Connect with us

Blockchain

Betting on the Blockchain: LetBet Provides Innovation Platform for Gambling Game Developers

Published

on

In the biggest revolution in casino gaming since the introduction of online gambling in the 1990s, LetBet is not only disrupting the current system of centralized gaming operators but also reengineering the blockchain.  

Disclosure: This is a Sponsored Article

Since John Montagu (Earl of Sandwich) invented the sandwich at a poker table in the 18th century, the same casino games have dominated the global casino market. Game development has become a global digital market, but gamblers still favour the same games, which have undergone little variation. Bill Healey, Business Development Manager for LetBet, explains how LetBet’s  next generation blockchain is raising the stakes in game development, while providing a more secure and profitable gaming environment for players.

The Merkle: Like video games, new casino games are a key competitive tool for casino operators. How will the transition of casino gaming to gaming ecosystems run on a lean digital ledger spur game development innovation in an industry largely lacking it? 

Bill Healey: The blockchain supports game development innovation by addressing three key weaknesses of centralized game operators: trust, security and incentives.

The lack of innovation comes down to trust. For centuries, poker, craps, slot machines and blackjack have been the most played casino games. Players know these “tried-and-true” games and their rules, whereas new gambling games introduce unknown software code, rules and risks.

The ‘trustless’ blockchain is disrupting the centuries-old status quo by creating trust, in the way of transparent and provably fair global gaming platforms. The coin economy essentially derisks gambling by removing the distrust of third party operators and game developers. We are already seeing throngs of game developers producing new games for a more secure gambling world on the blockchain.

The Merkle: How will third party disintermediation make it safer for players in a market with a high level of fraud, exacerbated by cyber frauds in the online gambling world? 

Bill Healey: That brings us to the second advantage, security. Games of chance have always been prone to manipulation. Online gaming controlled by complex computer code makes it even easier to engineer unfair outcomes. Blockchain gaming platforms disintermediate third party operators who manipulate betting outcomes and increase transaction costs.

Specifically, gambling implemented on a smart contract has been designed to deliver a provably fair and transparent gaming process. Escrow for games is secured directly from the players’ smart wallet and winnings immediately distributed to wallets once the game’s algorithm produces the outcome.

Another growing security risk is cyber fraud. Since funds are not held by a centralized third party, hackers cannot abscond with a large amount of money or personal information on thousands of clients.

Game mechanics can also be manipulated. Early on, the blockchain used games of chance to demonstrate how P2P games could be played and winnings distributed without the use of a central operator. In the Satoshi Dice game, for example, the outcome is produced in advance through encrypted code. Once the player ‘rolls’ his own dice, the operator cannot change his encrypted results.

Open source code makes it difficult for an operator to change the algorithm, unannounced, and thus the game outcomes without being seen. Distrust of gambling models is solved by a transparent and open source gaming system. Developers are free to use their own game models.

The Merkle: The operators are no longer sitting in the middle taking 30 percent of the revenues. How does this open, provably fair gaming platform distribute profits? 

Bill Healey: The token economy rewards the whole Ecosystem—operators, game developers and players—through a crowdfunding model that shares in the revenues. Crowdfunding provides financial support for game developers while allowing them to retain intellectual property ownership. Rewards are generously handed out, often in the way of game tokens, thereby creating more liquidity and action on the platform.

Notably, LetBet does not charge transaction fees. With the removal of third party operators and their fees, developers and players can take home higher winning payouts.

The Merkle: It is widely reported that a trade off is required in exchange for the security and higher profit potential when gambling on the blockchain.

Bill Healey: One drawback on the blockchain is the slower transaction processing time. On the ethereum blockchain, this fairer, securer gambling experience is executed on the order of seconds. LetBet has solved this problem by introducing its own blockchain. LetBet’s ‘zero-chain’ blockchain platform supports a fully compliant smart contract system with the speed of a legacy centralized gaming system.

The Merkle:  And what does this all mean for game development innovation? 

Alongside speed, game developers gain many benefits from an open source blockchain platform. New gambling models are already beginning to interconnect to provide an even more enticing gambling experience[a]. The LetBet system also supports non-gambling applications, opening the doors to new gambling products, such as (EXAMPLE[b]). Game developers can further improve their games by using the LetBet Integration model, which provides access to the data and analytics of leading lottos and brokers such as Bet365, William Hill and BetFair.

