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Provably Fair Gambling

Provably fair technology is unique to bitcoin gambling and adds a layer of transparency to Bitcoin casinos by verifying bet outcomes were correct and fair.

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Provably fair technology is unique to bitcoin gambling and adds to the transparency of bitcoin casinos by verifying bet outcomes were correct and fair. We’ll be taking a look at what provably fair gambling actually is, and where you can play provably fair casino games.

The system is based on the fact that Bitcoin uses a cryptographic algorithm using hash functions, which are very difficult to decode or break. We’ll be taking a look at what provably fair gambling actually is, and where you can play provably fair casino games.

What is Provably Fair Gambling?

Open Algorithms are used by online gambling operators, in the form of Random Number Generators, Hashing or Random Seed Generation to verify each transaction that takes place on its site. Each game or transaction has its own algorithm and it can be checked to determine its fairness.

Blockchain platforms are 100% transparent and immutable. Purchases and pay outs are open to all on public ledger which cannot be tampered with. A program code can oversee the entire process, and zero human interference is involved. The specifics of how the system work are quite interesting.

How Does Provability Work

The application of provably fair systems may vary a little bit from game to game but the principle is the same for all single player games. Multiplayer games like poker are a little more complicated. They require encryption for every single card dealt.

The key to the provably fair system is that it uses a cryptographic hash which is considered unbreakable for practical purposes. This ensures that the information sent to the player and casino is unknown and can be deciphered.

The way this happens is:

  • The casino creates a seed number for the bet
  • This is hashed and sent to the player
  • The player adds a seed and the bet plays out
  • At the end of the bet the player receives the seed used in the bet
  • If it matches the bet is verified. No interference occurred!
  • If the casino tried to manipulate the bet in any way the hash function would be changed and the bet would not be verified. For the first time in gambling history a bet pay out can be verified by a player in real time!

Player Tampering

Provably fair gambling has 2 sides to it. The casino must make the game’s algorithm public to allow players to verify fairness. That means players can, in theory, tamper with the game. Therefore, provably fair gaming works in such a way that the result of the game is pre-determined, but neither the casino nor the player know the outcome until after the bet is placed and played out.

It is as if the casino and the player had the only 2 keys to a padlock that opens a safe box. Neither can use the key before the the bet is played out. Once the bet is played out, they can both unlock the safe box and see if the result inside the box matches the one they got in real life. 

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Can a Provably Fair Casino Cheat?

Even though Bitcoin casinos using this technology can’t cheat on a game pay out, there are still ways unscrupulous operators can take advantage of players. So it’s always important to do you research before you put your money into any casino. You can see our full list of reviewed Bitcoin casino to find out which is worth the time and money. Apart from that, it is important to understand how you can check if a provably fair game is indeed provably fair.

How is it Used by Both Casino and Player to Ensure Fairness?

Checking underlying fairness involves verifying that each game works as advertised and that there are no errors leaving room for unfair play. An online casino issues a seed number or randomly generated number to the player which is hashed or encrypted. This is suitably buffered to ensure the same hash doesn’t reoccur. Once a player has finished a transaction or game, they can use these seeds to prove fairness. The player will do this by using the algorithm, hashes, and seeds as well as the events of the transaction to check that the outcome is indeed provably fair.

If something has transpired which is not fair, the seeds at the end of the game won’t match, and this will prove the outcome to be unfair. This process can also be carried out on blockchains other than Bitcoin’s.

Which Other Cryptocurrencies are Involved in Provably Fair Gambling?

The expansion with the creation of more cryptocurrencies which are becoming significant for gambling has opened the door for provably fair gambling to move onto other blockchains. Etherium, Dogecoin, Litecoin and many more have become platforms for provably fair gambling as well. Nevertheless, it is important to remember that provably fair gambling is a blockchain-based feature.

Can Provably Fair Gambling be Applied to Fiat Currency Gambling?

Fiat gambling can not offer the same guarantee of 100% provably fair Gambling. There is no system in place that cannot be manipulated in some way. Unlike a blockchain that is entirely recorded and there is no human intervention, Fiat Gambling is filled with human manipulation, tardy recording systems, as well as too many steps involved in each transaction, which leaves loopholes for human error and greed.

Conclusion

Provably fair gambling, which came about through Bitcoin’s blockchain for the first time in history, has presented us with gambling that is 100% transparent and secure. This gives players peace of mind that there are no background manipulations taking place and that the outcomes of the games they play are verifiably random. Inevitably this will draw more players to cryptocurrency gambling.

Source: https://bitcoinchaser.com/provably-fair-gambling/

Blockchain

Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

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Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

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The CEO of Ripple, Brad Garlinghouse is filing for a motion to dismiss the SEC lawsuit against himself and Ripple. This is according to a copy of a letter written by Garlinghouse’s lawyer stating that he intends to file a dismissal motion for the case.

