With a 1bn crypto coin offering and and the intention of creating a new betting ecosystem, blockchain-based start-up Proof of Toss explains its project to iNTERGAMINGi
Proof of Toss is a decentralised, non-profit ecosystem with the stated purpose of democratising betting. The company says it is inspired by the idea of making betting effortless, enjoyable and profitable for all participants. Its ecosystem for betting serves both as a peer-to-peer platform and an open-source solution for professional bookmakers, sportsbook providers and operators, powered by blockchain. All parties engaging with the ecosystem will be able to do one or more of the following: create wagers, just like a bookmaker, 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 done within the ecosystem 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. “We were able to create such a system through the use of smart contracts that eliminate third parties who might be tempted to manipulate the result of an event, “ said Azamat Akylov, Proof of Toss’ head business strategist. “This also helps avoid fraudulent activities in betting and refrain from using a centralised moderation system.” The ecosystem unites several web-interfaces: a wallet, smart contracts and the RSK’s blockchain – a sidechain of Bitcoin. As blockchain technology lies in the foundation of the project, it will help reduce transaction costs and improve their transparency and speed. “For the ecosystem to run smoothly, be scalable and retain all the basic principles of blockchain, we’ve chosen RSK’s open-source smart contracts platform,“ said CTO Eugene Pavlenko. ”Being a sidechain of Bitcoin, RSK provides a high level of security by merge-mining, which prevents the double-spend problem. RSK scales to 100 transactions per second (same as PayPal) creating blocks within an average interval of 10 seconds.”