The Merkle: How does the zero-chain blockchain improve upon the existing blockchain architecture?

Bill Healey: The LetBet zero-chain blockchain design enables rapid transaction processing times, no transaction fees, and a full random number generator.

The Merkle:  In a determinist, consensus-based system, how does the blockchain deal with the requirement for random number generation in casino games? 

The blockchain does not fully support random number generators. Therefore, developers produced a pseudo random number generator, (RNG), which is still used on gambling platforms on the Ethereum blockchain, which does not fully support RNGs. LetBet has produced the next generation blockchain to run RNG and deliver a fully random and fair game on its own zero-chain blockchain.

The LBT coin pre-sale began on January 20th, and provides a 50 percent discount off the price during the main ICO event, which begins February 25th.

Ads by Revcontent

FROM THE WEB

Blockchain

2019 Saw the End of Blockchain Tourism

Published

on

This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Marie Wieck is general manager at IBM Blockchain, where she focuses on driving ecosystem growth around the Hyperledger Project and delivering enterprise blockchain solutions.

In 2019, blockchain’s initial hype has evolved into enterprise platforms driving real digital transformation. Today, real-world use cases for permissioned networks, administered by trusted parties, are yielding benefits in industries including finance, food, global trade and healthcare. 

While entrepreneurs and businesses continue to propose novel blockchain concepts worth pursuing, blockchain is now ten years old, surely long enough to identify clear patterns about where it drives the most tangible business benefits. Indeed, we might even say that 2019 marked the end of blockchain tourism, a period when for many, blockchain pilots were less about critically examining and applying a new technology than they were about simply saying you had made the trip. We saw a shift from dabbling in blockchain for the sake of learning more about the technology for technology’s sake, to applying it to solve long-standing problems. 

So far, IBM has helped clients launch more than 100 networks that are now in production. The best use cases, in our view, take advantage of the technology’s novel properties, including the ability to track provenance, an increasingly important issue to consumers. 75 percent of consumers said they would consider changing to a brand that offered more product information in 2018, according to a Food Marketing Institute survey, up from just 39 percent in 2016. After making provenance information available in store using IBM Food Trust, the French retailer Carrefour found that customers spent as long as 90 seconds reading it. 

While hype surrounding crypto certainly helped drive consumer interest, funding, and innovation in the past, it has also perhaps overshadowed some of the hard business uses to which blockchain is uniquely suited. These advantages include immutability. Blockchain can readily digitize the paper processes once relied upon to share information up and down supply chains. In the longer term, the technology can even make it possible to exchange value between participants where an efficient market maker does not yet exist, for example with carbon credits or cross-border remittances, areas of commerce that have been devoid of clear rules and level playing fields for participants. In short, blockchain is best at tackling problems where there is a lack of traceability or a lack of digital economy.

WE HAVE SEEN MANY SUCCESSFUL BLOCKCHAIN PILOTS, BUT UNLESS NETWORK PARTICIPANTS FEEL COMFORTABLE USING IT TO COLLABORATE AND SHARE DATA AT SCALE, THE ADVANTAGES OF DISTRIBUTED LEDGERS WON’T MATERIALIZE. 

When these advantages have been exploited, blockchain-based businesses are already beginning to drive sales. Carrefour says it blockchain tracing system, which is accessible via consumer-facing QR codes, has  boosted sales of some products. Through shared data, companies like Carrefour can engender greater trust and collaboration between customers, employees and partners. 

Distributed ledgers present a dual challenge for companies, one that is arguably 20 percent technological and 80 percent governance. We have seen many successful blockchain pilots, but unless network participants feel comfortable using it to collaborate and share data at scale, the advantages of distributed ledgers won’t materialize.   

2019 also offered a clear roadmap for how these governance models should be structured to ensure adoption and growth. These principles must allow for global identity standards that aren’t limited to a single network or country. They must require permissioned, trusted access in a way that centers privacy. There should also be blockchain registries like Hacera Unbounded – almost like network ‘Yellow Pages’  – to identify the public entry points to enterprise networks, and participants must ensure open access to key data platforms via API. 

