The online gaming and wagering platform, Peerplays, is the first startup to be vying for funding. DAO is to begin reviewing and voting on proposals this week.
What is Peerplays?
Peerplays is an online gaming and wagering platform that uses open-source blockchain technology to prove fair fair play at casino card game. The company could potentially provide a solution to the widespread issue of fraud in the gambling industry, where an estimated $100 million a year is lost by players to cheaters.
Fabian Schuh, advisor and developer at Peerplays, says:
“Being part of a decentralized autonomous organization is never easy, it takes patience and commitment to the process of building a better world. Peerplays is building upon everything we have learned over the past 3 years, and we are excited to offer Ethereum DAO holders the opportunity to be a part of this project.”
The startup refers to itself as a DAC, a decentralized autonomous co-op, as in addition to the system of stakeholder voting that drives the DAO, Peerplays also distributes a percentage of its fees to members through an automatic profit-sharing payout programme.
Proposal with “many shared interests”
As with the majority of future DAO proposals, Peerplays is innovative and offers a blockchain solution to a mainstream problem. The blockchain solutions consultant advising Peerplays, BunkerChain Labs, published the company’s proposal on their website, offering 5% of the total Peerplays stake to the DAO in exchange for funding.
Jonathan Baha’i, president of BunkerChain Labs, says of the DAO proposal:
“Peerplays is a cousin to the DAO, and has many shared interests. And since the DAO is built on Ethereum, and Peerplays will support Ethereum as a wagering instrument, it made a lot of sense for us to offer The DAO a stake in Peerplays.”