Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to be fully transparent, fair, offer instant payouts, and eliminate the sharing of personal data. The last point is especially important as we’ve seen privacy issues plague some of the world’s leading corporations such as Facebook and 23andMe. The hope is that by decentralizing casinos, the aforementioned problems of centralized casinos will be eliminated. The TokenRoll platform aims to be one of the first to offer to a better solution.
Lack of Decentralized Options
Although decentralization is a step in the right direction, the advanced features and potential are not yet fully understood. And, businesses are hesitant to rush implementation as that may result in less than desirable outcomes. The cautious approach to implementation has to do with the lack of technical knowledge, the scarcity of engineers working on system decentralization, and a crypto market still at the very beginning of the technology life cycle adoption curve.
A second issue with decentralization is that all information regarding wagers, cash flow, and data will be permanently stored within the blocks. Customers that sign up and gamble through decentralized casinos need to be made aware of that and agree to the terms.
Lastly, another potential stumbling block has to do with global government attitudes toward decentralization. As we all know, governments like to be fully in control of everything, even if it’s against the interest of their citizens. Blockchain technology, cryptocurrency, and decentralization are commonly seen as a tool for the black market. Therefore, protocols that are introduced should always adhere to the highest forms of ethical behavior.
TokenRoll Protocol has the Solution
TokenRoll Protocol will be a decentralized gambling protocol that runs on Tron (TRX). The protocol will enable gamblers to bet on smart contracts using the USD Stable Token and Tron coin. A great piece of news for users is that they won’t have to interact with the blockchain. Instead, the TokenRoll platform will serve as the interface for the protocol. In this way, users can focus on gambling, having fun, and (hopefully) winning money.
The company’s current projection (according to the roadmap) is for the beta release to take place in June 2019 with one game. After that, the company will be working on a beta for Android and iOS, additional games, and making the platform fully-functional.
In the meantime, the company is attempting to raise funds in order to help fund business operations. In the current market, the most typical ways to raise funds are through an ICO or IEO. TokenRoll has chosen the traditional route of an ICO, and, in fact, that sale has already begun. The budget distribution will be approximately as follows:
- 40% for Bankroll
- 30% for Platform Development
- 20% for Marketing
- 10% as a reserve to fund black swan events
The online gambling market is growing at an unprecedented level and decentralization will be needed to help deal with the new customers and all the problems that come with rapid growth. Although decentralization hasn’t yet been perfected, it’s nice to see TokenRoll lead the way toward implementing revolutionary technology in an efficient, honest, and thoughtful manner.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…