The heart of tech is coming to the heart of the Mediterranean. Join TNW in València this March 🇪🇸

This article was published on March 23, 2018

This gambling platform forked its own blockchain to beat the competition

This gambling platform forked its own blockchain to beat the competition

If you enjoy gambling and paid attention to the blockchain betting revolution, you may soon part ways with your bookie. As the online gambling market heads towards $60 billion in revenues by 2020, the competition among blockchain gambling operators to create the most innovative experience is getting intense.

For the dozens of new blockchain gambling operators, differentiation increasingly comes down to technology. Game innovation, speed, and fairness are important advantages.

However, according to decentralized gambling exchange LetBet, all three of these features are limitations of the Ethereum blockchain. To solve this problem, LetBet has developed its own blockchain: “Libertas Chain.” It is a clever fork of the Ethereum blockchain that does away with the limitations and creates a platform that can be used not only for gambling but many other activities as well.

This new blockchain is also a zero chain, meaning that it does not charge any transaction fees and is free to use for life. It is fast, extremely secure and creates the provably fair gaming system that is at the heart of LetBet’s gambling experience. 

Ethereum blockchain vs. Libertas Chain

LetBet analyzed the Ethereum blockchain and while it’s excellent for many blockchain-powered platforms, the development team believes the Libertas Chain is a better fit for their platform, for a number of reasons:

Fast processing speed – In a society that looks for instant gratification, a respectable but slower blockchain transaction speed could turn off quite a few gamblers. Bettors like to play fast. If they lose at the slot machine, they cannot wait to go the next round and try and improve their luck. A spin of the slot machine could take up to 20 seconds on the Ethereum blockchain, while some platforms state their average transaction time is a second. The LetBet proprietary blockchain provides the same speed advantage as conventional betting infrastructure.

Real Random Number Generator — The Ethereum blockchain uses pseudo-random number generators (RNG). The LetBet platform supports a random number generator. The RNG is open source so bettors can ensure they are playing a random and probably fair game.

Integration — Integration across gaming models, third-party blockchain products and betting data and analytics could provide a new level of game mechanics and dynamics. LetBet’s open source system encourages game developers to integrate their models with other gambling games and non-gambling products, which will also be hosted on the system. When it comes to data and analytics, LetBet provides a real edge to gamblers. It has developed an Integration Model that provides gamblers with an expanded breadth and depth of data. For example, betting ratios from the leading sports bookies can be viewed in an aggregated manner.  If LetBet succeeds, its gaming options, flexibility, and revenue sharing and reward system will keep gamblers happy and within its ecosystem.

Launching an ICO

The LBT token,  exclusively available during the ICO phase, provides access to the LetBet ecosystem. The LBT coin is selling at a discount during the pre-sale, which began on January 20th. The LBT coin sale ends on April 5th.