When applied, these principles have made it possible to scale blockchain networks rapidly. TradeLens, a solution co-developed by IBM and Maersk to digitize the global shipping industry, became commercially available only in December 2018. But thanks to its open standards and governance structure, the platform has rapidly recruited dozens  of ports, freight forwarders, customs offices and more. By July 2020 commitments from key global container operators will cover more than half of world’s container cargo.  

While the age of blockchain tourism may be mercifully over, the digital transformation it enables is still only just getting underway. Now that we have a base of successful implementations, we can begin to shift our focus to standards surrounding integration and interoperability.  

As we look ahead to 2020, key community efforts will help expand the business impact of blockchain. These include establishing trusted identity standards that apply across networks (and will also speed on-boarding and adoption, like those established by the Decentralized Identity Foundation and World Wide Web Consortium. Meanwhile, efforts like the Token Taxonomy Initiative are creating technical standards for the digitization of assets on blockchain data platforms. These complement the public and regulatory interest in new digital business models around asset-backed stablecoins and digital fiat currencies.  

Once we have a shared version of the truth based on shared data and common standards, entirely new business models become possible for companies and individuals. And while this vision may take much longer to come to pass than one supply chain or finance platform, its end goal — a truly circular, frictionless economy – will be greater than the sum of its parts. 


source:coindesk

Continue Reading

Blockchain

Never Mind Consumers, This Was a Year of Steady Infrastructural Progress

Published

on

This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Jake Brukhman is the founder and managing director of CoinFund.

After a partial recovery in the first half of 2019, the crypto markets were thrown to international government scrutiny and regulatory uncertainty mid-year, a phase marked by Facebook’s public launch of Libra in June. Far from the market recovery investors had hoped for following the 2018 crypto bear market, the blockchain space progressed in technological maturity while seemingly underperforming “crypto-focused” expectations. Nevertheless, digital assets have added 63% to their aggregate market capitalization so far in 2019 (as of writing in November). Even if 2019 wasn’t characterized by frothy speculative trading and dramatic highs as in previous years, it was a year of infrastructural progress.

Despite having operable smart contract blockchains like Ethereum in production, projects have struggled with product-market fit for decentralized applications in recent years. The industry might simply be too early. If we look back to how “mobile applications” progressed, they didn’t really solidify into a multi-billion dollar business until their infrastructure — smartphones like iPhone and mobile operating systems like Android — became extremely accessible, usable, and affordable. In the same way, blockchain infrastructure in the form of scalable blockchains, user-friendly wallet experiences, node and data services, and financial industry support for digital assets, might be a prerequisite to building decentralized applications at a rate which produces mainstream market fit. This kind of infrastructural progress was the subject of 2019.

Down in the lower layers of the decentralization stack, several second-generation smart contract platforms — notably Polkadot, Cosmos, Tezos, and NEAR — provided innovations in throughput, interoperability, network governance, and usability, and are challenging Ethereum’s market share and winding 2.0 roadmap. Additionally, Dapper Labs announced Flow, a base layer dedicated to mainstream-facing usability of games and their non-fungible tokens and digital assets, while simultaneously announcing a major partnership, NBA Top Shot. 

IF CRITICS LIKE NOURIEL ROUBINI COULD CLAIM UNCERTAIN SCALABILITY PROSPECTS FOR BLOCKCHAIN BEFORE, 2019 PROVED THEM WRONG. 

If critics like Nouriel Roubini could claim uncertain scalability prospects for blockchain before, 2019 proved them wrong. The next order of blockchain scalability magnitude is here. First, new base layers have become faster by virtue of employing advanced consensus algorithms, sharding, and parallelism. Coda, a cryptocurrency that uses zero-knowledge proofs to shrink the storage footprint of its blockchain, went into testnet and kicked off a new variety of base layer that can run on a mobile phone. Finally, a number of “layer 2” technologies — such as Connext’s state channels or Matter Labs’ ZK rollup technologies — have made progress in enabling fast payments and cheaper, scalable, and privacy-preserving smart contracts. At the same time, technologies like GEO Protocol have put an emphasis on cross-chain interoperability for instant exchange across distinct blockchains, networks, and even traditional fiat payment rails.

