With the rise in the amount of Bitcoin casinos on the market, users are looking for easier ways to manage their funds. High stake players may not necessarily trust many new casinos with managing their funds since the platforms do not have a reputation that is at stake to keep users funds secure. This is where Coindirect comes in, led by blockchain developer Nico Ami Lee, the open source project aims to decentralize the gambling experience by moving casinos away from managing users’ funds.
Using well established blockchain networks like Bitcoin, Ethereum, and Bitshares, Coindirect’s platform will manage the users’ funds in a transparent and secure way. Today, casinos try to stay transparent by doing so called “Fairness Checks”, but that method depends on the user’s trust of the casino. This gives the power to casinos to hide or withhold critical information from the player. If the casino went the direction of performing independent audits to appease their users, there are unnecessary costs and inconvenience associated with such a method.
Nico Ami Lee, explained the benefits of the upcoming project:
“With such application platform customers can conveniently develop, run, and manage blockchain layer applications without the complexity of building and maintaining the infrastructure typically associated with developing or launching an app. The code execution platform enables developers to build and deploy a decentralized, automatic management of funds into almost any casino application without incurring any start-up costs. Therefore we create a truly transparent and decentralized solution to heavily regulated and relatively conservative market.”
Effectively, by implementing CoinDirect into their platforms, casinos may see the following benefits:
- Complete Transparency
- Lower fees to players
- More control over funds
- Instant payouts
- Quick direct player to player transfers
The best part is the platform is open source, meaning it can be easily audited for those skeptical in trusting the project with their clients’ funds. The company was established in early 2017 under the legal name “Coin Direct Ltd.” Its headquarters are based in Hong-Kong and it operates with a small team of five.
Currently, the team is in the process of raising money to crowdfund the project. It plans to launch its beta in October 15th, and the presale has started last month (April, 2017). The company is planning to issue tokens on the Bitcoin network which are designed to be used for dividend distribution and voting power on the CoinDirect platform.
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