Just recently news.Bitcoin.com reported on the Chainbet protocol created by the developer Jonald Fyookball, designed to add trustless betting features to the Bitcoin Cash network. Following the launch of this concept, the Openbazaar developer Chris Pacia messed around with the idea and completed the first on-chain atomic bet. Now, this week the Chainbet contributors Fyookball, Pacia, and James Cramer have extended the protocol to include multiplayer bets, auctions, and dice rolls.
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Bitcoin Cash On-Chain Betting Protocol Chainbet Adds New Concepts
The Chainbet protocol has been updated with some more complex trustless betting methods such as auctions, multiplayer bets, and dice rolls. The additional features have been added after the Openbazaar developer, Chris Pacia, utilized the BCH OP_Codes in order to create the first on-chain atomic bet. Bitcoin Cash supporters have been excited about these new concepts and the innovation that’s been happening with the re-enabled Satoshi OP_Codes since the upgrade in May.
Multiplayer Betting
The newly added multiplayer bet is a wager where the winner-takes-all between multiple participants with even chances, explains the Chainbet Github repository. The readme explains that the wager has the following properties: “It does not allow cheating via collusion, even against an attacker controlling all of the adversaries — And it protects an honest participant from losing money, even if a dishonest participant acts irrationally,” explains the Github page.
However, Fyookball notes add the end of the multiplayer bet summary that the betting scheme could also be accomplished with a dice bet and the practicality of the multiplayer bet comes into question.
“Due to the large security deposit, the practicality of the betting scheme is in question.
