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.
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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.
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