Dragonchain To Demonstrate Its New Blockchain-Based Contest System On Cable TV
Dragonchain To Demonstrate Its New Blockchain-Based Contest System On Cable TV
June 26, 2020
Dragonchain To Demonstrate Its New Blockchain-Based Contest System On Cable TV
Dragonchain To Demonstrate Its New Blockchain-Based Contest System On Cable TV
June 26, 2020

Dragonchain, a blockchain firm, has announced that it will demonstrate its new blockchain-based contest system with a $50,000 prize, as part of the upcoming “Open Source Money” documentary series about Dragonchain, which airs on US cable TV channel Discovery Science on July 4.

On June 25, it has been reported that Joe Roets, the founder and CEO of Dragonchain, said that the firm has developed a blockchain-based contest system that allows participants to verify its fairness, as it can be used for lotteries, raffles, sweepstakes and contests of skill.

However, Rotes said that crypto exchange Beaxy has already adopted the system for its trading and promotional contests, and Dragonchain was already in talks with various parties who wish to use the system in casinos, for sporting event giveaways, and charity raffles.

Roets explained that every participant in a contest submits an entry, and an on-chain mechanism selects the entries.

ALSO READ :  Kenya’s Golf Stablecoin YENTS Enters Into Testing Under Local Regulatory Sandbox

He added:

“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 is not possible to know the hash of a block height of any one blockchain, thus making it nearly impossible to profitably game the system.”

Likewise, Roets claims that the on-chain transparency of the process allows users to verify whether the contest was fair and that the results are accurate. 

Thus, he explained that anyone can view the blocks associated with the entries and the selection process.

Source: Cointelegraph | Image: New York Post


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.