Blockchain developer Nico Ami Lee announces the opening of the CoinDirect.io open source platform for online gambling where bitcoins & other major crypto assets will be sent directly from player to player eliminating the third party. The mission behind the project is to decentralize gambling experience further by moving casinos away from managing player’s funds with help of well-established blockchain networks such as Bitcoin, Ethereum & BitShares.
Cryptocurrency became the choice for many online. However, it did not solve one of the oldest problems of online casinos – transparency of the house and high fees. Up until today, online casinos try to stay transparent with a method called “Fairness Check” but often it does not work effectively as casinos always have the power to hide crucial information from the player. In order to prevent this from happening all casinos need to undergo regular and thorough audits. This leaves casinos dependent from the auditors and additional costs associated with such compliance increase costs in operating a gambling business.
Nico Ami Lee, co-founder of CoinDirect.io, explains the potential of the upcoming project:
“With such application platform customers can conveniently develop, run, and manage blockchain layer applications without the complexity of building and maintaining the infrastructure typically associated with developing or launching an app. The code execution platform enables developers to build and deploy a decentralized, automatic management of funds into almost any casino application without incurring any start-up costs. Therefore we create a truly transparent and decentralized solution to heavily regulated and relatively conservative market.”
With the help of CoinDirect existing casino networks can save millions and new-players may get into the market with much less effort and costs. Main advantages of the platform:
1. Complete transparency, therefore no need for additional auditing
2. Very low gambling fees
3. Full control of funds
4. Instant transactions
5. Direct money transfers from player to player & much more.
An idea of establishing a blockchain platform as a service (PaaS) company has been in the works since 2015, and in early 2017, the legal entity of “Coin Direct Ltd.” was established. The company is headquartered in Honk-Kong and operates as a small team of 5, plus several supporting members.
The team is raising money with help of a crowdfunding campaign through an ICO for further platform development.
The company plans to launch a Beta version on October 15th of this year and start mass-scale marketing of the platform from the 1st of January, 2018. The token presale started on 1st of April, 2017, and ends on 31st of August, the company will issue 6,500 tokens on the Bitcoin network. These tokens are designed to be used for dividend distribution and voting on the CoinDirect platform.