Proof Of Toss – New blockchain-based betting ecosystem
Task
PROOF OF TOSS is a new blockchain-based betting ecosystem that provides interaction of bookmakers and players through the smart contracts.The project is open-source, and you can find the repository by following this link. Github.com/ProofOfToss/proof-of-toss
The architecture of the project is focused on two main points: storing of information in smart contracts and fast data retrieval.
An important feature is that there is no backend in the system. This solution allows the frontend to interact with smart contracts directly, without the intermediary of the server.
Events and wagers in the system are created with the help of smart contracts. Also, smart contracts are used for storing events, bets for every wager, collaterals, judging and event deposits.
In fact, all business logic is allocated inside the smart contracts. The website is just an interface, which calls smart contracts and outputs data. Thanks to that and blockchain technology, the system gains features important for betting, such as decentralization, transparency, a possibility for instant payouts, challenge resolutions.
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The project is developed on the basis of RSK — smart contract platform which is a sidechain of Bitcoin. The Ethereum virtual machine is embedded inside RSK, which allows the execution of smart contracts written on Solidity.
Especially for the project, we have designed an on-chain random number generator which is resistant to fraud and miners’ manipulations. It chooses a random event for a judge.
The thing is that miners can manipulate with block time and other data. To be protected from such manipulations, the solution for random number generator has to be nontrivial. Miners see the result of the transaction in the new block, if they are not satisfied with it, they can skip sending the block and keep selecting a better result. That’s why the random number generator should be implemented in a way when a miner is able to see the algorithm’s result only after sending the block.
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The Sports Technology Awards 2018
The project has managed to take the 1st place at The Sports Technology Awards 2018 as the best startup in the betting and gaming industry!
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PROOF OF TOSS had a potential to be a real game-changer, ahead of a curve and offered an interesting model. — Rebecca Hopkins, CEO of Sports Technology Awards.
Read also:
- Press release on completion of the project development.
- The interview about technical features with CTO.