peerplays

What is Peerplays?

What Peerplays offers is a value proposition that is enticing both for businesses and the end users. Peerplays takes advantage of blockchain to bring users the best of a decentralized gambling platform and provably fair gaming.

There are several challenges in the industry that Peerplays has been able to tackle, while at the same time providing incentives for the existing gambling platforms to consider venturing into the blockchain by integrating their systems with Peerplays.

By design, Peerplays is for the future. It is a project that is primed for future growth, success, and scalability to suit different market scenarios. Peerplays uses consensus and voting mechanisms for this, and it should propel it to the height of blockchain platform use in the gaming industry.

What is the problem that Peerplays Solves?

The gambling and betting industry has always struggled with cheating and fraud between administrators and players. This is an industry where it seems each party is always trying to steal a move on the other by all means possible.

In light of such experiences, since 2011, more than 10 popular gambling websites have been forced to shut down by authorities, or have gone bankrupt and that is in the US alone. When such companies go down, millions of dollars in customer deposits go with them, and the hope of ever retrieving this money becomes so slim.

However, even with all these challenges, the gambling industry has still managed to grow, with more players increasingly depositing their money into websites that are centrally owned and operated.

This is a precarious situation, and the need for fair gambling online is important now more than ever. In light of the advancement of technology and the advent of blockchain technology, fair play is needed in online gambling. Peerplays offers a solution where users are allowed to design special chips and tokens that they can use on the supported gambling platform of their choice.

They are also able to purchase and sell tokens for some of the giant cryptocurrencies like Ether or Bitcoin and use them as transactional currency within the games that they play on the blockchain.

Peerplays does away with the need for a House. Instead of having a house, gamblers are matched with other players through Peer-to-Peer (P2P) gameplay.

This is possible through the use of smart contracts. These contracts are written in such a manner that they hold the money that players wager in an escrow before the game starts. When the game is over, the smart contracts check to make sure the conditions set for the release of the funds have been met and verified, then they release the funds to the winner.

The smart contracts that are used in Peerplays are systematically built into the Peerplays code instead of using a virtual machine like other blockchain platforms do. As a result, this has made it very easy to process transactions faster. Other than that, the fast speed of transactions also means that millions of players can have fun on Peerplays at the same time without having to worry about any network challenges.

How does Peerplays Solve the problem?

To prove that Peerplays is a fair platform for gamers, gamblers, and companies that would be willing to invest in it, the platform has to be auditable. The following are some of the ways that Peerplays uses to address the challenges highlighted above:

Provably Fair Gaming

A proof is an important part of gaining trust. The Peerplays network is fully auditable. All the smart contracts that are used on Peerplays are open-source. Therefore, anyone can study and verify them, and make sure that they perform the tasks for which they were written.

Players, therefore, get into arbitration agreements with Peerplays, within which they are bound by the laws of the contracts. Before funds are released from the escrow accounts wherein they are held, the players have to voluntarily make moves or not.

As a result, failure of a player to perform any action, or produce their winning hand disqualifies them from the jackpot payout.

This, therefore, is a system that is free from manipulation. The players get into the games fully aware that the results are based on luck and skill.

Blockchain Consensus

Peerplays uses the same technology that is running on Muse, Steem and BitShares, Graphene.

Graphene supports this blockchain by providing a high throughput. It also takes a short time between block productions, making it one of the most efficient blockchain consensus mechanisms currently available. This allows Peerplays to handle more than 100,000 transactions a second.

Native Smart Contracts

This decentralized platform uses an order matching algorithm. As a result, buy and sell orders between users on the blockchain are filled immediately. This is one of the other reasons why Peerplays is able to handle thousands of transactions a second, and also why it can handle thousands of players wagering on the blockchain simultaneously.

When a game starts, every player places an order. A native smart contract accepts and fills this order, matching players or player groups together. The smart contract then becomes the arbiter over the rules, terms, and conditions of the games that the players are engaged in, and eventually releases the winnings to the player who emerges the winner.

What makes Peerplays better than the competitors?

Peerplays Blockchain Standards Association (PBSA)

This is a non-profit organization that has been around since 2016. The agenda behind PBSA is to offer support for the development of provably fair games on the Peerplays ecosystem. Through PBSA, developers are able to create games and products that the users will not just appreciate today, but also years in the foreseeable future.

The role that PBSA plays on the Peerplays blockchain is important as an oversight body. They come up with standards that govern gambling and gaming on Peerplays, and they further act as educators and advocates, making sure that the set standards are understood and appreciated by Peerplays users in different communities and industries.

