FREQUENTLY ASKED QUESTION
What is PROOF OF TOSS and its business model?
PROOF OF TOSS is a two-way betting protocol including:
- peer – to – peer solution with fully user generated content and completely decentralised, to cover about 25% of the known market of future events;
- an open source solution for existing or new bookmakers to transition to blockchain.
Both solutions are powered by the blockchain and run on Smart Contracts. The difference lies in odds, the way Wagers are created and the way results are determined.
For more information – consult “TOSS -the smart way to bet” section of the White Paper (p.14)
Why have you decided to create a betting platform?
Coming from the bookmaker business we recognise the hurdles, and pain points of players and bookmakers alike. We realised that we wanted to make a betting platform that will be way better than traditional ones. We also understand that blockchain unveils vast opportunities. So, we decided to combine the things we love together – betting with blockchain.
What betting problems are you solving?
Well, we solve a number of problems including reliance on centralized systems and intermediaries, lack of control over personal funds, but the first and foremost we are not just about solving problems. We aim to provide new services that were impossible without blockchain and that is a completely decentralized peer to peer platform for betting.
Who are your main competitors?
Our business model is pretty unique since we provide a solution for both the end users and businesses. Competitors include both blockchain peer-to-peer betting solutions such as BetterBetting, and prediction markets like AUGUR and STOX, as well as traditional bookmakers, that represent a market of licensed and legal companies with a cumulative turnover of around 60 bn USD for the whole industry. But it is well worth considering that traditional bookmakers can quickly become our partners by making use of our open-source solution, designed specifically to cater to them. More information is in the WP on page 5.
What’s your key advantage?
We are the first complete betting protocol. Meaning we cover the full spectrum of betting. Moreover, we are the first blockchain betting project that is truly scalable. The underlying technology for PROOF OF TOSS is RSK’s smart contracts, a quick glance at RSK will show you that they are scalable to 300 transactions per second. Betting is a very busy niche and speed is an essential part which will either make the project a success or a failure.
Why would a user benefit from betting on your platform?
There are 3 strategies a user can try: to create a Wager, to bet on the outcome or to judge. All actions in the system are rewarded if there are no violations. Originators – are rewarded for developing the ecosystem and populating it with interesting wagers to bet on, players are rewarded (or not – depends on them) for taking their chances to bet on the outcome, and judges are rewarded for defining the result. PROOF OF TOSS is an ecosystem, that provided a lot of opportunities, to try on different roles, and to find the one (or all) that suit you most.
What commission does PROOF OF TOSS take?
We take no commission.
What is the DCJ and why do you need it?
DCJ stands for distributed crowd judge, this mechanism is based on the “wisdom of crowds”. The key idea is that group of people is collectively smarter that one person. If the majority that is interested in the final result and risked their funds has decided that a certain outcome of the Wager is correct, then it is correct. We are using this idea to support open and transparent judging system in peer-to-peer solution, and provide players (who lost in the bookmaker’s solution) opportunity to challenge the result and prove their opinion. This supports our mission to create an honest and open ecosystem for betting.
How are the odds defined in your solutions?
That depends on how a wager was created. Operators have to provide collateral but can set their own odds. In the peer-to-peer solution, on the other hand, odds are formed from the ratio of opposing bets.
What is your funds allocation?
We need the token sale to create a betting protocol for the ecosystem. This protocol will let users bet on various events with a high level of transparency without having to trust any counterparty to have the ability to pay, and to be certain that the results are defined in a professional manner, are always true to the real result. Moreover, users will be rewarded for creating wagers of their own and/or acting as judges.
- The gaming industry has one of the highest user acquisition costs online. We want to take PROOF OF TOSS mainstream and need to onboard new users from outside the cryptocurrency space.
- We are participating in exhibitions all over the world to spread the word about our projects benefits.
- We will be offering marketing promotions for 1-2 years for our top partners – bookmakers that onboard our open-source white label solution.
As PROOF OF TOSS is not directly benefiting from the protocols activities, when the token sale ends, the PROOF OF TOSS foundation will be registered. This foundation will support the ecosystem throughout its lifecycle, and will maintain further development, marketing activities and cover all expenses associated with running it.
Due to the fact that the betting sector is highly regulated and licensed in the majority of countries, by working with regulators, we are planning to create favourable conditions for those companies that join our ecosystem.
What blockchain are you using?
The first release of PROOF OF TOSS will be on the Ethereum blockchain. The end product though will be built on RSK. The smart contracts in RSK use Solidity which makes this transition easy and seamless. At the same time, RSK is faster than Ethereum and speed is what we need for the ecosystem to function.
Why are you thinking about shifting?
In the RSK’s blockchain transactional speed scales to 300 transactions per second.
It is based on Bitcoin’s blockchain, which has the greatest support of any blockchain and has been around the longest.
What wallet will you use inside PROOF OF TOSS ecosystem?
PROOF OF TOSS will be using web-wallet, that will let users interact with both blockchain and the website with a browser. Such wallet will let them complete all necessary transactions and make payment. The private key of this wallet will be generated and stored in an encrypted form in the browser. The team decided to implement this wallet in the future but for creating an MVP we have chosen another option.
At first, we were focused on forking Metamask. Still, Metamask team suggested refusing to fork, because users would not install various wallet versions for working with various blockchains. For this reason, it would be better to implement a proper interaction with RSK directly in MetaMask. Thus, for the first release, we are adding additional functionality to Metamask and adapting it to RSK.
Are you licensed?
We are building the platform but we are not operating it. Licenses are the full responsibility of bookmakers. Having said that, we are communicating with gaming regulators of different countries in order to understand what functionality should be included in the open-source solution for bookmakers.
Who can participate in Token Sale?
If it was in our power, we would let anyone over 18 participate, still, we have some limitations according to the authorities. Citizens, residents (tax or otherwise), or green card holders, of the United States of America, are ineligible to purchase any TOSS tokens in the TOSS Token Generation Event. The same goes for residents of the Republic of Singapore and Hong Kong. If you are not in that list, you are welcome to participate in our token sale.
When will the token sale start?
The date of our public token sale will be announced soon. We are currently going through a private sale for large volume purchases starting from 142 ETH
How much does the TOSS token cost and what is the minimum purchase amount?
During the token sale, the per token price will be 0.00004 ETH. The minimum purchase is 0.071 ETH worth of toss tokens.
What is the TOSS token?
The TOSS token is a utility token, used to confirm and conduct all actions and transaction within the ecosystem. This is an internal currency that fuels betting inside PROOF OF TOSS.
What are the hard cap and the soft cap?
- Hard cap – 9 500 000 USD
- Soft cap – 2 420 000 USD
What currencies are you accepting?
We are accepting ETH.
How can I buy TOSS during Token Sale?
To buy TOSS tokens you need to create an account on our website in your Personal Cabinet, choose the amount of tokens you are buying, go through our KYC and proceed to checkout.
Can I mine TOSS tokens?
No, TOSS tokens will be minted, meaning that tokens will be issued only the moment they are purchased.
What is the total supply?
The minimum token emission, in case hard cap is reached, will be 1 108 214 286 TOSS.
Are there any bonuses?
Yes, there are several types of bonuses:
- Early bird: those who were in time to register in the Whitelist and then purchase TOSS tokens during the open token sale will receive 1000 TOSS tokens as an early bird bonus.
- Volume-based: for purchases over 35 ETH you will receive a 30% bonus during the public token sale.
- Time-based: 15% bonus on the 1st — 3rd days of the token sale, 10% on the 4th — 6th days of the token sale, 5% bonus on the 7th — 9th days of the token sale.
- Up to 8% of TOSS tokens bonus for anyone that follows your referral link and buys tokens.
Will the team members and founders have control over their tokens immediately?
To prove our good intent and bring PROOF OF TOSS to the world in the shape and form that we think will benefit all of its users, we are locking the reserved tokens as follows:
- Team: 50% frozen for 6 months, 50% frozen for 12 months
- Founders: 50% frozen for 6 months, 50% frozen for 12 months
- Foundation: 50% frozen for 9 months, 50% frozen for 15 months