Topic: Betting on the blockchain - Chancecoin vs. LottoShares (Read 756 times)

Very interesting indeed.

Thank you OP for breaking down the two crypto currencies in an easy to read format. Decentralized gambling/gaming is important IMO because centralized gambling sites can scam their customers by rigging the odds and/or run away with the customer's money. A decentralized crypto currency won't do that.

Are there any other decentralized gaming projects on the horizon? I know Bitshares is planning BitsharesPlay... maybe they have other projects as well. Nxt has NxtPoker and Dice-x.. maybe they have other projects as well.

Am I missing any other projects? Furthermore, are Chancecoin and/or Lottoshares implementing other forms of gambling?

interesting...

Two of the most interesting new altcoins come with a built-in casino. They allow users to make bets in the blockchain. The bets are automatically resolved in the blockchain by miners using open source software. Essentially they are distributed and de-centralized casinos. Here's a comparison of the two players.

Blockchain security:
Chancecoin: Piggybacks on the Bitcoin blockchain using the Counterparty model.
LottoShares: Forked from Litecoin and uses its own blockchain. It supports merge-mining with other scrypt coins.

Distribution:
Chancecoin: Proof of Burn : Investors burned 480 BTC in 240 transactions.
LottoShares: Distributed to a wide range of addresses in existing coins (20% to BTC, 20% to DOGE, 10% to PTS, 10% to AGS, 10% to MMC,  6.6% FBC, 10.9% SHC, 8% to Devs, 4.5% to various bloggers, exchanges, websites, btctalk users)

Comment: Chancecoin's distribution ensures a small initial number committed number of shareholders who have sacraficed BTC for their stake. LottoShare's distribution ensures a wider base of less-involved shareholders.

Games:
Chancecoin:
Dice Game (1% House Edge + 3 cents transaction fee)
Video Poker (1% House Edge + 3 cents transaction fee)

LottoShares:
Dice Game (0% House Edge, no transaction fee)
Lottery (15% House Edge, no transaction fee)

Maximum Win:
Chancecoin: 1% of bankroll
LottoShares: No maximum

Bet Resolution:
Chancecoin: ~ 5 seconds
LottoShares: ~ 20 seconds