As part of this cooperation, a number of initiatives will be undertaken, including the implementation of Azuro protocol features into Sensorium DLT products, the creation of dedicated NFT collections for the Azuro community, and the joint participation of both companies in Public Testnets.
“We’re bringing blockchain disruption to sectors with immense potential and we’ve seen that online betting is prepared to welcome technological disruption in a way that will transform the experience of betters all over the world. This partnership with Azuro is an important step that aligns with Wakatta’s vision of providing a high-efficiency and low-cost blockchain to bold and visionary projects in the crypto industries, “ says Alex Blagirev, Wakatta Project Lead & COO.
On top of providing cutting-edge blockchain solutions to its partners, Wakatta is also pioneering new NFT concepts, bringing upgradable, time-limited and non-hashed NFTs to the market. These are all innovations that will be made available across the Azuro platform.
Azuro aims to disrupt the $200 billion betting industry by using smart contracts to build a decentralized betting protocol deploying an innovative solution for liquidity provision and allocation. This brings transparency and trust to betting while helping replace bookmakers like sportsbooks.
“The lack of trust is one of the biggest issues in the gambling industry. However, we now have technology in the form of blockchain-based betting democratizing the entire industry away from predatory and profit-motivated practices, enabling more transparent, responsible and community-focused betting. Azuro goes a step further by giving opportunities for everyone to benefit not just from the betting itself but from engaging with other features like liquidity provision, front-end management, data provision via oracles and decentralized (DAO) governance. As a result, our platform is able to create a rich and fun betting experience for our global users”, added Azuro CEO Paruyr Shahbazyan.
Azuro’s protocol leverages prediction markets, non-fungible tokens (NFTs), DAO governance and liquidity pools on its back end as a strategy to minimize the associated costs of the betting process for users. The project runs on the Gnosis Chain and went live on its Mainnet earlier in June.
Wakatta is an NFT-focused blockchain for the entertainment industry pioneering new types of non-fungible tokens: upgradable, time-limited, and non-hashed NFTs. From securing digital identities to facilitating creative collaborations, these tools unlock new possibilities for gaming, sports, fashion, art, and luxury companies. Wakatta is now working with top-tier partners to showcase the potential of its technology. The incentive testnet launch is scheduled for November 2021.
The Azuro Protocol is an open source public-domain software including a set of smart contracts, written in Solidity that can be deployed on the Ethereum Blockchain, and/or other blockchains. Azuro utilizes smart-contracts to build a decentralized betting protocol deploying an innovative solution for liquidity provision and allocation. Betting becomes transparent and trustless, while depth of betting events, markets and UX remains as good as it gets.
Furthermore, Azuro democratizes the business of betting by breaking down the role of the traditional bookmaker into several smaller roles, openly available for anyone to benefit from: liquidity provision, front-end management, data provision via oracles, decentralized (DAO) governance. As a result we envision a rich, fun betting environment with decreased cost of service to players, full transparency, community-run and with a commitment to responsibility.