During the last couple of years, the online gaming environment has evolved, especially thanks to the introduction of digital currencies. Despite this, the market continues to have one main problem – trust.
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It is believed that the introduction of blockchain technologies in the gaming market may help resolve this issue. Proof of Toss represents a decentralized ecosystem for betting that has been designed to serve both as a peer to peer (P2P) platform, but also an open-source platform for bookmakers, betting operators and sportsbook providers.
Some of the main problems that the system will solve include lack of trust, fraudulent activities, long verification processes, lack of control over personal user funds, and of course, the reliance on centralized systems.
With this in mind, the system can prove beneficial to both users and businesses. From a user standpoint, some of the main benefits associated with Proof of Toss include full control over personal funds; the ability to carry out multiple roles; verified and accurate results through the Distributed Crowd Judge mechanism; no termination of service, given Proof of Toss’ decentralized nature; instant withdrawals carried out by smart contracts, and of course, rules that cannot be broken thanks to smart contracts.
On the other side of the spectrum, businesses implementing the Proof of Toss system will benefit through increased profit margins, as additional transaction costs are eliminated; the ability to increase market coverage, as blockchain-based betting is a borderless technology; the chance to provide better odds for the players, as the platform doesn’t work via commissions; better liquidity for payments; no possibility for users to issue chargebacks, as they used to via traditional betting systems, and more.
Users are incentivised to create wagers, vote on results and place bets, as all actions will lead to TOSS token rewards. Given the complexity of the project, the team behind Proof of Toss has decided to hold a Token Sale, where a total of 1 billion pre-mined TOSS tokens will be available for purchase.
Based on everything that has been outlined so far, Proof of Toss’ vision is to create an innovative, smart betting ecosystem that provides full trust and reliability thanks to smart contracts, blockchain technology, and of course, the TOSS token. In return, this will facilitate the appearance of a new betting area, giving out benefits to both players and businesses.