Dragonchain will convey its new blockchain-essentially based contest blueprint in a televised contest with a $50,000 prize.
Blockchain company Dragonchain has announced a brand new contest blueprint, which they claim is “provably aesthetic.”
Dragonchain founder and CEO Joe Roets educated Cointelegraph on June 25 that the company has developed a blockchain-essentially based contest blueprint that lets in participants to verify its fairness. It may per chance per chance per chance moreover even be susceptible for lotteries, raffles, sweepstakes and contests of skill.
Rotes acknowledged that crypto exchange Beaxy has already adopted the blueprint for its procuring and selling and promotional contests, and that Dragonchain was already in talks with various parties who bask in to make employ of the blueprint in casinos, for sporting occasion giveaways, and charity raffles.
The company plans to command the blueprint in a contest with a $50,000 prize as section of the upcoming “Birth Offer Money” documentary sequence about Dragonchain, that airs on U.S cable TV channel Discovery Science on July 4.
Blockchain-essentially based auditable contests
Roets explained that every participant in a contest submits an entry, and an on-chain mechanism selects the entries:
“For replacement, the blueprint uses future hashes of a predefined block high of Bitcoin and Ethereum. The mixed hashes are at risk of make a replacement the winner in accordance with an algorithm. It is miles rarely doable to know the hash of a block high of someone blockchain, thus making it almost very unlikely to profitably game the blueprint.”
Roets claims that the on-chain transparency of the formula lets in customers to verify whether the competition was aesthetic and that the outcomes are perfect. He explained that somebody can undercover agent the blocks linked to the entries and the replacement direction of.