PROOF OF TOSS – A Smart Betting Ecosystem

Proof of toss is a decentralized betting system based on blockchain technology and smart contract. It creates new opportunities for both peer to peer and bookmarks by enabling them perform on or more roles such as create wages, bet on various outcomes and/or verify the outcomes of an event. The mission of Proof of Toss is the creation of a functional ecosystem for smart rates based on honest and transparent processes, and the reliability of the system

The platform aims to solve the many challenges associated with gambling listed above. It is created for both players and market operators to have the opportunity to earn as much as they can, eliminating third parties , fraudulent activities and most importantly reducing cost of transaction; it’s a win-win for all. PROOF OF TOSS is aimed at improving the experience for all market “players” by solving the following problems:

Fraudulent activities and lack of trust
Long verification processes
Reliance on centralized systems
Lack of control over personal funds

PROOF OF TOSS provides two solutions covering needs of all participants of betting market. On one hand, there is a peer-to-peer solution, a fully functional and decentralized platform that is good for any type of event. On the other hand, an open source solution for professional betting operators that will provide the infrastructure they need to integrate blockchain into their existing business.

We’ve been successfully operating a bookmaker company for years now, we know the industry inside and out. Blockchain is a perfect solution to heal all the betting industry pains, and we will be the first to do it.

MISSION

Our mission is to create a fully functional ecosystem for smart betting, based on impregnable trust and reliability provided by smart contracts. We strive to give equal opportunities to benefit from our ecosystem for users that are ready to implement their knowledge, skills, and intuition to create viral wagers, predict outcomes and determine winners.

OBJECTIVES OF PROOF OF TOSS

• To improve betting in the new era.

• Increase opportunities for people within the betting industry.

• To develop an easy to use, technologically advanced tool.

• Bring new users to the world of blockchain and cryptocurrencies.

PROOF OF TOSS ECOSYSTEM

The ecosystem is aimed at offering new opportunities for both the P2P and bookmakers. All parties engaging with the ecosystem will be able to do one or more of the following – create wagers, bet on various outcomes and/or verify the outcome of an event. The system will allocate funds automatically and instantly through the use of smart contracts, eliminating third parties, fraudulent activities and significantly reducing transactional costs.

Transparency of all transactions:

Leveraging blockchain technology we have reached a maximum level of transparency for all transactions within the ecosystem. Every user will be able to monitor all payments, payouts and other transactions himself.

Control over personal funds with one Wallet:

Users never lose control over their funds. Funds move from Wallet to Smart Contract to Wallet. Making payments, deposits and withdrawals instant and under full control of the user.

Various roles:

We provide vast opportunities to win for all our users. A user can either create a Wager, place a Bet or join the DCJ as a Judge. Users can only take on one role at a time. However, our token holders are not restricted from having multiple wallets.

Irreversible transactions and high level of responsibility of all users:

What goes on the blockchain stays on the blockchain. We believe that the inability to revert or change a transaction after it is written into the smart contract and published on the blockchain will increasethe level of responsibility for all the Users of the ecosystem.

Fair results:

We are using the wisdom of the crowd in all our Judging and Challenge mechanisms. Employing the “prisoner’s dilemma” with clear risk and reward for any action taken by the crowd and relying on our random number generator to select Judges we ensure that every decision will be right and true, if such decision is unreachable the Wager is cancelled and players immediately receive a full refund.

No terminations of service:

The PROOF OF TOSS ecosystem is fully decentralized in terms of funds ownership. Each user retains full control over their wallet and therefore will always retain their right to access and interact with the ecosystem.

Equal opportunity:

The User’s role in the ecosystem is flexible, Users may switch roles at their own desire. The rules of use are strictly embedded in Smart Contracts, therefore all users are treated equally. The platform is not storing user’s personal data and no financial data is required to start betting.

Pseudonymity:

The PROOF OF TOSS ecosystem holds no personal information about users. Users are only exposing their identity when they purchase or sell tokens on a third party marketplace that requires KYC verification. All transactions are irreversible and transparent therefore the identity and transactions of a user could be reverse engineered. Once on the platform, you don’t need to prove your identity or present any personal data. We are required to collect KYC data during our Token Sale, however, that nformation will only be stored to verify users and is required by regulatory bodies.

High speed of transactions:

PROOF OF TOSS is developed on RSK’s smart contracts which are built as a side-chain of the Bitcoin Blockchain. This provides us with the opportunity to leverage great transactional speeds of 100 transactions per second and reduce costs.

HOW IT WORKS

Confirmation OF TOSS offers three procedures for getting rewards. Clients can accept the part of Originator, Player or Judge, parts that can make, wager and judge, respectfully. The environment gives extreme outcome affirmation by actualizing the Distributed Crowd Judging (DCJ) system, where the hidden guideline is the “Insight of crowd.”In the shared arrangement, DCJ is the main way comes about are resolved.

A Wager is made for an occasion occurring sooner rather than later, and can be made by either an Originator or an Operator .Any client in the Ecosystem can just pick one part at any given moment. The Ecosystem does not conjure a part, nor will the User be fixing to one specific part, it is just up to the User to choose a part for the specific Wager. Clients can perform distinctive parts in various Wagers.