Trustless Bitcoin Cash Betting is Coming — Chainbet Reveals Working Prototype
Just recently, news.Bitcoin.com reported on the trustless betting concept called Chainbet designed by the Electron Cash lead developer Jonald Fyookball. Since then, Chris Pacia performed the first atomic bet on the Bitcoin Cash network and now the project is seeing contributions from other developers as well. Now the programmers have revealed they have developed a working prototype that executes BCH wagers in a decentralized and trustless fashion.
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Chainbet Developers Produce a Working Prototype
The protocol Chainbet is moving along as the project has moved from Jonald Fyookball’s proof-of-concept into a reality as the developer has revealed a working prototype. In essence, Chainbet allows two parties (Alice & Bob) to bet in a completely trustless manner without the need for third-party arbitration and all of it is recorded on-chain using bitcoin cash. During the first week of June, Fyookball told the Bitcoin Cash community about his new idea while also launching Chainbet’s Github repository that explains the concept in better detail alongside the codebase. Openbazaar developer Chris Pacia took the project a step further performing the first atomic bet on the BCH chain. Following this, Fyookball, Pacia, and James Cramer boosted the project even more by adding the ability to not only perform simple coin flip bets, but also auctions, multiplayer bets, and six-sided dice rolls.
Chainbet Goes Beyond Provably Fair
Following the announcement of a working prototype and a video showing the action in process, a Lightning Network supporter claimed on Reddit that there was a “better solution to betting in a provably fair model that scales efficiently working right now” and shared an app called ‘Lightningspin.’
The Electron Cash developer and creator of Chainbet Jonald Fyookball scoffed at the LN supporter’s assumption that the ‘Lightningspin’ app is a ‘better solution.’