Home
News
- A decentralized autonomous organization, Azuro is developing a betting protocol based on blockchain technology.
- Eventually, the protocol is targeting conventional bookmakers in the industry, which are often encouraged by profits.
- Online betting is an affluent industry, where people love to truth their luck by throwing their money in hopes of growing it without any effort.
A Major Disruptor in The Market?
A DAO, Azuro is developing a blockchain-based betting protocol. As per the announcement made by the organization on Monday, it has piled up $4 Million in a funding round to boost the development.
The funding round included Formless Capital, Quiet Capital, Merit Circle, Gnosis, and Hypersphere.
The prime motive of the organization is to replace the conventional bookmakers such as sportsbooks, which are frequently seen as predatory and are encouraged by profits, to become a disruptor in this $200 Billion mammoth industry.
The protocol will tap into Liquidity pools, DAO Governance, NFTs, and prediction markets on the back end in order to diminish the related costs in betting. The project went live on the mainnet of Gnosis Chain at the beginning of June.
The project’s core contributor, Rossen Yordanov, stated during a Press Release that the issue persists with the misalignment of the incentive.
Rossen further said that this is a zero-sum game here this is why several organizations in the betting industry go long distances to make an unethical and foggy environment for the users.
The betting sector based on blockchain is still fledging in spite of its robust foundation, with no prominent player having come out of the bushes yet. Legit implications, as always, are constantly looming over the mainstream adoption of the industry.
Blockchain has always been a major disruptor for the persisting organizations and businesses operating today that aren’t making use of it.
This is because applications and protocols built on blockchain are solving the issues of the persisting protocols and applications. It is believed that in the upcoming years, when blockchain technology will take over the world, many applications we use today will be replaced, for instance, Netflix, YouTube, Facebook, etc.
That’s why it is witnessed as a major disruptor in every sector operating on the earth.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
