South African startup, Gron Digital, is set to launch its initial coin offering (ICO) and intends to disrupt and revolutionize the $150bn gambling and betting industry by overcoming legacy issues, and protecting both player and industry from a myriad of challenges.
The startup is using technology built on the blockchain, providing a secure, transparent, auditable, and fair platform.
“Gron Digital is a self-sustaining ecosystem that will offer casino gaming, lottery and sports betting on an open platform, designed to reinvigorate flagging player trust through cryptographically verifiable transactions that require no human intervention,” explains Tebogo Makamo, CEO of Gron Digital.
“The platform places all role players within a single space that is transparent and trustworthy,” adds Makamo.
It uses smart contracts that act as autonomous trust agents and govern all transactions. These contracts fulfill sets of predetermined conditions based on coded rules embedded within the block=chain making them the ideal tool for both the player and the service provider.
GRO is the cryptocurrency which participants must use in exchange for value and services on offer. All bets, wins, bonuses, incentives and rewards will be paid in GRO.
The ICO launches on 6 February 2018 with the intention of raising the equivalent of 57,000ETH, which will be allocated to software development, operations, advisors, marketing, legal fees and contingencies. Once the crowdfunding initiative succeeds and the utility tokens are issued, GRO will be listed and traded on major exchanges.
“ICOs currently have plenty of negative press surrounding them as they’ve been overdone, overworked and have often under-delivered,” adds Makamo. “However, not all ICOs are created equal and the one developed by us has been crafted by advisors and trusted partners with extensive gaming and betting industry experience. As a result, the platform is specifically targeted with properties built in to protect consumers, children, addictive personalities, suppliers and more.”