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Blockchain technology has the potential to enhance advantages of a wide range of businesses: from financial services to biotech. One industry that certainly stands to reap significant benefits from blockchain technology is betting.
A new smart ecosystem, PROOF OF TOSS, promises to improve betting by leveraging the highly promising RSK blockchain. PROOF OF TOSS uses blockchain smart contracts to meet the needs of the pickiest betters and “bookies.”
A Smart Betting Ecosystem
Created for both businesses and end users, PROOF OF TOSS is an ecosystem designed to modernize the betting industry. The ecosystem consists of a synergy of user interfaces, blockchain smart contracts, a wallet and TOSS, the ecosystem’s proprietary token.
In addition to supporting the players’ needs to bet and withdraw rewards and prizes, the ecosystem also creates opportunities to create a wager and confirm its result by way of crowd judging.
PROOF OF TOSS offers three strategies for receiving rewards. Users can assume the role of Originator, Player or Judge, roles that can create, bet and judge, respectfully.
Although there are no limitations on the roles users can play, they are governed by a strict set of rules, such “one role for one wager.” Smart contracts, guided by algorithms, are signed every time an action is initiated on the platform.
The ecosystem provides ultimate result confirmation by implementing the Distributed Crowd Judging (DCJ) mechanism, where the underlying principle is the “Wisdom of crowd.” The DCJ mechanism can be employed in both peer-to-peer and business solutions. In the peer-to-peer solution, DCJ is the only way results are determined. In the business solution, there is a supporting function to help resolve challenged results.
The DCJ is run by a random number generation on the blockchain that chooses a wager for a judge based on rules governed by the smart contract. This is done in order to avoid any fraudulent activities inside the ecosystem.
The difference between solutions for businesses and the peer-to-peer solution lies in the way wagers are deployed, odds are defined, and results are determined.
Under The Hood
PROOF OF TOSS will be one of the first projects built on the RSK blockchain that is currently under development. As a sidechain of bitcoin, RSK prevents double spending by merge mining. Transactions are expected to reach speeds of 100 per second, making it comparable to PayPal. Moreover, RSK’s blockchain supports smart contracts, an essential part of the PROOF OF TOSS ecosystem.
While RSK prepares for its launch later this year, the PROOF OF TOSS beta version will run on the Ethereum blockchain, enabling users to interact with the ecosystem. PROOF OF TOSS will later migrate to RSK. The compatibility of smart contracts enables this transition with no risk of losing data.
The PROOF OF TOSS ecosystem will be fueled with a utility token – TOSS. The total amount of tokens issued will be limited to 1 billion, 70% of which will be available for purchase during the closed and public token sales, with dates to be announced.
Wallet Supports The New Blockchain
One of PROOF OF TOSS’s key elements is a wallet that initiates all functions inside the ecosystem, including withdrawing rewards. A wallet’s address is a code of randomly selected alphanumeric characters that represents a user within the system. The wallet, a link between the user web interfaces and the blockchain, will serve as a gateway for businesses to enter blockchain.
PROOF OF TOSS wallet allows users to be in the full control of their funds 24/7. As all operations inside the ecosystem are manual, users are the only ones who decide when to move their TOSS tokens and perform any type of action. All fees for gas needed to cover miner fees and transaction costs are calculated automatically inside the wallet before users confirm their transactions.
“While choosing and evaluating all pros and cons of available tech solutions for wallets today, we were paying attention to security and the ability of a wallet to support Ethereum and RSK’s blockchains,” the PROOF OF TOSS development team observed. “After a thorough analysis of several tech solutions we’ve decided that the first iteration of our wallet will be a fork of MetaMask as it has a high level of security. In the future, we will create our own web-based solution.”
All smart contracts inside the ecosystem will be initiated manually through a wallet. Thus, users will have total control over their funds.
The PROOF OF TOSS wallet will be available in Chrome as a browser extension and will become the first wallet to work with the RSK blockchain.
Where PROOF OF TOSS Stands
The beta version of PROOF OF TOSS is planned before the beginning of the token sale. Currently, the code is under development and can be found on GitHub.
For more information, read the PROOF OF TOSS white paper.
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