Much of the traction that does not come from exchanges or trading has been generated decidedly in infrastructure layers in 2019. Node infrastructure provider Blockdaemon, having recognized the market’s propensity to proliferate new decentralized networks, is generating revenue across an impressive 22 such networks today and continues to grow month over month. The Graph is serving over 400 public smart contract subgraphs, with request volume clocking millions of daily data queries. Meanwhile, 3Box’s self-sovereign identity and data solution is rapidly integrating across the Ethereum ecosystem, within wallets like MetaMask and many of the new user onboarding solutions, like Portis and Authereum, and even governance experiment MolochDAO. 

Blockchain’s road to mainstream adoption depends on institutional backing of businesses that support blockchain infrastructure and enable traditional investors both to capitalize and participate in digital asset networks. As such, the compliance levels of exchanges have been increasing to support institutional clients. Fidelity, ErisX, Ledger, and ICE have all launched digital asset custody products eyeing institutions who have custodial requirements and are considering digital asset exposure. Finally, more than 20 blockchain-focused analytics firms are on the market, and some have been gradually honing their offerings for enterprise-grade customers.

From legal DAO wrappers to fiat on-ramps to zero knowledge proof systems, the breadth of 2019’s infrastructural innovations doesn’t fit into a single article. But this improved infrastructure will power the next generation of blockchain products for investors, institutions, enterprises, and mainstream customers in 2020. As the lower levels of the blockchain technology stack mature, we’ll look back on 2019 as the start of the blockchain adoption journey.

source:coindesk

Continue Reading

Blockchain

Chinese Bank to Issue $2.8 Billion in Blockchain-Based Bonds

Published

on

It’s full speed ahead as far as China and blockchain technology is concerned, as the intersection between the innovative technology and the country’s financial space continues to grow. 

Earlier this month, local news source Sina Finance reported that the Bank of China has issued up to 20 billion yuan ($2.8 billion) in blockchain-based bonds for both micro and small enterprises across the country. The funds will be used to issue loans to these companies, thus helping them to expand their operation and scale.  

Applying Blockchain as the Government Wants It 

The development is in direct obedience to a directive by Chinese President Xi Jinping. In October, the president sent a massive bombshell across the crypto space, when he came out to support blockchain technology and spurred entities- whether public or private- to adopt the technology as well. 

As President Xi put it at the time, blockchain will be able to help the Chinese economy to grow, thus keeping the country on pace to achieve both technological and economic advancement. While a lot of agencies have answered the call and are adopting blockchain en masse, this is truly one of the adoption techniques that will see the vision of the president come to life. 

By being able to access loans, small and micro enterprises will be able to keep their operations optimal, accessing various markets for the resources they need. It’s blockchain-fueled economic growth at its fundamental level. 

China’s Crypto Nears Its Launch 

Of course, all of this is still leading up to the launch of digital currency by the Chinese government. Beijing has been rumored to be launching a cryptocurrency anytime soon, and reports are beginning to surface concerning what the asset could be like and how it could operate. 

Earlier this week, local news medium Caijing reported that the Peoples Bank of China- the country’s Central Bank- will be leading other major banks and economic participants in the country to conduct real-world tests of the asset

According to the report, the agencies will be testing the digital currency in the city of Shenzhen before the year winds to a close, and there is a possibility of expanding this to the province of Suzhou as well.  

On December 5, news source Global Times reported that Yang Wang, a senior research fellow with the Fintech Institute of Renmin University of China, had explained that the new national digital currency would be able to process up to 220,000 transactions in a second. While speaking on the potential of the asset to onboard billions of people in the first phase of its adoption, Wang reportedly made the estimate, adding that its mass adoption will be unstoppable once people begin to see the speed and superiority of the asset over other fiat currencies and digital assets. 

Although the estimate hasn’t been confirmed by anyone with access to the Chinese government, it will definitely make the Chinese asset more of a reliable option or making payments or transfers. Currently, Bitcoin and Facebook’s Libra stablecoin can process 4.6 and 1,000 transactions in a second. PayPal and VISA, two popular payment portals, can process 40,000 and 1,700 transactions, respectively. No one matches this transaction strength.  

News Source

Continue Reading
Open

Close