Startup PROOF OF TOSS Launches Token Sale to Modernize the Betting Industry with Blockchain

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by Polina Chernykh · 3 min read
Startup PROOF OF TOSS Launches Token Sale to Modernize the Betting Industry with Blockchain
Photo: PROOF OF TOSS / Twitter

The new project is aimed at improving the current betting industry, solving its main problems, such as lack of trust and fraudulent activities.

PROOF OF TOSS is a new decentralized betting solution that is expected to transform today’s betting sector. Based on the blockchain technology, the project is committed to build a universe of reliable betting with equal opportunities for everybody to win.

The online betting industry demonstrated a rapid growth worldwide over the last few years, with consumers all over the world shifting to the Internet to place bets and gamble on sports. Despite its rapid expansion, the industry is still facing some issues that need to be overcome. They include high fees charged by betting services, payment delays, risk of fraud, reliance on centralized systems, long verification process, and lack of control over personal funds.

PROOF OF TOSS aims to improve the betting experience by solving these issues. The team behind the project plans to build the most widespread platform for online betting with the use of blockchain and smart contract technology.

The platform will offer various roles suitable for every user engaged with the ecosystem. A user can either place a bet, create a wager like a bookmaker, or verify outcomes of events as a judge. To ensure fair judging results, the platform employs the “prisoner’s dilemma” with clear risks and rewards for each action taken by the crowd and relies on a random number generator to choose wagers for judges. If a decision is not reached, the wager will be cancelled and all players will immediately receive a complete refund.

“We were able to create such a system through the use of smart contracts, that eliminates third parties, that might be tempted to manipulate the result of an event,” said Azamat Akylov, Betting Industry Expert and Head Business Strategist of PROOF OF TOSS. “This also helps avoid fraudulent activities in betting and refrain from using a centralized moderation system.”

PROOF OF TOSS will operate as both a peer-to-peer platform and a solution for businesses within the betting industry. The ecosystem is powered by TOSS tokens and unites a digital wallet, several web-interfaces, smart contracts and the RSK’s blockchain.

“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. Being a sidechain of Bitcoin, RSK provides a high level of security by merge-mining, which prevents the double-spend problem,” said Eugene Pavlenko, CTO of PROOF OF TOSS. “RSK scales to 100 transactions per second (same as PayPal) creating blocks within an average interval of 10 seconds.”

By leveraging the blockchain technology, the company has achieved a maximum level of transparency for all payments within the ecosystem. Besides, it will help to reduce costs of transaction and improve their speed.

The team is currently planning a token sale that will be launched at the end of Q1, 2018. All tokens will be pre-mined and their quantity will be limited to the amount of 1 billion TOSS. The crowdsale is hard capped at 50 million USD and the price of 1 TOSS is 0,17 USD. Unsold tokens will be distributed between all contributors in proportion to their initial contribution.

Bitcoin News, Blockchain News, Cryptocurrency News, News, Token Sales
Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.

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