The betting industry is one of the most important industries out there, with one of the steepest curves of growth in the whole internet. with plenty of business out there to capture, Proof of toss seeks to leverage the advantages of a blockchain based settlement layer and take a cut of this profitable market that is still growing in the online community.
Proof Of Toss
Proof of toss is a decentralized betting platform that lets users be the protagonists in the same system. Users can even create wagers, something that centralized betting platforms don’t allow users to do. Users can also, of course, bet in these events created by other users and also work as judges to resolve the result of a betting event. Here is one of the most important differences with centralized platforms: normally, a user in a centralized platform is the one that annotates the results for an existing bet; in Proof of Toss, the users work as judges to annotate every result as valid or not for the payment of the bet, decentralizing these choices.
Also, the novelty of Proof of Toss is the ability to integrate this platform with existing bookmakers and other players of the industry, letting them also benefit from these services and offering a betting gateway for players interested on it. Proof of Toss also presents a number of advantages against other betting decentralized platforms like Augur, that rely on existing blockchain technology.
Proof of Toss works in a bitcoin sidechain, making payments, bets, and withdrawals completely fast compared to other similar projects based in Ethereum. This is one of the benefits of having a dedicated blockchain instead of leaning on an already existing tech.
The cryptocurrency of the ecosystem is called Toss, and is a token that will let users make all kinds of movements in the system. Bets will be paid in this coin directly to wallets in power of players of the ecosystem. This marks a great difference with established centralized betting brokers, that rely on third-party payment processors and depend on their services to make payment instead on in their own system.
Fraud is also discouraged in this kind of platforms because all f the bets are based on smart contracts that do not need the direct interaction from a user to be resolved. After a bet is resolved, the same system deposits the earnings for every winner directly in his wallet, making this a trustless environment.
This project seems one of the st interesting of this week, and if you are interested in investing you can visit them at their official site here.