Proof of Toss: Non-Profit Smart Betting Ecosystem
Proof of Toss – a decentralized smart betting platform for end-users and bookmakers.
Want to get in the exciting game of making bets? Or have you ever wanted to be a bookmaker? Or maybe both? If so, then, you may want to check Proof of Toss. They have developed a blockchain-based platform that aims to make betting effortless and profitable to all members.
Betting has been a part of our history for decades. Over the years, betting has evolved along with our technology. From the usual face to face events, it became global through online betting games that connects participants around the world.
And with its expanding community, different niches in betting became available such as sporting events, political elections and market changes never fail to get the interest of many. Actually, any type of betting brings excitement to many, it’s the risk and the bragging rights that makes it inviting – and of course, the profits from winnings.
However, aside from the enticing nature of betting, there are also a lot of issues that make people think twice before getting in the pool. These issues are typical to online betting events. Such issues are fraudulent activities, unreasonably complicated verification process, fully dependent on centralized system and no control over personal funds.
With these issues facing online bettors, Proof of Toss developed their blockchain-based platform that aims to provide solutions to these issues. Let’s take a closer look on how this new platform can give a better betting experience to bettors.
What is Proof of Toss?
Proof of Toss is an online betting platform based on the technology of blockchain and Smart Contracts. They offer opportunities both for end-users (P2P) and bookmaker companies.
Their main goal is to provide a fast, reliable and trustworthy system that would meet all its users’ demands.
For potential clients and partners, they have developed an open source solution to conveniently transition existing traditional betting business models to blockchain.
The utility token will be Toss tokens.
Benefits for Users
- Transparency – with the help of the blockchain technology, this platform will be able to provide users the tool to monitor all transactions made.
- Control Personal Funds with one Wallet – users will solely control their funds from one wallet to smart contract wallet and vice versa. All payments, withdrawals and deposit will be instant.
- Wide Range of Opportunities – users have a choice to place a bet, create a Wager or be a DCJ judge. They can take one role at a time. But for token holders, multiple wallets can be created.
- Users can be Operators – users can take the role of an operator when the amount required for the collateral for a wager has been met.
- Irrevocable Transactions – any transaction that has already been written in the smart contract and been published in the blockchain is considered final and irreversible. This will increase the users’ accountability in the system.
- Fair Results - internal distributed crowd judging mechanism will be utilized to get the most accurate results of any event.
- No Termination of Service – due to the decentralized nature of funds ownership in the Proof of Toss platform, users will never lose their rights to access and interact within the system.
- Equal Opportunities – different roles are available in the system for users to participate. Everyone will be treated equally since the platform does not store personal and financial data – meaning, no qualifications are considered to be able to place a bet.
- Pseudonymity – Proof of Toss does not hold personal information of all users. KYC is only performed to verify users as per requirement of the regulatory bodies. After becoming a member of the community, proof of identity will no longer be required. The only time that a member will be providing his/her personal data is when purchasing and selling tokens to third party marketplace.
- Faster Transactions – through the utilization of RSK’s smart contracts this platform is able to provide speeds of 400 transactions per second, eliminating delays on payments, deposits and withdrawals. And at the same time reducing costs.
Benefits for Bookmakers and Sportsbook Suppliers
- Higher Profit Margin – with the full utilization of the Toss token within the platform, intermediaries are no longer needed for transaction handling, thus, eliminating high transaction costs.
- Wider Market Coverage – since the platform is blockchain-based which is limitless and overly popular, opportunities to expand market share and reach a higher number of new users will be unimaginable.
- Wider Scope of Events – due to the reduced transaction costs in creating an event within the platform, operators will be more confident to create any kind of events, big or small, without worrying about possible loss of profits.
- Trust and Security – all business rules and workflows are embedded in smart contracts which makes the entire platform transparent and all transactions irreversible.
- Better Odds – no commissions will be collected within the platform. This will enable operators to take full control of the odds they provide. To attract more players, they can offer better odds to all players without worrying about lower profit margins due to commission deductions.
- No Chargebacks – since all transactions are irreversible and transparent for all, claims and chargebacks are not possible.
- Higher Liquidity – all payments are sent directly to the wallet which will eliminate long processing time and would increase liquidity.
- Boundless Accessibility – anyone holding the Toss tokens will have no restrictions in in accessing the platform.
- Impressive Business Solutions – Proof of Toss will offer a free open-source solution for all joining bookmakers.
Toss Token Details
- Token: Toss
- Price: 1 ETH = 10,000 Toss tokens
- Soft Cap: 8,500 ETH
- Hard Cap: 71,500 ETH
- Platform: Ethereum
- Minimum Investment: 0.071 ETH
Toss Token Distribution
- 70% - token sale.
- 11% - Proof of Toss Foundation.
- 10% - reserved for founders.
- 6% - core team.
- 2% - bounty.
- 1% - whitelist.
The Verdict
There are a lot of people getting into online betting. And to have a faster, reliable and trustworthy system is highly demanded by all gamers. With the utilization of the blockchain technology along with smart contracts, these demands are highly likely possible. Not to mention the savings on the cost it would bring to operators and bookmakers. Proof of Toss has a very ambitious platform and when managed as planned, its popularity would certainly increase rapidly. And with their simplified business solution model, existing bookmaker companies will have the convenience to transition to blockchain-based system.