Blockchain-based online casino ICO raises $9 million in 30 minutes

Singapore-based DAO Casino, a blockchain-Ethereum based platform, is enjoying a quite extraordinary run in its crowdfunding ICO (Initial Coin Offering), claiming in a press release Friday that following launch on June 29, the ICO had raised $9 million in 30 minutes. Current information from that company indicates that funds raised are now over $12 million with plenty of time still to go in the 28-day offering.

So successful has the ICO been that the DAO founders have raised their target amount to $25 million. Funds will be used in the further development of the decentralised protocol for the gambling industry, with the founders predicting that the concept will create major disruption with its improvements in fairness, transparency and mutual profitability through its use of blockchain technology.

The DAO press release assures investors that the company has measures in place to ensure rapid development and implementation of the project. In order to bring accountability among the founders, stakeholders, and others involved in the project, their tokens will be vested for two years accompanied by a six-month cliff.

Due to this measure, the BET tokens will mature by 25 percent in value every six months. As a preparation for the token sale, the contract is currently being audited to guarantee complete security and safety.

Of the BET tokens created in the ICO, 70 percent will be issued to the participants, 10 percent to early adopters and founders, 10 percent for bounties and another 10 percent for the creation of legal entity and other expenses. The revenues generated from the crowdsale will be deployed for Research and Development (60 percent), Operations (20 percent), Marketing (15 percent) and Legal (5 percent) expenses.

DAO claims that its protocol will enable independent game developers to be automatically rewarded for their work when online casinos list their games, while rectifying the current status quo where some developers do not retain the rights to their games.

The concept is an open ecosystem for betting titles that does not require third party involvement. It is a decentralised governance system built on Ethereum that automatically rewards all developers, auditors and community members for their contributions. Punters can play games by accessing front end platforms with a familiar and straightforward user interface.

Initial Coin Offerings are a convenient form of cyber currency crowdfunding outside of the traditional financial system.