Connect with us

Articles

Is the Decentralised Autonomous Organisation (DAO) the Next Trusted Evolution of Online Casinos?

Published

on

Nick Ayton explores the myths and misunderstandings regarding the Decentralised Autonomous Organisation, where recent bad press with the ‘DAO hack hasn’t improved the basic understanding. The hack may have created perceptions as to how a DAO actually works.

// -- Discuss and ask questions in our community on Workplace.

Lots of activity, a hot space.

The gaming industry, like music, is being disrupted by Blockchain start-ups that are challenging the status quo. Who wants to challenge the traditional online gaming sector that has an increasingly poor reputation for tampering and moving the odds? Recent successful crowdsale, including vDice.io that exceeded expectations, suggests there is a growing appetite for blockchain gaming investment opportunities.

Ethereum decentralised properties are a perfect storm for addressing the concerns of online gaming that not only squares the odds, but creates a transparent and open environment that players can trust. Random Number Generation delivered by Smart Contracts is proving itself as an ideal technology for bringing change to the sector.

DAO – The Decentralised Autonomous Organisation

The Wikipedia definition of a DAO is:

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

a decentralised autonomous organisation is an organisation that is run through rules encoded into computer code called Smart Contracts. The DAO financial transactions record and program rules are maintained on a Blockchain.

Is it unreasonable to judge any DAO by the recent event where a DAO was set up as a Venture Fund raising $150 million in crowdsale in June 2016 – and was then immediately hacked and drained of $50 million in cryptocurrency?

A DAO is a software construct whose architecture can vary enormously, it is just a way of building software so that it is sustainable and doesn’t rely on a single trusted third party. A way of scaling trust that is often left to people has issues. A DAO is software designed in certain way.The DAO hack was a result of a bug that left the door open for someone to exploit and as a result the Ethereum community decided to hard fork.

It is clear there are many different ways of building a DAO, which is based on crypto-economic principles that create an eco-system where all the participants have a role and can share the benefits. For the purists a DAO isn’t seen as a platform but as a Peer 2 Peer Marketplace, which is an important distinction. A marketplace that behaves as a sustainable autonomous economy.

New Constitutions

The early DAOs were used as an experiment where developers could understand how autonomous structures as constitutions would work. A good example is The Peoples Republic of Doug which was written in early versions of Ethereum using LLL (Lisp Like Language) to generate Smart Contracts that formed the constitution back in June 2014.

As Vitalik Buterin confirmed back in Nov 2015, LLL was always meant to be a simplistic language, suggesting Serpent is better suited. And now there is Solidity that is rapidly becoming the favored language for Smart Contracts that lie at the centre of a new Democracy

Are DAO’s therefore misunderstood and getting bad press?

Almost certainly yes, as any new technology comes to terms with itself, and Blockchain is not different, there are those that want to see it struggle and even fail. But these early examples are merely evolutionary experiments on a path to where a new generation of organisations, of self governing economies, of self sustaining eco-systems; to be used, maintained, and controlled by the community itself with the underlying constitution written as software rules.

The aim is 100% autonomy with no delegates appointed making decisions, but inevitably some human involvement is required at the outset. It was interesting to learn that the inventor of The Peoples Republic of Doug was locked out of the system he had created once it was operational.

Ethereum is the creator of the DAO concept that has come a long way in recent years with many lessons learned – not to be repeated.

As Roger Aitken, a distinguished journalist for Forbes Magazine, notes in his article DigixDAO Crypto Trading: Are we seeing a new Gold Standard for Crypto-Assets?

The construct of a DAO has many use cases including the concept of a self-renting autonomous electric vehicle Mobotiq.

DAO for gaming – a new era in Gaming or what?

There are some DAO ICOs coming up that create a coin as a Token which offers certain obligations, rights, and benefits for investors. DAOCasino is a bit different and more like a Token launch rather than an ICO. It encourages and gives incentives to communities of game developers, auditors, and partners to participate in the eco system – where each can receive an income based on the contributions made.

