Jonald Fyookball Develops Betting Protocol For BCH Known As Chainbet
One of the most important figures in the Bitcoin Cash community, Jonald Fyookball, announced that he created an on-chain betting protocol known as Chainbet. Fyookball is the founder of the BCH wallet known as Electron Cash. The code will allow a simple coin flip bet but in the future it could handle more complex on-chain betting methods.
Chainbet An On-Chain Betting Protocol For Bitcoin Cash
There are more interesting things happening in the Bitcoin Cash community. This time, the creator of Electron Cash developed an on-chain betting protocol that allows users to flip a coin on the Bitcoin Cash network.
At the same time, the protocol offers a trustless wager and a messaging system so as to facilitate communication between players. In the future, this protocol can be upgraded to receive new betting games.
Blockchain technology is able to provide a more fair betting experience to the gambling industry. The GitHub repository where the proposal has been uploaded reads as follow:
“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.”
With this trustless gaming mechanism the Bitcoin Cash ecosystem would have the chance to gain more users, more transaction volume and more attention from other virtual currencies.
In order to start betting in Chainbet, two players need to create secret values, if the sum of the value is ‘even’ then one player wins, if the sum of the value is odd, the other players is the winner. At the same time, with the messaging client within the codebase, parties can exchange any kind of communication on their own.
The idea has been proposed by a Reddit user that asked to create an on-chain betting and when another individual proposed a gaming lobby. After it, the game has been designed. In the future, the protocol can be more efficient and secure than now, allowing more players to enter the game.
Bitcoin Cash shows that it is able to scale, propose new protocols, social networks and different on-chain systems without generating problems in the network. Another important on-chain application is memo.cash, which allows users to have an uncensored social network based on Bitcoin Cash.