There are already a number of gambling sites that have been developed using blockchain technology -sites like SatoshiDice and BetChain have been around for a while. However, as sports gambling continues to take hold, there is a growing interest to see options available for placing sports wagers with cryptocurrency. This is where Betpools.cash comes in. It was created to offer a different experience for gamblers and is exceeding all expectations. Relying on the power of Bitcoin BCH, it is catching on fast and giving sports fans a reliable gambling platform that uses the world’s best retail cryptocurrency.
As part of CoinGeek’s ongoing commitment to highlight new developments of the Bitcoin BCH blockchain, one of the founders of the site conducted an interview with us so we could get a better understanding of what motivates the team. While preferring to stay somewhat elusive, the details provided show, once again, how important Bitcoin BCH is to the cryptocurrency community.
Who are the people behind Betpools.cash?
For the safety of us, our site, and our users, we wish to remain anonymous. I can tell you that we are a couple of guys with a long background in software development. Combined, we have over 25 years of professional development experience. We are also huge fans of cryptocurrency, sports, gaming, and of course, gambling.
How long did it take to develop the platform?
From the initial design to launch took about 6 months.
Why Bitcoin Cash?
What prompted the development of Betpools?
We were inspired by Satoshi Dice and how it allows you to bet without any signup. We saw an opportunity to provide the same experience for betting pools, so we did it.
What features do you plan on adding?
Currently we are focusing on adding more leagues (NCAAF, Premier League Soccer, MMA) as well as eSports. We are also adding the ability to remember your payout address, and provide a page to view all your wagers associated with that address.
For the longer term, we are working out the details for more elaborate pool structures such as picking winners for the day or week.
We’d also like to allow users to create their own pools. We had a request on Twitter and Reddit to implement a full-fledged predictions market; we think it is an interesting idea and will be looking into it.
Are there any other projects you’re working on?
No, we are currently 100% focused on betpools.cash.
Is there anything you would like to add?
Thank you to everyone that is trying out the site and giving us valuable feedback. We appreciate it and look forward to providing the best experience we can.
Betpools.cash is just the latest in a long line of real-world examples of how flexible Bitcoin BCH is. From information portals such as greenpages.cash to gambling sites, there is literally nothing that can be achieved with the world’s top retail cryptocurrency.
This interview is part of an ongoing project to feature advances of the Bitcoin BCH community. If you have a project, or know of one, that should be highlighted, drop us a note.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Dr. Craig Wright took to one of his favorite stages recently to talk about Bitcoin BCH and smart contract registries. In a Medium post, Wright set out to detail how smart contracts could be introduced successfully on the blockchain and did an incredible job breaking down the specifics of any registry platform.
Wright points out that one of the major issues with contract management is the overwhelming amount of redundancy. Copies of the same contract are kept in a number of different locations, which is a logistical nightmare when any change or addendum is needed. Since contracts are often written in natural language, they can also be open to interpretation if not properly dissected during the drafting phase.
These obstacles, among several others, are the reason smart contacts make sense. However, several steps must be followed to have them implemented properly.
Some of the main requirements include formal definition of the contract so that it “can be formally interpreted and implemented by a machine, as well as converted into natural language,” explains Wright. Additionally, it’s important to be able to publish a contract so that everyone knows it exists, while not divulging any of the details, except to those with the need to know.
It is also important to consider including mechanisms that allow the contracts to be configured based on time and/or conditions. Perhaps a contract is only valid for 18 months or expire once the contract’s target has been fulfilled. Smart contracts will need to know what actions to take based on these criteria if they are to be effective.
The Bitcoin BCH blockchain already includes a number of features that make contract creation a breeze. Once the proper controls are added to the contract and it is registered in a repository, “the associated URI and hash can be used in accordance with using metadata within a Blockchain transaction to associate the transaction on the chain with the controlling contract itself,” explains Wright.
To ensure that any machine-readable contract can also have a human-readable version, Wright points out that he and the group at nChain are already working on a tool that will generate a readable document. This version would be delivered in in pdf format, or something similar that doesn’t allow for easy editing.
To ensure that only authorized individuals have access as appropriate to the contract, it can be secured by several means. The most basic security is offered through a hash check to ensure that there haven’t been any alterations. Additionally, the repository itself can be locked down and the contract can be digitally encrypted to limit access only to those who have the corresponding decryption keys.
Says Wright, “In many cases, the Contract itself will have partial protection on it. For example, some sections within the file are protected but the overall content is public. For example, the details of how to implement a fixed rate loan are published but the knowledge of who took out the loan, for how much and at what rate is known only to the contracting parties.”
Wright provides further details on the intricacies of contract creation and manipulation using the Bitcoin BCH blockchain, but it’s evident from the insightful piece that Bitcoin BCH already has everything it needs to facilitate contract creation and storage, and doesn’t need any modifications to enhance the platform.