The blockchain firm Dragonchain has announced a new competition system, which they say is „demonstrably fair“.
Dragonchain founder and CEO Joe Roets told Bitcoin Compass on June 25 that the company has developed a blockchain-based contest system that allows participants to verify their fairness. It can be used for lotteries, raffles, sweepstakes and skill contests.
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Rotes said the Beaxy crypto coin exchange has already adopted the system for its commercial and promotional contests, and Dragonchain was already in talks with several parties who want to use the system in casinos, for sporting event draws and charity raffles.
The firm plans to demonstrate the system in a contest with a $50,000 prize as part of the upcoming „Open Source Money“ documentary series on Dragonchain, which airs on the U.S. cable channel Discovery Science on July 4.
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Roets explained that each participant in a contest submits an entry, and a chain mechanism selects the entries:
„For selection, the system uses future hashes of a predefined block height of Bitcoin and Ethereum. The combined hashes are used to select the winner based on an algorithm. It’s not possible to know the hash of a block height from any block chain, which makes it almost impossible to play the system cost-effectively.
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Roets says that transparency in the process chain allows users to verify whether the contest was fair and that the results are accurate. He explained that anyone can see the blocks associated with the entries and the selection process.