A DAO can be explained as a marketplace infrastructure built on Ethereum using Smart Contracts for the underlying governance to form the constitution. The DAOCasino offers a gaming backbone: A core infrastructure for developers to develop games (back end) and to promote games (front end) – kind of like App Store.

With the Ethereum core development team working on SWARM, their decentralised storage and file sharing solution – and Whisper messaging due soon, the next generations of DAO will evolve as stronger and more reliable.

DAO Gaming Community

Is the future of gaming autonomous gaming markets that are not owned by the large Casinos and Online Betting organisation, but by people who want to enjoy gaming, trust gaming and ensure fair play…?  Is DAO the only real way to achieve this?

The DAOCasino is building a community around a marketplace for game developers, auditors, referrers, community members and players so they can enjoy a trusted, open, transparent environment that ensures everyone is rewarded based on contribution. At the start minimal human involvement (delegates) will agree the consensus that sets the parameters of the community, for audit and security that defines how and where the code is checked and the broader governance formulated, and then release the DAO for 100% autonomy.

The future of gaming looks like a DAO

The concept of a DAO has always been a strong one in markets where vested interests and tampering creates distrust – and the temptation to make disproportionate amounts of money from unsuspecting customers. The DAO is a Decentralised Autonomous Organisation, a company, a new type of human organisation operated by its members who create a constitution that cannot be manipulated or tampered with, doesn’t have a management hierarchy, jurisdiction, or legal framework.

As Stephan Tual, founder of www.Slock.it breaking new ground in autonomous business models and one of the original entrepreneurs involved in the DAO, says:

“It (the DAO) is not bound by terms of law and jurisdiction. It is bound by code”.

Will the DAOCasino herald in a new era in online gaming and casinos where a broad range of games are offered and supported – lottery, slot machines, card games, betting terminal and sports betting are vetted to ensure they are fair and trusted by the DAOCasino community? A community eco system that wants to flourish, that by its very existence needs to deliver confidence and trust to players or fail.

I am reliably informed the DAOCasino Token Launch is planned for the spring of 2017. To find out more visit www.DAO.Casino

(The writer is not affiliated with DAO.Casino).

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...





Feedback or Requests?

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Analysis

Crypto Capitulation Is Upon Us

Published

on

Capitulation: kuh-pich-uh-LEY-shuhn (noun) the action of surrendering or ceasing to resist.

// -- Discuss and ask questions in our community on Workplace.

From their December peak, cryptocurrency assets have given back over $400 billion. This amounts to more than the GDP of many countries.  If this were values lost in the stock market whose worth is in the trillions, it would be called a minor correction. In crypto terms there is only one word to describe the carnage: capitulation.

As painful as it is, the point to be made here is the capitulation is a good thing.  Read on and I will share some thoughts for you to consider.

Mass Media Mania

First let’s take a look at some of the news that is causing such despair. Most recently the selling mania has been in response first to Facebook and more recently to Google.  Both of these mass social media giants have ban cryptocurrency advertising. Read closely and you won’t be shocked to realize that the target of their ire are the many ICOs.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

The problem is not that Facebook and Google are the only advertising platforms.  The problem is that they are considered mainstream media and without these two, the trend of cryptocurrencies gaining legitimacy is delayed.  That is right, I said delayed not blocked or prevented.

The World Has Changed

Five years ago, when bitcoin was unknown to most people, this might have been a fatal move. Today is a different story. I recently traveled to a remote mountain town in the interior of Mexico.  Everyone I met had heard about Bitcoin and eyes lit up with excitement when I ask if I could pay for lunch with bitcoin.  

Today are dozens of websites dedicated to cryptocurrencies, either holding them, exchanging them or just writing about them.  Probably the most effective advertising remains on Google, it is called Google Search and it is free.

If someone wants to learn about owning bitcoin or any other currency, there is a ton of educational information.

