Casinos are soon going to help humanity develop fairer markets.
The world of gambling is one that often gets a bad reputation, to such an extent that some banks and even server companies won’t take them on as clients.
This, ironically, becomes a self-fulfilling prophecy. Gambling establishments can’t gain legitimacy because of their association with shady characters, but they’re associated with shady characters because the normal economy shuns them.
Yet, that might soon change with the advent of blockchain technology. After all, the name of the game in the crypto space is being transparent and open-source. In other words, online casinos could structure themselves as Decentralized Autonomous Organizations (DAOs), blockchain native entities, and games could be organized via smart contracts.
Through this method, there would be absolute transparency in regards to the programming of the gambles and they could be audited for fairness. Furthermore, the users themselves could design their own systems that could be implemented in a casino DAO.
A fantastic example of apps that are built on top of previously existing apps would be HyperDragons, a pet managing simulator wherein the newly hatched NFT dragons were fed CryptoKitties (the original crypto breeding game) and thereby destroyed, along with their respective tokens. In other words, apps that have no immediate connection with each other can be linked up and used to design something else completely.
This modularity is game-changing as it increases the possibilities exponentially by allowing you to mix and match ideas and technologies. Ultimately, crypto was designed as a means to create trust in a trustless environment, and it’s not just money in which we can use this concept.
But does the world need further development in gambling technology? Yes, to quote the grandfather of modern economics John Maynard Keynes “The game of professional investment is intolerably boring and over exacting to anyone who is entirely exempt from the gambling instinct…”
Gambling is not so distinct from money management as to be a completely different thing. We can already see this nowadays, Augur DAOs — essentially peer to peer betting markets — are used to gamble on specific events happening. Nevertheless, it can also be used as insurance.
For instance, if we bet that tomorrow it’s gonna rain in a certain place, then you could take the view that it won’t rain, while I can take the opposite position. Now, let’s say I’m also planning an event in that place. If I take this gamble, irrespective of whether or not I think this will happen, what I have essentially bought is insurance that my event won’t be rained on — if it does, I get paid the cost of the bet.
In other words, by bringing these different “casino technologies” under one umbrella (pardon the pun), we can not only make casinos lose their bad reputation but we can also create a net good through their use. We can create certainty in an uncertain time and that is fantastic, as certainty produces confidence in the future and people are more willing to take the time to build new businesses and develop ideas, which ultimately improve society.
This is the power of DAOs — being able to tame randomness and bring some positive structure into complex systems. However, for this to happen in a desirable way, DAOs need to be nurtured.
That’s where the WACEO comes in: We help DAOs structure their business model to be scalable, legal to operate and beneficial for society as a whole.
Blockchain is a powerful force, and we want it to be a positive influence on the world.
Visit our website here
