ICONBet has announced the launch of its first DAO gambling app built on the ICON blockchain. ICONBet incorporates a business model that differentiates it from existing blockchain gambling apps by giving players more control and ownership of the apps.
The initial game is DAOlette, a roulette type game that plays on the pronunciation of ‘DAO’ for its name. For those who don’t know, DAO stands for decentralized autonomous organization and is a type of system that is entirely supported and controlled by its users or shareholders. It has no central legal entity or governing body and is automatically managed by rules hard-coded into the blockchain.
ICONBet works on this concept by rewarding early adopters with 80 percent of its TAP tokens, each of which represents part ownership of the network. The other 20 percent are distributed amongst developers to incentivize maintenance of the application. The system uses a consensus method known as Delegated Proof-of-Contribution (DPoC), which rewards users the more they interact with the app.
Trust and transparency
ICONBet benefits from an open-source and trustworthy system due to its use of a secure hash algorithm for randomization. The algorithm is programmed into the blockchain and incorporates digits from a timestamp created at the time of the spin, ensuring that nobody can cheat the system or predict the outcome.
The smart contracts that control the system are available for developers to download and view should they wish to verify the code. As in any blockchain, transactions and calculations are transparent and viewable online by all users, offering complete peace of mind.
How the token distribution works
Originally, 500 million TAP tokens will be given out to players at a rate of one million a day over 500 days. These tokens will represent public ownership of the game and 125 million additional tokens will be held by developers. Users hoping to get involved can earn TAP tokens by playing the game using the ICON (ICX) cryptocurrency.
It’s important to note that players will earn TAP tokens irrelevant of whether you win or lose – so no matter what happens you come away with something. In addition to this, any ICX tokens that the house earns above 250,000 will be redistributed as dividends amongst TAP token holders.
Blockchain-based gambling has become increasingly popular in 2019, with the vast majority of transactions on both TRON and EOS networks originating from gambling apps. As these games evolve, players are becoming more interested in the ownership and development of applications and networks.ICONBet believes online gambling offers a unique environment where player involvement can greatly increase trustworthiness and subsequently improve the chances of a platforms profitability.
Following the success of DAOlette, ICONBet will release more games over time and aim to eventually provide an SDK (software development kit) for users to create their own games. With the release of its first gambling dApp, the ICON blockchain hopes to draw more interest from developers and grow over time, increasing the value of ICX and TAP tokens. Early adopters stand a chance to make significant profit by getting involved early on in the process.
Mark is a freelance writer specializing in fintech, cryptocurrencies and gambling news. He writes for various publications on a wide range of finance and technology related topics and spends his free time traveling the world.