The letter claims that the case was nothing but a regulatory overreach as the company’s sale of XRP did not involve any contract and the proceeds were not pooled with other buyers in a common enterprise. Its price also fluctuates in line with other digital assets such as Bitcoin and Ethereum.

“But Mr. Garlinghouse’s XRP sales involved no contract of any kind with the buyers, as his sales were done anonymously over an exchange. Nor were the proceeds of Mr. Garlinghouse’s sales pooled with other buyers in a common enterprise. And XRP’s value historically has not been correlated with Ripple’s actions, results, or public announcements, but instead with changes in the value of other digital assets, such as bitcoin and ether, that the SEC has publicly declared are not securities”, the letter read.

Ripple and its top executives have been in court since the SEC filed a lawsuit against them alleging that they illegally sold a security (XRP) and made profits of over $1 billion. Garlinghouse has however maintained his position that XRP is not a security.

This could be because other countries such as the UK hold XRP in high regard. Garlinghouse had last year indicated his intention to move Ripple headquarters over to the UK before the SEC lawsuit. In early February of this year, the company filed a defense for the suit which has led to a few more lawsuits.

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In 2015 and 2020, both the Department of Justice and the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) declared XRP to be a “virtual currency”. The two departments even asked Ripple to implement anti-laundering in place, a requirement that Ripple claims securities are not expected to meet.

The outcome of Ripple’s case with the SEC could be a big determinant of future regulations in the cryptocurrency industry and the entire space awaits the outcome.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/ripples-garlinghouse-to-file-dismissal-motion-against-the-sec-lawsuit-over-xrp-sales/

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Blockchain

Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

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KR1, a crypto & blockchain asset investment company, had announced that it has invested a total of USD $75,000 into Strange Loop Labs AG, doing business as LazyLedger Labs.

The investment company took part in LazyLedger’s seed funding round alongside Cosmos’ Interchain Foundation, Binance, Dokia Capital,  Maven 11, and other investors.

LazyLedger is a pluggable consensus and data availability layer to enable anyone to quickly deploy a decentralized blockchain; without the overhead of bootstrapping a new consensus network.

“LazyLedger is a great project and an opportunity to bring better data availability to blockchains; which reduces bloat and increases performance. We believe that LazyLedger is going to play a big role in the next generation of scalable blockchain architectures.”
– Keld van Schreven, Managing Director and Co-Founder of KR1

LazyLedger’s founding team are highly respected decentralized systems engineers and researchers; who were part of the founding team of Chainspace, a blockchain project acquired by Facebook, as well as contributors to Ethereum 2.0 and Cosmos’ Tendermint.

“I’m excited about KR1 supporting LazyLedger as they have been around from day one and the experience they bring is invaluable as one of the oldest funds in the crypto space.”
– Mustafa Al-Bassam, Co-Founder of LazyLedger

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Source: https://www.cryptoninjas.net/2021/03/04/crypto-fund-kr1-makes-investment-in-blockchain-data-protocol-lazyledger/

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Blockchain

DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

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ETHA Lend, a yield optimizer protocol for DeFi, today announced it has closed a $1.6 million initial funding round from lead investors Digital Finance Group (DFG), AU21 Capital, and Privcode Capital.

Other investors include: Vector Capital, Chain Capital, PNYX Venture, Lancer Capital, Oasis Capital, TRG Capital, Candaq Capital, Dealean Capital, Inclusion Capital, Origin Capital, ZB Capital, YBB Foundation, AC Capital, Hotbit.

Designed to provide automated yield allocation across Ethereum and Polkadot DeFi ecosystems; ETHA Lend will be governed by ETHA token holders. The protocol’s algorithm is constructed to understand the precise circumstances of a liquidity provider and supply events; protecting users from high transaction costs, market limitations, and asset volatility.

 “We are excited to have some of the most reputable names in the crypto investment and DeFi funding market on board. Our protocol hosts unique integrations of the DeFi space that shall let users dabble with yield farming with unseen simplicity, cross-chain independence, and progressive yield optimization opportunities. You can look forward to a time when the sector shall be free of the haunting tribalism and intimidations both for new and expert users.”
– Chester Bella, Founder of ETHA LEND

The close of this funding round will enable ETHA Lend to accelerate development towards its mainnet launch, currently scheduled for Q2 2021. ETHA Lend’s smart contracts are being inspected by Certik; one of the most highly reputed blockchain security auditors.

Source: ethalend.org

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Source: https://www.cryptoninjas.net/2021/03/04/defi-yield-optimization-protocol-etha-lend-closes-1-6m-funding-round/

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