The online betting and gambling industry has been constantly plagued with accusations of fraud and cheating by both players and system administrators. In the United States alone, over a dozen online gaming sites have either gone bankrupt or been forcefully shut down by authorities since 2011, resulting in tens of millions of dollars in deposits that have yet to be returned to players. Despite these setbacks, the industry continues to grow, and players continue to risk depositing their funds into centrally owned and operated gaming websites.
Provably fair online gaming is badly needed. Enter Peerplays, a solution for provably fair blockchain-based gaming that allows users to design their own specialized tokens or chips, buy or sell gateway tokens for popular cryptocurrencies like Bitcoin or Ether and then wager these tokens in on-chain games.
There is no “house” in Peerplays, but instead players are matched with other users for peer-to-peer gameplay through a series of smart contracts. These contracts escrow the funds wagered by each player and then release them to the winner after specific conditions within a game are met and verified. Smart contracts are built directly into the native blockchain code rather than a virtual scripting machine, which makes transaction processing fast enough to enable millions of players to interact almost simultaneously.
Peerplays
