Blockchain agency Dragonchain has introduced a brand new contest system, which they declare is "provably truthful." Dragonchain founder and CEO Joe
Blockchain agency Dragonchain has introduced a brand new contest system, which they declare is “provably truthful.”
Dragonchain founder and CEO Joe Roets instructed Cointelegraph on June 25 that the agency has developed a blockchain-based contest system that enables individuals to confirm its equity. It may be used for lotteries, raffles, sweepstakes and contests of talent.
Rotes mentioned that crypto change Beaxy has already adopted the system for its buying and selling and promotional contests, and that Dragonchain was already in talks with varied events who want to use the system in casinos, for sporting occasion giveaways, and charity raffles.
The agency plans to show the system in a contest with a $50,000 prize as a part of the upcoming “Open Supply Cash” documentary sequence about Dragonchain, that airs on U.S cable TV channel Discovery Science on July 4.
Blockchain-based auditable contests
Roets defined that each participant in a contest submits an entry, and an on-chain mechanism selects the entries:
“For choice, the system makes use of future hashes of a predefined block peak of Bitcoin and Ethereum. The mixed hashes are used to pick the winner primarily based on an algorithm. It isn’t doable to know the hash of a block peak of anybody blockchain, thus making it almost inconceivable to profitably recreation the system.”
Roets claims that the on-chain transparency of the method permits customers to confirm whether or not the competition was truthful and that the outcomes are correct. He defined that anybody can view the blocks related to the entries and the choice course of.