Of course it would be far better all around if Mark Zuckerberg and Eric Schmidt had taken a different approach such as banning only advertisements for ICOs, but that didn’t happen so supporters of crypto aren’t comforted in their beliefs that bitcoin is going mainstream in 2018.

The Flipside Is Being Ignored

Every argument has a flip side.  If the removal of ads contributes to cleaning up ICO scams, that is a good thing.  We can all agree on that point. And let’s be honest there is more than one problem the crypto community needs to clean up.

This adds to the ongoing regulatory news including March 7th ruling in US Federal District Court that cryptocurrencies are commodities.  As such they can be regulated by the Commodity Futures Trading Commission (CTFC).

On the same day the Securities & Exchange Commission issued the following order:

“If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration,” the commission said in its “Statement on Potentially Unlawful Online Platforms for Trading Digital Assets.”

Not All Regulation Is Inherently Bad

The mere hint of added government regulation typically sends stock market investors heading for the exits and the same holds for investors in crypto.  But this raises the question, is some regulation of crypto a good thing?

If we examine the full spectrum of regulation to this point on a global scale there is one common target most everywhere.  That is the practice of exchanges. So far there has been little or not regulation, threatened or enacted, to protect investors from loss of funds due to security breaches.  

The question that needs to be ask is this.  Will SEC regulation result in better pricing and lower trading costs; if So, then this would provide a desirable outcome.  It is understandable if you laugh at the prospect of any government regulation having a beneficial outcome, but if you look at past SEC practices, you would come away with different conclusion.

So when the next regulation catches the headlines will it be to ban the existence of bitcoin, Ethereum, Ripple, Litecoin and others or to protect the investor from scams and excess costs?

Capitulation Is A Good Sign

Over the course of a pretty long investment experience, I have witnessed true misery on more than one occasion.  The pain is unbelievable, there is no perspective on the future and all you want is to take action to end the misery.  That is when you know the worst is happening and nothing is ever going to make it better. That is when major stock market bottoms are formed. It surely is painful these days for crypto investors. This is a good sign.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
26 votes, average: 4.77 out of 526 votes, average: 4.77 out of 526 votes, average: 4.77 out of 526 votes, average: 4.77 out of 526 votes, average: 4.77 out of 5 (26 votes, average: 4.77 out of 5)
You need to be a registered member to rate this.
Loading...

4.3 stars on average, based on 61 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




Feedback or Requests?

Continue Reading

Altcoins

What’s Behind Cardano’s Rising Popularity in South Korea?

Published

on

Cardano, better known as ADA in South Korea, pronounced as “aeda” in the local market, is growing at an exponential rate due to UpBit.

// -- Discuss and ask questions in our community on Workplace.

UpBit, South Korea’s second largest cryptocurrency exchange behind Bithumb, is operated by Dunamu, a subsidiary company of Kakao, the operating company of KakaoTalk and KakaoPay. The two mobile applications, KakaoTalk and KakaoPay, have a market penetration rate of over 90 percent in their respective markets–financial technology (fintech) and messaging.

Although UpBit remains as the only cryptocurrency exchange that has integrated Cardano within the local South Korean cryptocurrency exchange market as of date, the popularity of Cardano on UpBit is increasing rapidly. According to CoinMarketCap, 75 percent of Cardano’s daily trading volume is processed in South Korea, by UpBit.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Within its debut month, more than 3 million South Korean users signed up to use KakaoPay, the country’s most widely utilized fintech app. KakaoPay operates as a mobile bank, allowing users to send and receive money, obtain loans, and conduct financial activities. KakaoPay supports UpBit because a subsidiary company of Kakao in Dunamu operates UpBit.

Given that Cardano is one of the most popular cryptocurrencies on UpBit in terms of daily trading volume, naturally, as general consumers in the traditional finance market using KakaoTalk and KakaoPay move to the cryptocurrency market, the first few cryptocurrencies they are introduced to are bitcoin, Ethereum, and Cardano.

