About
Life is a constant bet and many times we lose. But, as the golden rule says never bet more than you can afford to lose. Knowing your odds is not enough in the game. The betting industry thrives on people's hopes, and people are always hopeful of winning big. There are challenges that bookmakers face in their business, such as potential penalties, chargeback, human errors, transaction fees and claims. All these factors lead to a reduced gain for the players. And, players, on the other hand, are betting on small multipliers due to various factors. They do not have many choices in their horizon other than changing the bookmakers.
Local events and traditional bets are usually chosen by the local players. One of the biggest challenges for the industry which affects both the players and the bookers is the payment solution providers. They are the biggest problem creators in the industry. Given the inefficiency they are used to, it is safe to say they have become the most powerful entity in the betting ecosystem. To create a transparent payment solution would be the first task of any startups, which aims to tackle the challenges posed in the current betting industry. Do you think there are possible solutions for the challenges mentioned above in the traditional betting industry?
PROOF OF TOSS is the latest solution for the betting industry. They are creating a transparent betting industry based on the blockchain technology. RSK's blockchain is utilised on the platform which allows 400 transactions per second. Smart contract based services are provided to the players to insulate them from fraudulent activities and human errors. Transparency for all transactions, fair results, control over the finances using one wallet, equal opportunity, Pseudonymity and faster transactions are a few of the many advantages offered to the users of the platform.
Increased profit margin and market coverage, unprecedented accessibility and liquidity are a few of the many advantages offered to the bookmakers on the platform. The Process of creating a wager is quite simple on the platform. If the wager is initiated by the originator then the judges are invited to verify the results and define the winning bets. If the wager is initiated by the operator then the responsibility of true and fair result falls on him.
And, in the event of disagreement, distributed crowd judge mechanism is initiated which decides the results. Challenge fund, jackpot fund and judge fund are three kinds of funds available on the platform. TOSS wallet provides a variety of services to the users on the platform.
How TOSS works?
Proof of TOSS wants to serve one purpose i.e, to democratize betting so that it can be acceptable by everyone. It wants to develop a trust between the bettors (a person who bets) and bookmakers (a person who sets the odds).
The platform provides two types of opportunity to users-
They can earn by placing a bet on the outcome of any event
They can earn a reward by participating in the platform as a judge
One of the interesting thing about the platform is that it uses one of the most famous techniques- prisoner's dilemma, to ensure the correct judgment.
If you want to become a judge, then you will have to make a deposit of TOSS tokens. If the judge makes the decision against the majority, then his deposits are passed in the jackpot as punishment.
Benefits of TOSS
Users will have full control over their wallet
The use of smart ensures that funds (while transferring) cannot be hijacked by the third party
A decentralized system which means that they can interact with ecosystem anytime that they want
Instant payouts to the winners
Bookmakers can make more profit as there is no transaction cost
Bookmakers can avoid the chargeback because transactions are irreversible
Bigger market coverage for Bookmakers
TOSS ICO
Proof of TOSS token sale will start from 24th April 2018. There will total of 1 billion TOSS (each token will be sold at a rate of 1 TOSS= $0.17 USD). The company has also set a hard cap on $50 million USD for the token sale which includes $17.5 million for the pre-sale and $32.5 million for the main sale.
The company has also reserved 70% token for the pre-ICO and ICO sale. The remaining 30% is for funds, bounties, whitelist and the developers with each one having 215, 1%, 1%, and 7% respectively.
TOSS and it's Future
Certainly, gambling industry needs a restructuring to bring more transparency and security in the whole process. The ecosystem promises to provide a simpler, faster, secure platform using a decentralized judging system and smart contract. But, we will have to wait to see how people respond to this new platform and whether it is able to draw their attention or not.
Proof of Toss will launch its first product as a browser extension wallet. However, they are expected to launch its platform in Q3 this year.
Website - https://toss.pro/
Whitepaper - https://toss.pro/wp-content/uploads/2018/02/White_Paper_PROOF-OF-TOSS-WHITEPAPER.pdf
ANN - https://bitcointalk.org/index.php?topic=2883886.0
Telegram - https://t.me/proofoftoss
Author - HiddenFist
My ETH wallet - 0x55fbF3fD9ea98BAE6756EcFD70d108691E3AA0B5
My link- https://bitcointalk.org/index.php?action=profile;u=1178847