Research Guide for Gambling Systems on Blockchain

Research Guide for Gambling Systems on Blockchain

Key Glossary

Term Definitions Smart Contract A computer protocol designed to facilitate, verify, or enforce contract negotiation or performance in an information-based manner. It can automatically execute the terms of an agreement without the need for an intermediary. Blockchain A distributed database that uses cryptography to record and link blocks of data to ensure data security and immutability. Decentralized Applications (dApps) Applications that run on a decentralized network and do not rely on any centralized server, such as blockchain-based applications. Digital Currency A form of currency that is created, stored, and transferred electronically, such as cryptocurrencies such as Bitcoin and Ethereum. Digital Currency Wallet Software or hardware that stores and manages digital currency, which users can use to send and receive digital currency. External Oracle A third-party service that provides external data to smart contracts, such as providing information such as sports results and stock prices. Application Programming Interface (API) A set of definitions that allow communication and data exchange between different software applications. Fixed Odds refers to the odds determined at the time of betting, and the final payout will be based on this odds regardless of the bet amount or the change in the odds. Dynamic Odds refers to the odds that change in real time based on the bet amount and market supply and demand. Point Spread refers to the number set by the bookmaker to balance the strength of the two teams, and bettors can bet on the result of the game to be over or under this number. Pari-mutuel A betting system in which all bettors' bets are put together, and after deducting commissions, the winners share the prize money in proportion. Fantasy Sports An online game in which players can select real athletes to form a virtual team and earn points based on their performance in real games. Short Answer Question

What role does smart contract play in blockchain-based gambling system? Smart contract, as the backend environment of decentralized applications, is responsible for facilitating, verifying and enforcing the negotiation and execution of betting agreements in a digital way, such as managing bets, determining odds, distributing prize money, etc.

How can external oracles ensure the fairness of blockchain-based gambling system? External oracles serve as trusted third-party services to provide real-world data, such as sports event results, to smart contracts, ensuring the accuracy and immutability of the results, thereby ensuring the fairness of the gambling system.

What are the advantages of blockchain-based gambling systems compared to traditional gambling systems? Blockchain-based gambling systems have the advantages of decentralization, transparency, security, and efficiency. It eliminates the need for intermediaries, reduces transaction costs, improves transparency and security, and automates the payment process.

How are digital currency wallets used in blockchain-based gambling systems? Users can use digital currency wallets to store, send, and receive digital currencies for betting and receiving bonuses.

What is the difference between fixed odds and dynamic odds? Fixed odds are determined at the time of betting and will not change with market changes, while dynamic odds change in real time based on the bet amount and market supply and demand.

How does spread betting work? Spread betting refers to betting on whether the result of the game is above or below the spread set by the bookmaker. If the prediction is correct, the bettor wins the bet, otherwise the bettor loses the bet.

What is pool betting? Pool betting refers to a betting system in which all bettors' bets are put together, and after deducting commissions, the winners share the prize money in proportion.

How does fantasy sports betting differ from traditional sports betting? Fantasy sports betting is based on betting on virtual teams, and players are awarded points based on the performance of real athletes, while traditional sports betting is betting on the results of real games.

How can blockchain-based gambling systems leverage blockchain data for betting? Users can bet on blockchain-related data, such as the miner address or block hash value of the next block, and the results of these bets are automatically determined by blockchain data.

What challenges do blockchain-based gambling systems face? Blockchain-based gambling systems face challenges such as regulation, security, scalability, and user acceptance.

Paper title

Explore the potential impact of blockchain-based gambling systems on the traditional gambling industry and analyze their strengths and weaknesses.

Analyze the importance of external oracles in ensuring fairness and transparency in blockchain-based gambling systems, and explore the strengths and weaknesses of different types of oracles.

Evaluate the regulatory challenges of blockchain-based gambling systems and propose a feasible regulatory framework to promote their responsible development.

Explore the challenges and opportunities of blockchain-based gambling systems in terms of user privacy and data security, and propose corresponding solutions.

Analyze the future development trend of blockchain-based gambling systems and explore their potential impact on society, economy and technology.