Jonald Fyookball will soon launch The Chainbet Protocol based Gaming platform that will support trustless betting mechanism on the Bitcoin Cash network. Jonald is the lead developer for Electron Cash. The protocol is based on the idea that a protocol should execute BCH wagers upon a distributed ledger in a decentralized and trustless fashion. The BCH chain is pegged to the network to enable simple coin flip wagers, as well as support an on-chain communication exchange system. The new gaming innovation could attract more users to the Bitcoin Cash network as a result of its secure trustless mechanism. The invention will probably revolutionize online gambling and create more gambling casinos.
Features of the Chainbet Protocol
The new protocol is designed to support a trustless wager and a messaging capability that enables players to communicate with each other. Mr. Fyookball said the system is created to help shape the betting experience for online gamblers; especially to generate trust and fairness among participants. The developer believes Blockchain technology could increase transparency, integrity, and safety in the gambling industry. Bitcoin Cash speculates on the possibility of the trustless gaming innovation attracting numerous users, as well as much more transactions and therefore drawing other cryptocurrencies.
Football announced the prototype’s proof-of-concept in early June before creating the project’s Github repository. It is the repository’s readme section that he explains the full details of the gaming mechanisms. In a duration not exceeding two months, developers, James Cramer, Chris Pacia, and Football have been able to develop the concept and come up with an excellent working prototype. The mechanism also supports a plethora of other functionalities such as auctions, multiplayer bets, and six-sided dice rolls.
The reference implementation for Chainbet was built on top of the Bitbox Open Source SDK. The developers hope they could add more capabilities as well as scale the volume of on-chain transactions. A video was also uploaded online explaining the features of the prototype and how to use it. The video shows a wager taking place between two players.
The Trustless Auctions and Dice Rolls
The system uses a decentralized auction method which enables a seller to receive funds from the highest bid. The highest bidder pays all losing bids to the rightful winning player in a decentralized manner. At the end of the auction, the seller can claim funds with the address they used last. The auction method works from a set of secret instructions, such that once a player is outbid, a secret instruction is revealed that releases funds back to the lost bid. After the funds are released, the next secret is created for the next high bidder.
This functionality enables a winner to take all funds between multiple participants with even chances of winning. The multiplayer wager prevents collision cheating as well as protecting an honest player from losing funds.
For players to bet online using Chainbet, they have to create secret values. If the created values add up to an even number, one player wins. If the sum of the secret values is odd, the other player wins. The Bitcoin Cash communities hope that new features can still be added on top of the idea; one such functionality everyone speculates of is the ability to accommodate more players in the game.