Tech 20 June 2018

Dan Taylor

Multiplayer bets, auctions: On-chain betting Chainbet gets new add-ons

On-chain betting protocol Chainbet has unveiled a raft of new features, including dice rolls, multiplayer bets and auctions, pioneered by OpenBazaar’s Chris Pacia.

Originally created by developer and Electron Cash wallet founder Jonald Fyookball, Pacia completed the first on-chain bet using Bitcoin Cash (BCH) OP_Codes, before bringing James Cramer into the fold, ahead of developing these new add-ons.

Since the May upgrade, Chainbet has been making waves in the Bitcoin community, with BCH fans eagerly anticipating developments. The confirmation of these new add-ons takes the concept a stage further towards realisation, in what could become the first protocol of its kind specifically developed around the Bitcoin BCHblockchain.

One of the new features is the multiplayer betting, which allows for even-money bets between multiple participants, with the winner walking away with 100% of the spoils. According to the Chainbet GitHub, there are a number of measures built in to the wager to protect against cheating.

“It does not allow cheating via collusion, even against an attacker controlling all of the adversaries–And it protects an honest participant from losing money, even if a dishonest participant acts irrationally,” Fyookball wrote.

However, Fyookball highlighted that the same features could be achieved more practically using the dice bet function: “Due to the large security deposit, the practicality of the betting scheme is in question. The same result could be accomplished with a dice like bet in many applications.”

He explained, “For example, 6 people betting each other could be simulated by each of them betting on a dice roll, with more flexibility in that not all 6 people would need to be real. However, this scheme may serve as a building block other schemes and give us more ideas for the future.”

The auction method is described as a “trustless version of an open, ascending price auction can be constructed on the BCH blockchain,” effectively guaranteeing funds to a seller from the highest bidder as detailed in the GitHub.

“This is accomplished using a set of secrets. Each time someone is outbid, a secret is revealed that releases funds back to the losing bidder while the next secret is created for the new high bidder,” according to Fyookball.

Finally, the protocol builds on the basic coin-flip model by introducing a six way equivalent, in the form of the dice bet. The feature even enables players to “guess” their preferred number ahead of time.

“This is done with the ‘guess’ field in the payload, and needs to be implemented in the script, with an IF-ELSE path. If the guess matches the remainder (plus one), the participant taking odds wins the bet, otherwise he/she loses,” Fyookball wrote.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.


latest news

Bitcoin as a world computer

Tech 32 minutes ago

Bitcoin as a world computer

In his post titled Finite State Machines in Script, Dr. Craig Wright outlines several ways to build an automation structure known as a ‘Finite State Machine’ using Bitcoin as the computing interface.

Read More
Twitter CEO wants engineers to make crypto ecosystem ‘better’

Tech 21 March 2019

Twitter CEO wants engineers to make crypto ecosystem ‘better’

Jack Dorsey is forming a team of four engineers and one designer who will work full time on open source contributions to the crypto ecosystem.

Read More
Crypto mining startup wanting to challenge the big guns appears to be a scam

Tech 20 March 2019

Crypto mining startup wanting to challenge the big guns appears to be a scam

OnMiners touts a new generation of mining rigs that use endothermic chips. but it now appears it may be nothing more than a scam.

Read More