A Provable Fair Blockchain Based Casino and Sports Betting Platform.

Source : A Provable Fair Blockchain Based Casino and Sports Betting Platform.

For the first time in decades, we are getting close to experiencing decentralized betting like never before. With Blockchain technology, the promise of an incorruptible digital for online transactions has become a reality. For this reason, the founders of .bet are moving swiftly to capitalize on the “Internet of Tomorrow.” The team behind this project has realized that the betting scene was lacking transparency, verifiability, and affected with inconsistent uptime. High profit generating gambling platforms owned by single entities are also characterized by running on dated technology stacks. The solution was to create a safe environment to practice community-driven betting.
.bet is a transparent profit sharing sportsbook and casino gaming platform employing decentralized smart contracts on the blockchain. The firm’s concept is to provide a long-term solution to allow users from around the world to establish credit in the houses with the DBET token, thereby providing access to sports betting and gambling games while leveraging the blockchain to ensure transparency, verifiability and constant uptime, unlike traditional casinos would.
The users of the platform, that deposit DBETs into the house fund, will generate returns in the .bet ecosystem, with limited interaction while allowing houses on the platform to operate and payout DBET house credit returns transparently and honestly. Eventually, it is expected that .bet returns will attract mainstream adoption of the platform.
The platform will also offer a host of gambling-based casino games which will be made available to the users – making use of off-chain state channels that are verifiable on-chain. The speed and scalability of .bet would combine the user’s experience with high-end gambling platform while bringing the transparency and auditability of the blockchain. This off-chain solution known as state channels both ensure the speed of gameplay is quick and responsive as players would expect as well as reduce gas costs as fewer blockchain transactions need to take place.
Certain games have already taken shape within the platform. Slots testnet was released to the community on 3rd January and has since been in use. As of 15th of January 2018, sportsbook testnet and house testnet has been made available to the .bet community.
During September 2017, .bet successfully closed its ICO. The platform made a total of 205,000,000 DBET tokens available for distribution as a part of the crowdsale. While it has become a trend for other decentralized gambling platforms to primarily use Ether and Bitcoin for their transactions, .bet is making use of specialized ERC20 compliant tokens – DBET – to facilitate gambling and other functions on the platform. The tokens will also be used to buy in the house also known as DBET house credit. The development team behind .bet is collectively placing their focus on the testnets to builds the backend technology and ensure it works. This will be very pivotal to enhancing the user experience with great effort being placed on the overall blockchain casino experience and user interface.
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Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC or any of its team members. NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories/Press Releases such as this one.

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