On 2nd August, the official Twitter handle of Ethereum Classic posted about a decentralized predictions market backed by the Ethereum blockchain. The game is called ETCGame and is currently running nine international games based on football matches and predictions for tournament gaming and online sports.
ETC’s recent tweet || Source: Twitter
All the games of the prediction market are traceable on the blockchain. This is because the system of the game is based on the Smart Contracts of the Ethereum blockchain. In its Medium blog post, ETCGame has also assured that the ‘transmission and reception of information on ETCGame is open, transparent and safe’.
A Smart Contract is nothing but a regular contract between multiple parties, except that the underlying technology of blockchain takes care of the contract’s enforcement. Hence, it eliminates the need to call upon a central or legal authority to take control of the enforcement.
When it comes to payments, Ethereum Classic is what gets the transactions in ETCGame going. Moreover, the users can store ETC in their accounts rather than requiring a wallet essentially. However, if the users wish, a personal wallet can also be used to deposit Ethereum Classic for the registration of a particular game.
As the game begins, the process of transfer from one’s ETCGame account to the address of the Smart Contract takes place. There are also ways for the users to bet on each game directly, without requiring to go through all the information. This facility is activated via an update button on the website, that helps to display the information of each game, relevant to betting.
In the cryptocurrency space, prediction markets have gotten multiple positive responses. Recently, Roger Ver of Bitcoin Cash told the CryptoTrader host Ran NeuNer that he is excited about the markets. He also feels that these markets are being underrated in terms of how much impact they can have on our society.
On the other hand, cryptocurrency based prediction markets have also been a subject of huge concern among the regulators. Recently, Augur, a decentralized prediction market protocol became popular for carrying bets on the assassination of the U.S. President, Donald Trump. Other targets of these bets were Waren Buffet and Jeff Bezos, the CEO of the world’s biggest retailer, Amazon.
Augur is also built on the Ethereum blockchain and offers prediction games associated with elections, politics, weather, event hedging, company decision making, among others.
Although the existence of these markets is a unique innovation, it still remains a matter of concern for the regulatory bodies. This is because these prediction markets resemble the real-world scenario of traditional gambling.
The post Another prediction market in crypto-town, ETCGame for gaming bets appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: Another prediction market in crypto-town, ETCGame for gaming bets
