The Providence exchange — technical approach
Providence casino project will run under an application developed on the Ethereum blockchain.
Ethereum, a smart contract based blockchain provides an ideal solution for the cashless casino as transactions can be easily conducted through participants actions without necessitating human action. As such, gamers can easily visit the casino, exchange their cryptocurrency for chips at our own exchange and proceed to play their preferred game without need for human actors and administrators in the currency exchange process.
Of course, other cryptocurrencies will be introduced as entry points to the casino through the Providence Exchange but the underlying infrastructure will be based on the Ethereum platform and accompanied with our own token explained in the following section.
Ethereum and the ERC20 Token
Ethereum allows organisations like Providence to develop and embed applications (Dapps) on its main network without necessitating the need to develop a new blockchain altogether and as such is a much faster, convenient and reliable avenue for building the platform upon which the whole casino and resort will run.
Moreover, with Ethereum, the security of the casino system will be assured and can be monitored easily due to the transparency and consistency afforded by cryptographic verifications of the whole network (Ethereum MainNet). It is also our selling point towards all regulatory bodies that will be monitoring the casino operations where we can offer complete transparency and accountability for every transaction that has happened on our premises, either via the Providence Exchange or in the internal settlement network. We will be using the ERC20 Token standard that describes the functions and events that an Ethereum token contract has to implement to create our own token called the PVE Token.
The Providence Exchange
We are in development of our proprietary exchange for the needs of casino and resort operations supported by our business model. PVE Token trading pairs will be introduced with several major cryptocurrencies in the initial launch of the platform. Likewise, the whole volatility hedging mechanism will be incorporated inside the exchange and users will be able to lock down their winnings and positions as explained in the concept section.
Additionally, the exchange will be able to scale out later on as new business models and opportunities in the space will be introduced. This will give Providence the opportunity to whitelabel the platform and integrate into existing entertainment and hospitality infrastructures and projects while giving full support for new tokens and integrations.
Raiden Network
Further development of the Raiden technology on the Ethereum blockchain is viewed as an ideal fit that will drive the success of the casino business and which Providence will seek to integrate to leverage its scalability benefits. In that case, the casino will have the capacity to conduct multiple transactions per second as Raiden technology has the ability to conduct over 1 million transfers per second. Moreover, transactions will be completed at much faster and cheaper rates as well as offering customers the option of confidentiality whereby the single transfers are not necessarily displayed in the globally shared ledger. Furthermore, the Raiden technology is expected to be interoperable and as such can work with any token that follows Ethereum ERC20 standard. This widens the scope of cryptocurrencies that gamers can use at the casino as they can be easily exchanged for chips through Providence’s blockchain application and exchange.
PVE Token
Providence will introduce its own token, short-coded PVE. PVE’s utilisation is to power the whole Providence Network. It will be used as the internal settlement currency, preferred currency for casino games and consumers as well as an asset representing and reflecting Providence business performance on the markets.