Cardano is also receiving significantly more mainstream and local media coverage than other alternative cryptocurrencies, specifically because the South Korean media has portrayed Cardano as a direct competition to Ethereum. Because Cardano is a smart contracts protocol, it is structurally similar to Ethereum.

The two key differences between Cardano and Ethereum are that Cardano uses a proof-of-stake (PoS) consensus algorithm and it also has two layers that are used for smart contracts processing and payment settlement.

In South Korea, cryptocurrency mania has swept across most major industries. 5 out of 10 people on the streets, in subways, buses, and cafes talk about bitcoin, cryptocurrency, and blockchain technology on a regular basis. As such, the majority of investors are more technical than other regions.

Most investors of Ethereum in South Korea understand that the Ethereum Foundation and its open-source development team has been planning a PoS update via Casper. When Cardano debuted with a PoS protocol, it led South Korean investors to believe Cardano is a more innovative platform and has a technical edge over Ethereum.

January 31

For cryptocurrencies with strong followers in the South Korean market, January 31 is an important date to keep track. On January 31, local cryptocurrency exchanges are expected to open account registrations to new users and six major local banks are set to provide banking services to cryptocurrency exchanges.

Consequently, on January 31, it is likely that a massive amount of Korean won will flow into the local cryptocurrency exchange market. The recent cryptocurrency exchange ban fiasco, which turned out to be false, further increased the presence and popularity of cryptocurrencies in South Korea.

Cryptocurrencies like Cardano, EOS, Qtum, and Ethereum that have strong bases in South Korea will likely increase in value throughout late January and early February.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
12 votes, average: 4.83 out of 512 votes, average: 4.83 out of 512 votes, average: 4.83 out of 512 votes, average: 4.83 out of 512 votes, average: 4.83 out of 5 (12 votes, average: 4.83 out of 5)
You need to be a registered member to rate this.
Loading...

3.4 stars on average, based on 3 rated postsJoseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.




Feedback or Requests?

Continue Reading

Articles

Fidelity Investments is Mining Cryptocurrency

Published

on

Fidelity Investments is a multi-billion dollar brokerage  that just so happens to be mining cryptocurrency. In fact, it has been at it for three years, using its own computers to harvest bitcoin and Ethereum.

// -- Discuss and ask questions in our community on Workplace.

Profitable Experiment

CEO Abby Johnson recently told Fortune that its U.S.-based mining operation is “making a lot of money.” This comes despite running a relatively modest operation.

Hadley Stern, Senior VP of Fidelity Labs, described his company’s venture as an “experiment.”

The real reason we began mining, and still do, is to learn how the network works, how consensus works, how difficulty levels work,” he said in reference to the mining process.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

The key to profitability has been the dramatic rise in cryptocurrency over the past year. Bitcoin and Ethereum are the world’s No. 1 and 2 cryptocurrencies by market capitalization, and no-one else comes close.

Well Ahead of the Pack

The fact that Fidelity has been at this for three years speaks volumes about the company. Other, much bigger players are still dipping their toes in the market, but are unsure about how to proceed. Goldman Sachs is reportedly on the fence about starting a cryptocurrency trading operation, while J.P. Morgan has already begun handling customer orders for bitcoin-based instruments.

Fidelity is doing a lot more than just mining tokens. Earlier this year, it reached an agreement with Coinbase to let customers view cryptocurrency prices alongside other assets on their Fidelity homepage.

Coinbase is the world’s most funded cryptocurrency exchange with more than 7.4 million users.

Cryptocurrency Prices

The cryptocurrency market ended the week on a firm note, with bitcoin (BTC/USD) reaching a session high of $4,425.00. At press time, the index was up 1.6% at $4,368.

Ether is also trading higher against the dollar, with the ETH/USD rallying more than 3% to $305.

Ripple (XRP) lost momentum on Friday, but still managed a weekly gain of 21%.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 5 (2 votes, average: 3.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 344 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending