Coin Direct to offer decentralised platform for gaming industry

Coin Direct to offer decentralised platform for gaming industry

Wednesday, May 24, 2017 Posted by James Walker

Blockchain developer Nico Ami Lee has announced the opening of CoinDirect.io – an open source platform for online gambling where Bitcoins and other major cryptocurrencies will be sent directly from player to player, eliminating the third party.

The aim of the project is to decentralise the gambling experience by moving casinos away from managing players’ funds with help of well-established blockchain networks such as Bitcoin, Ethereum and BitShares.

According to Nico, cryptocurrency is fast becoming the payment method of choice for many consumers. However, this does 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 this often does not work effectively, as casinos always have the power to hide crucial information from the player,” read the launch statement from Coin Direct.

“In order to prevent this from happening, all casinos need to undergo regular and thorough audits. This leaves casinos dependent on the auditors and additional costs associated with such compliance.”

Discussing the potential of the CoinDirect.io project, Nico said: “With this platform, customers will be able to 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 decentralised, automatic management of funds into almost any casino application without incurring any start-up costs. Therefore, we have created a truly transparent and decentralised solution for this heavily regulated and relatively conservative market.”

Coin Direct Ltd was established in Hong Kong earlier this year, and the small development team is currently raising money for further platform development with the help of a crowdfunding campaign.

“A fully-fledged set of guidelines on the integration procedure is scheduled to be announced in October,” Nico told TotallyGaming.com. “[Until then] our department of five integration managers will handle any questions relating to the procedures needed to adopt the technology.”

He added: “We see a huge opportunity in Bitcoin as well as other cryptocurrencies that utilise blockchain technology.”

Totally Gaming says: Although the global cryptocurrency market is now valued at a jaw-dropping $80 billion, adoption of the technology has been relatively low among online gaming operators. This may soon change, however, as decentralised payment platforms become easier to implement and manage.

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