Chainbet Protocol Proposes a Trustless Bitcoin Cash Betting Mechanism

Technology

On Saturday June 9, the founder of the bitcoin cash-centric wallet Electron Cash, Jonald Fyookball, revealed that he had created an on-chain betting protocol called Chainbet. The 255 lines of code form a proposal that allows a simple coin flip type of bet, but the software could be designed to handle more complex on-chain betting methods.

Also read: Paid in Bitcoin? Learn How to Survive Off a Crypto-Income

Chainbet: A Trustless Gaming Mechanism Built on the Bitcoin Cash Network

Chainbet Protocol Proposes a Trustless Bitcoin Cash Betting MechanismThis weekend the creator of Electron Cash, Jonald Fyookball, revealed a new on-chain betting protocol that enables a simple coin flip wager that’s tethered to the BCH chain. According to the Github repository, Fyookball’s protocol has two components, “a commitment scheme to enable a trustless wager, and an on-chain messaging system to facilitate communication.” At the moment the proposal can only do the coin flip bet but the protocol can be built out to allow more elaborate configurations, explains Fyookball.  

“Since Paleolithic times, humans have engaged in games of chance, and probably always will — Blockchain technology can increase the fairness, transparency, and safety of these activities,” the Github repository details.  

The Bitcoin Cash ecosystem can gain more users and more transaction volume by providing a trustless gaming mechanism.

Developer Says Chainbet Needs Peer Review

The Chainbet creator says in order to perform a trustless coin flip wager, Alice and Bob need to create secret values. If the sum of the value is ‘even’ then Alice wins, and if the sum of the value is ‘odd’ then Bob wins the bet. Meanwhile, both parties use a cryptographic scheme where Alice and Bob can lock the bet and reveal the secrets in a transparent manner. Moreover, the Chainbet protocol has a messaging client within the codebase that allows parties to exchange any “extraneous communication through the internet”.     

“[Chainbet] still needs peer review — And I’m waiting for someone to poke a serious hole in the basic idea,” Fyookball explains on the Reddit forum r/btc.

Thanks to the Reddit users who inspired this — One person asked about how we could do on chain betting, another person later asked about gaming lobby — This combines both of those ideas.

A good majority of Bitcoin Cash proponents seem to like the idea and complemented Fyookball on his concept. The repository gives a fairly good description of how the system can work and reduce collisions. Further, Fyookball has added some implementation considerations on how to make the protocol a bit more efficient and secure.

What do you think about the Chainbet protocol? Let us know what you think about this subject in the comment section below.


Images via Shutterstock, and Pixabay. 


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