism will be utilized to get the most accurate results of any event.
- No Termination of Service – due to the decentralized nature of funds ownership in the Proof of Toss platform, users will never lose their rights to access and interact within the system.
- Equal Opportunities – different roles are available in the system for users to participate. Everyone will be treated equally since the platform does not store personal and financial data – meaning, no qualifications are considered to be able to place a bet.
- Pseudonymity – Proof of Toss does not hold personal information of all users. KYC is only performed to verify users as per requirement of the regulatory bodies. After becoming a member of the community, proof of identity will no longer be required. The only time that a member will be providing his/her personal data is when purchasing and selling tokens to third party marketplace.
- Faster Transactions – through the utilization of RSK’s smart contracts this platform is able to provide speeds of 400 transactions per second, eliminating delays on payments, deposits and withdrawals. And at the same time reducing costs.
Getting Started Development
The Proof of Toss is developed using directly integrated resources and systems, which use the revolutionary Blockchain technology as the foundation of the Platform. The team of Proof of Toss comes from a team of experienced and professionals in their field. Proof of Toss provides users with a better betting service, using a transparent and secure system.
The betting ecosystem created by Proof of Toss, allows users to gain more profit with a lower risk of loss. Every transaction made by the user will be secured through P2 network and Blockchain technology. The Proof of Toss also uses an intelligent contract system that will record every transaction made by the user, and store it in the Blockchain ledger.
Token and ICO
The token is denoted by the symbol TOSS and it is a functional token that will be used as the primary form of exchange between the users. The entire ICO is divided into pre sale and token sale. They will be accepting payments in the form of ETH.
They have a Hard Cap at the level of 71 500 ETH (main sale - 46 500 ETH, private sale - 25 000 ETH) , while Soft Cap is 8 500 ETH. The token sale dates: April 24th- June 24th. They seem to have a very promising token sale. Do take a look at their website to know more information about the ICO and the company.
Roadmap
Team
There are a lot of people getting into online betting. And to have a faster, reliable and trustworthy system is highly demanded by all gamers. With the utilization of the blockchain technology along with smart contracts, these demands are highly likely possible.
Not to mention the savings on the cost it would bring to operators and bookmakers. Proof of Toss has a very ambitious platform and when managed as planned, its popularity would certainly increase rapidly. And with their simplified business solution model, existing bookmaker companies will have the convenience to transition to blockchain-based system.
MORE INFORMATION YOU CAN FIND:
WEB: https://toss.pro/
WhitePaper: https://toss.pro/wp-content/uploads/2018/02/White_Paper_PROOF-OF-TOSS-WHITEPAPER.pdf
ANN THREAD: https://bitcointalk.org/index.php?topic=2883886.msg29634781#msg29634781
AUTHOR: https://bitcointalk.org/index.php?action=profile;u=1636284