WHY ARE BLOCKCHAIN AND SMART CONTRACTS HELPFUL?
In the traditional betting sector responsibility for transaction management and all guarantees of trust and security lie on the bookmaker who provides an infrastructure for placing bets and making payments. The end user isn’t able to verify the system works transparently, nor can they rely on any kind of secure personal data protection. Building the PROOF OF TOSS ecosystem, we value principles of transparency, fairness, equality and safety. The blockchain and smart contracts give effect to these values and allow a system to be decentralized, independent, transparent and automatic:
– There’s no central control over the network and it’s permissionless and uncensored;
– Fees for transactions and conditions are embedded in the network;
– Everyone can locate and observe any transaction at any moment;
– The owners of a private key can always prove the transaction has been sent by them;
– The blockchain has several important technical features: replication, irreversibility and reliability;
– Smart contracts execute a code based on the input of certain transactions:
- users can be sure smart contract code can’t be changed once deployed;
- users can always review the smart contract code to ensure it executes exactly what’s been programmed and nothing else;
– All obligations of the parties with all conditions are programmed and automated inside smart contracts.
The PROOF OF TOSS mission’s to create a smart and reliable ecosystem for betting, giving every user an equal chance to win.
Have a closer look at our Technical Paper to learn more about PROOF OF TOSS project and it’s technical details!
