The company aims to raise $25 million which will be directed to further development of the product.
DAO.Casino, a project developing a universal blockchain-based protocol for online casinos, has announced the launch of its token sale with Ether contributions only. The company aims to raise $25 million worth of ETH (83333,33) for further development of its product. According to plans, sixty percent of the revenue will go on R&D activities, twenty on operation, 15 on marketing, and 5 on legal issues.
The token sale will last until July 26 or the moment when the cap is reached. The recent release of a minimum viable product for the protocol allowed the DAO team to avoid setting a minimum cap.
As today is the first day of token sale, early contributors can buy 2,000 BET tokens for 1 ETH while 1,800 tokens will be available for 1 ETH for the next 13 days. The amount of BET tokens available for the same amount of ETH will decrease by 100 every three days for the rest of the campaign.
DAO.Casino reports that seventy percent of all issued tokens will be distributed among the contributors, ten percent will be directed to legal issues, ten for bounty program, and ten more for early adopters and founders.
To ensure guarantees for founders and early investors, DAO.Casino provides vesting for them to be sure that the work on the protocol will continue after the token sale is over. The company offers 2 years vesting with 6 months cliff, which means that it will mature 25% of our tokens each 6 months.
DAO.Casino protocol automates value chain of the gambling industry allowing independent game developers getting rewarded for their job once casinos accept their games.
As far as the protocol introduces the roles of bankroll backer and randomness provider as well, game developers can present a successful product once they find a bankroll backer. Casino operators will ensure that all the games held at their virtual premises are provably fair.
DAO.Casino has done its best to create an environment where all parties involved in online gambling business processes have their benefits. All the contributors – developers, bankroll backers, referrers, and casino operators acting as referrers – will get automatic rewards for their contributions without a need to trust each other, meaning that bankroll backers and referrals won’t have to trust game providers in order to cooperate.
There are more details in the project’s whitepaper.
Yesterday, TrueFlip launched its crowdsale to distribute 14,7 million of its digital tokens and the first day was a success. The ICO campaign has brought the platform more than $1.3 million in the first hour. At the moment of writing, TrueFlip has already sold 2,733,659 TFL.