Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

Just recently news.Bitcoin.com reported on the Chainbet protocol created by the developer Jonald Fyookball, designed to add trustless betting features to the Bitcoin Cash network. Following the launch of this concept, the Openbazaar developer Chris Pacia messed around with the idea and completed the first on-chain atomic bet. Now, this week the Chainbet contributors Fyookball, Pacia, and James Cramer have extended the protocol to include multiplayer bets, auctions, and dice rolls.

Also Read: An Inside Look at the Electron Cash Wallet Coming to iOS

Bitcoin Cash On-Chain Betting Protocol Chainbet Adds New Concepts

The Chainbet protocol has been updated with some more complex trustless betting methods such as auctions, multiplayer bets, and dice rolls. The additional features have been added after the Openbazaar developer, Chris Pacia, utilized the BCH OP_Codes in order to create the first on-chain atomic bet. Bitcoin Cash supporters have been excited about these new concepts and the innovation that’s been happening with the re-enabled Satoshi OP_Codes since the upgrade in May.

Multiplayer Betting

The newly added multiplayer bet is a wager where the winner-takes-all between multiple participants with even chances, explains the Chainbet Github repository. The readme explains that the wager has the following properties: “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,” explains the Github page.

However, Fyookball notes add the end of the multiplayer bet summary that the betting scheme could also be accomplished with a dice bet and the practicality of the multiplayer bet comes into question.     

“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,” Fyookball details.  

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.

Trustless Auctions and Dice Rolls

Fyookball details the auction method is a “trustless version of an open, ascending price auction can be constructed on the BCH blockchain.” This means the seller is guaranteed to receive the funds from the highest bidder in a decentralized fashion. Further, only the highest bidder will pay as all losing bids will be returned to the rightful owners. When the auction ends the seller would claim the funds within the last address used.  

“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,” the Github page details.

Decentralized Betting Protocols Could Revolutionize Online Gambling

Lastly, the Chainbet protocol now goes further than the simple coin flip wager with the addition of a six-sided dice roll wager. The Github page details how a simple one-time dice roll but the process could be more complex adding all types of different bets.

Although the “result of a dice roll” is already an abstraction derived from large secret numbers, it is fun for players to guess their lucky numbers,” Fyookball emphasizes.  

It is therefore valuable to include a way for Bob to choose the number he wants. 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.

The additional features added to the Chainbet protocol could be used in multiple ways and could innovate the entire online gambling industry by providing trustless bets without relying on a third party. Gambling portals like Satoshi Dice and other gaming sites could utilize these concepts to create a more robust decentralized betting atmosphere.

What do you think about the latest additions to the Chainbet protocol? Let us know your thoughts on this subject in the comment section below.

Images via Shutterstock, and Pixabay.

Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls appeared first on Bitcoin News.