What is a DAO?
A DAO is a Decentralized Autonomous Organization — an organization that can run on its own without having any hierarchical management that controls the company. It is without management to run it because it operates on pre-defined code and directions that are decentralize with no central authority to control them. For non-automated decision-making, shareholders and investors are invited to a vote. It is important to know that a DAO is not a legal entity.
The first-ever fully-functional Decentralized Autonomous Organization was, in fact, Bitcoin with the removal of banks as the middlemen. The concept was taken further by the creation of smart contracts .For example, instead of having middlemen go through budgets and expenses, or doing a product analysis to find out which product consumers purchased the most and finally contacting suppliers for replenishments, a DAO operates by itself and generates the contracts.
ICONbet as a DAO
DAOs can bring online transparency in the gambling industry with a protocol defining interactions between untrusted participants. DAO allows players more control and ownership of a game where usually “the house always wins”. In a DAO, 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.
ICONbet is the first DAO to be launched on the ICON blockchain. Iconbet will initially be centralized, and the structure will gradually become a DAO as TAP tokens are distributed to players. TAP tokens represent ownership of the ICONbet platform. There will be 625,000,000 total TAPminted. During the first 500 days of operation, ICONbet will be releasing 1,000,000 TAP per day. At the end of the 500 days, 80% of tokens will have been distributed to players, while 20%of the tokens will be kept by the founding team. TAP tokens will provide access to ICX dividends.
Iconbet and DAO.Casino
DAO.Casino is a similar concept to Iconbet in that it also wants to create more transparency and shared decision-making in the gambling industry. DAO.Casino differs from ICONbet. It uses EOS blockchain and focuses on what other blockchains struggle with: to make events provably random, which is the basis of many casino games. As BET as its token, any token holder can support a game by taking on a role of a bankroll backer. Bankroll Backers lock their tokens in a game contract of their choice and automatically receive a reward.
DAO.Casino creates income for token holders by forcing anyone who wants to build a dApp on their blockchain to stake a certain number of tokens, which will be calculated based on how many blockchain resources the stake will demand. After the game has received the required amount BET`s, the bankroll sponsor will automatically receive a reward, which is pre-programmed in the game contract code.
ICON instead incentivizes voters to vote for their favourite DApps, and DApps receive a greater portion of the block rewards the more votes they get. Iconbet is built on the ICON public blockchain for the DApp Booster Program which is an on-chain incentive structure for DApps created on the ICON blockchain. ICONbet differs from other blockchain gambling services by giving TAP token holders the right to control ICONbet’s treasury money and thereby gain more profits than what is generated by the ICONbet platform.
The ICONbet team will also develop an SDK, upon the success of the initial platform, to allow third-party developers to easily contribute to the ICONbet platform. Large TAP holders will be incentivized to continue growing the platform, as revenues from all games/applications on the platform will be shared amongst TAP holders.
Learn more about how DAO like these can revolutionize iGaming in our iBriz Community Telegram Group - https://t.me/ibriz_prep
