PROOF OF TOSS – A new ecosystem that is aimed at modernising and changing the betting industry
PROOF OF TOSS, a new decentralised betting ecosystem is set to launch its Token Sale at the end of the first quarter of 2018. The main objective of the project is to create a universe of honest and reliable betting with equal opportunities for everybody to win and win big.
The platform is aimed at offering these opportunities as both a peer to peer service and a solution for businesses operating in the betting sector.
The concept of PROOF OF TOSS will be developed in a form of an ecosystem that offers different roles suitable for any user. 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 eliminates third parties, that might be tempted to manipulate the result of an event. This also helps avoid fraudulent activities in betting and refrain from using a centralized moderation system,” said Azamat Akylov, Betting Industry Expert and Head Business Strategist of PROOF OF TOSS.
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.
Giving more detail on the project Eugene Pavlenko, CTO of PROOF OF TOSS added: “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. RSK scales to 100 transactions per second (same as PayPal) creating blocks within an average interval of 10 seconds,”
Payment operations inside the ecosystem will be conducted in TOSS tokens, while SBTC will be used to pay for transactions (gas). All TOSS tokens will be pre-mined and their quantity will be limited to the amount of 1 billion TOSS, where 1 TOSS equals 0,17 USD at the beginning of the Token Sale, which is hard capped at 50 million USD. Unsold TOSS tokens will be distributed between all contributors in proportion to their initial contribution.
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