Please read our technical paper for a detailed decription.
RANDAO was an early Ethereum project, that sought to provide decentralized random number generation for the Ethereum blockchain.
Due to a poorly designed incentive structure, RANDAO failed. RANDAC is kickstarting the project, with an intensive focus on the our incentive structure. We are creating an open, permissionless, tokenized protocol, where users can contribute random shares, and get paid for their contributions.
Due to an focus on scaling, using nodes sitting on high powered server archetecture, EOS.IO is the only blockchain capable of handling RANDAC v1, where consensus on the next random number is decided fully on-chain. Using a fault-tolerant off-chain protocol, we will be able to provide randomness to all blockchains, including Ethereum, with RANDAC v2.
RANDAO failed, because contributors were not sufficiently incentivized to contribute randomness. Highly incentivized contributors are required for RANDAC to guarantee the security of output random numbers. Therefore, we are partnering with the first fully decentralized blockchain casino to drastically increase the rewards given to our contributors.
EOSBet Casino will be the first fully decentralized blockchain casino. They are currently running proof-of-concept games on the Ethereum blockchain, using a centralized oracle for randomness. In their transition to the EOS.IO blockchain, they seek to dencentralize their randomness generation process. To ensure the continued success of RANDAC, 70% of profits of EOSBet Casino will be given to our randomness generators every quarter.
In our whitepaper, we argue that "a Decentralized Random Number Generation Protocol requires a way to turn random numbers into large profits". Therefore, EOSBet Casino and RANDAC are intrinsically tied to one-another. EOSBet Casino needs fully decentralized randomness generation, while RANDAC needs hyper-incentived participants to securely output random numbers.
Questions? Please contact us at development@eosbet.io or join our telegram.