On-chain betting protocol Chainbet continues to make headway, now with a working prototype that enables decentralized and trustless wagers on the Bitcoin Cash network.
Designed by Electron Cash developer Jonald Fyookball, the Chainbet protocol has been used by OpenBazaar’s Chris Pacia in early June in conjunction with the resurrected OP_Codes to successfully test a trustless wager on the Bitcoin Cash blockchain. After the first-ever “atomic bet,” Pacia brought in James Cramer into the fold, and has since rolled out new add-ons such as dice rolls, multiplayer bets and auctions for the protocol.
This week, Fyookball announced that a group of developers working on the Chainbet project have rolled out a prototype that features on-chain messaging, which allows players to communicate with each other. The prototype’s reference implementation was built using open source software development kit (SDK) Bitbox.
Essentially, Chainbet allows players to wager against each other in a completely trustless manner, with their transactions recorded on the Bitcoin Cash chain. In a previous post, Pacia explained how trustless betting works: “The way the scheme works from a high level is that Alice and Bob are going to generate secret random numbers and commit the hashes of those numbers to the bet’s output script. To determine the winner they will both reveal their random numbers and the script will add them together. If the sum is even, Alice wins—Otherwise, Bob wins.”
Many BCH supporters applauded Pacia’s design, and indicated that it could help advance trustless wagers on sites like Satoshi Dice. However, a Lightning Network supporter went on Reddit to tout the Lightningspin app as the “better solution to betting in a provably fair model that scales efficiently.” To which Fyookball replied: “Chainbet goes beyond provably fair. It is also trustless.”
Since the May upgrade, Chainbet has been making waves in the Bitcoin community, with BCH fans eagerly anticipating developments. The announcement of a working prototype, in addition to the 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 BCH blockchain.
Watch the Chainbet prototype video below:
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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