Press Release: Blockchain-based gambling protocol launched its token sale campaign on June 29, 2017, raises $12 million at the first day
DAO.Casino is an open ecosystem for betting titles that don’t require a trusted third party. It is a decentralized governance system built on Ethereum that automatically rewards all developers, auditors and community members for their contributions. Players can discover and play scam-free games by accessing front end platforms with a familiar and straightforward user interface.
The DAO.Casino token sale campaign has had a very successful start on June 29, 2017 after it raised over $9 million in under half an hour.
The blockchain based betting platform is offering this unique opportunity to investors and cryptocurrency community members who are interested in supporting further development of a decentralized protocol for the gambling industry.
The solution created by the company will introduce fairness, transparency and mutual profitability into online gambling, through blockchain technology.
DAO.Casino protocol automates value chain of the gambling industry. The protocol will enable independent game developers to be automatically rewarded for their work when online casinos list their games while rectifying the current status quo where some developers do not retain the rights to their games.
The DAO.Casino protocol also introduces the roles of a bankroll backer and randomness provider. It means, the game developers will no longer rely on casino operators, and the possibility finding a bankroll backer would be sufficient enough for them to roll out a successful product. Casino operators will also be able to guarantee that all online games hosted by them are provably fair.
DAO.Casino platform is built to benefit all parties involved in online gambling business processes. All the contributors — developers, bankroll backers, referrers, and casino operators acting as referrers will be automatically rewarded for their contributions without a need to trust each other.
The DAO.Casino whitepaper offers more in-depth details about the platform’s capabilities and plans for the future. The MVP features basic functionalities and several demo games like beta blackjack, dice, and an indie game called “Hack a DAO”.
DAO.Casino has already experienced a very high demand for its native (BET) tokens, almost fulfilling maximum pre-sale token orders in the first four days. Following the increasing demand, the company feels justified in its decision to increase the token sale’s maximum cap to $25 million worth of Ether. DAO.Casino believes this figure will free sufficient tokens to give a greater opportunity for all investors to support the protocol. All other terms of the token crowd sale campaign will remain unchanged. The native BET tokens and the popular ERC20 tokens will act as in-game currency for all contracts integrated with the protocol.
The token sale campaign began at 1:00 pm GMT on June 29th, 2017 and will finish in exactly 28 days, or when the maximum cap is reached (whichever comes first). On the first day of the token sale, participants received 2,000 BET tokens for every 1 ETH, which will fall to 1,800 BET/1 ETH during the following two weeks. After the completion of two weeks, the number of BET tokens received per ETH will reduce by 100 at every three-day interval until the end of ICO.
DAO.Casino has measures in place to ensure rapid development and implementation of the project. In order to bring accountability among the founders, stakeholders, and others involved in the project, their tokens will be vested for two years accompanied by a six-month cliff. Due to this measure; the BET tokens will mature by 25% in value every six months. As a preparation for the token sale, the contract is currently being audited to guarantee complete security and safety.
Ether is the only supported cryptocurrency for the token campaign. Contributions from Ethereum clients such as Metamask, Parity, Mist, or MyEtherWallet are fully supported. DAO.Casino will release the destination address for the token sale campaign on its website few hours before the ICO. Upon receiving the ETH contribution, the platform will convert it to BET tokens and send it back to the participant’s wallet.
DAO.Casino encourages token sale participants to confirm the address on Ethereum block explorers like Etherscan before sending the tokens. Also, people should make sure that they don’t make ETH contributions from online exchange services like Kraken, Coinbase, Poloniex, etc., as DAO.Casino won’t be able to send BET tokens to those addresses. It is advisable for investors to take necessary precautions to safeguard their wallets by encrypting ETH private keys. They are also requested to be wary of third parties who claim to distribute BET tokens on behalf of DAO.Casino as there are no such parties involved in the token sale.
The token sale started at 1:00 PM (GMT) on June 29, 2017, and go on for the next 28 days or until the maximum cap of $25,000,000 in ETH is achieved. Investors can purchase BET tokens with ETH alone as the token sale contract doesn’t accept other cryptocurrencies.
The token sale offered an early bird offer on the day one, where investors received 2000 BTC/ ETH. During the next thirteen days (Day 2- Day 14), every ETH contribution will receive 1800 BET tokens. After that, the number of BET tokens per ETH will progressively reduce by 100 tokens between every three-day interval until the last day (Days 15–17: 1,700 BET/ 1 ETH; Days 18–20: 1,600 BET/ 1 ETH; Days 21–23: 1,500 BET/1 ETH; Days 24–26: 1,400 BET/1 ETH).
Out of all the tokens created, 70% will be issued to the ICO participants, 10% to early adopters and founders, 10% for bounties and another 10% for the creation of legal entity and other expenses. The revenues generated from the token sale will be utilized for Research and Development (60%), Operations (20%), Marketing (15%) and Legal (5%) expenses.