Aug 21, 2018
With years of experience in the betting and gambling industries, the leaders of PROOF OF TOSS were at the forefront of Bitcoin adaptation. Starting as early as 2011 we have been prospering from the new possibilities that blockchain has brought. The time has come to put our experience and expertise in both blockchain, cryptocurrencies and especially betting, to good use.
We have set on a path to innovate the betting industry. Smart contracts for smart people and smart business. PROOF OF TOSS will bring better odds, lower fees, greater market coverage, higher margins and an opportunity to benefit for every user of our ecosystem.
The main objective of PROOF OF TOSS is to create a universe of honest and reliable betting with equal opportunities for everybody to win. The project is aimed at offering these opportunities as both a peer to peer service and a solution for businesses operating in the betting industry.
The ecosystem will offer different roles suitable for any user. All parties engaging with the ecosystem will be able to do one or more of the following – create wagers, bet on various outcomes as a player and/or verify the outcome of an event as a judge. In order to guarantee that all judging is fair PROOF OF TOSS employs the “prisoner’s dilemma” with clear risks and rewards for any action taken by the crowd and relying on a random number generator to select wagers for judges.
In the foundation of PROOF OF TOSS lies the Blockchain technology, it brings decentralization, flexibility, reliability, and trust. For the ecosystem to run smoothly, be scalable and retain all the fundamental principles of the blockchain, RSK’s open-source smart contracts platform has been chosen. Being a sidechain of Bitcoin, RSK provides a high level of security by merge-mining that prevents the double-spend problem. RSK scales to 100 transactions per second creating blocks at 10 seconds average interval.
MVP: a decentralized online betting system
Online wallet working via MetaMask
MVP design: MVP layout markup and system setup
Peer-to-peer betting, smart contracts for the DCJ
Online wallet without MetaMask
Open source mobile application
PROOF OF TOSS foundation
Attention. There is a risk that unverified members are not actually members of the team
TOSS token is more attractive in the long-term perspective than in the short-term one. There are some questions regarding the development process; plus, the project is at an early stage and depends on external factors. At the same time, Proof of Toss has a high scalability potential and should have no problems entering the betting market. We find the Proof of Toss project promising and relevant for the gambling industry in general and the betting segment in particular. It is attractive due to the fact that it is infrastructure-oriented and aims to actually change the betting industry for the better as a result. We think there are two main risks, already outlined in the previous section. The first one is the fact that the platform depends on RSK contracts, i.e. there is an external risk that determines the project’s overall success. Such an approach is associated with some risks a priori; however these risks are not very high as RSK is likely to be successfully released. The second risk is more significant and is connected with bookmakers’ attitudes towards the project. Currently, it is not clear whether large players would be willing to join the new platform. At the moment, many bookmakers are looking into cryptocurrencies, inter alia as a means to reduce payment systems’ operating costs. However, not every bookmaker would want to adopt smart contracts. As such, Proof of Toss’s most important milestone is attracting a large, established bookmaker. As strange as it may seem, Proof of Toss has almost no problems in terms of the competitive environment. Successful positioning of the project allows it to stand out among many other similar projects. Many solutions either try to adopt blockchain to become bookmakers, or get too involved in forecasting. Proof of Toss, with its B2B platform and betting infrastructure is, so to say, in a league of its own.
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