The need for PBSA stems out of the following inherent features of the traditional gambling and gaming industry:

Slow, outdated and regressive regulatory frameworks
Disastrous results from self-regulation by different betting operators
Untrustworthy betting operators in the industry
Exploitative gambling operators who often target problem gamblers
Centralized storage of betting data
Lack of transparency

In light of these features, most of the players in the gaming and gambling market end up shortchanged. The end users, to be precise, often get a raw deal. Through PBSA, Peerplays is able to push through these challenges and offer users an assurance of a platform that is specifically built to cater to their needs.

Serve-Side Tournament Hosting

This is a technique that has been used in the eSports industry for a very long time, successfully. Over the years, this model has seen a growth in uptake, being integrated into different gaming platforms.

Peerplays allows support for server-side hosting while at the same time it provides different tools that can be used to enhance the business. Through this, as long as a user has been able to connect to the Peerplays API they can use the platform to place wagers, bet on jackpots while at the same time still running their games on the website independently.

For game publishers, you can take advantage of the customizable smart contracts and create your own fee schedule, tournament structure, distribution and collection methods for wagers. This can be done for any game even if it is hosted on a server off-chain.

On the other hand, gaming partners also have the benefit of improving their GUI, offering their customers the best possible experience. The basic Peerplays GUI can be hosted on a public server.

Businesses and individuals have a better chance of increasing their earnings on Peerplays by using the referral program. In this program, users earn a lifetime revenue each time they refer a player to Peerplays.

As a result, therefore, businesses that integrate their platforms with Peerplays have an unmatched potential for additional earnings, especially when they encourage and get all their users to create a Peerplays account.

Public Client Portals

Through hosted client portals, users have access to the Peerplays blockchain via their preferred web browsers. While enjoying this access, all the private keys are kept locally. Because of this, the public client portals offer more convenience compared to a private desktop client, for example.

However, you will need to constantly run backups so that you can avoid losing funds accidentally. These portals operate like lightweight wallets, and for this reason, you do not have to download the entire node. Instead, you can reference some of your trusted public nodes. To boost security, users are allowed to run a full node together with the desktop client.

Placing Wagers

Any token issued by the user is accepted as a wager in the Peerplays tournament smart contracts. However, in case the tokens presented by the user are not among the certified wagering instruments, the users have to pay a small fee. A committee determines the tokens that are considered standard wagering instruments. You are also able to place wagers with the core Peerplays token.

Asset Exchange

Peerplays is a Graphene Blockchain. Therefore, a lot of the Peerplays features are similar to BitShares. Users have the capacity to create their own tokens, initiate buy and sell orders on the internal market, which will then be filled on the chain order with matching smart contracts. Users are also able to purchase and sell tokens from some of the popular cryptocurrencies such as ETH and BTC.

Open Source GUI

Everything on Peerplays runs on a basic open-source GUI. The GUI is built to enhance the user experience. It has features that make access very easy for players. Other than access, they are also able to host multiple tournaments, create, buy and sell tokens. Through this, players can also enjoy live gameplay on all the games they play on the blockchain platform. Over time, the GUI will be translated into different languages to help with uptake, and support widespread commercial and personal use.

PowerUp Points

PowerUp points are tokens used on the Peerplays network for user rewards. These points are distributed to the users depending on the amount they have wagered on the games they play, and their win records. It is the only acceptable token that is used as a buy-in for the tournaments that involve mega jackpots. As a result, you can expect a very high demand for these. These tokens can also be traded in an asset exchange platform, used for rewards or purchases.

Mega Jackpots

Through Mega Jackpots, Peerplays can sponsor some of the largest tournament jackpots. This is done by taking advantage of the profit sharing feature on the network. A small portion of the network fee is allocated to the Mega Jackpot Fund, which is simply a virtual account secured through a smart contract. This contract will schedule and host all the mega Jackpot events and be awarding winners when the tournaments are complete.

How can Peerplays be categorized?

Peerplays is a P2P gambling marketplace that brings together gamblers, gamers and other affiliated parties, leveraging on the benefits of blockchain technology to provide the best services to all the parties involved.

What’s Peerplays’ vision on Security?

Peerplays uses Delegated Proof of Stake (DPoS) for governance purposes. The choice of DPsS is borne out of the fact that it is one of the most efficient, flexible, decentralized and fastest consensus models that is currently being used on blockchain platforms.

DPoS helps by administering the ability to vote in resolving matters that demand consensus in a democratic and fair manner. All the parameters that are important on the network are determined through the elected delegates.

Examples of Peerplays use cases/applications

BookiePro.fun

This is a betting exchange platform where gamblers are able to wager their bets on games from a variety of sporting events with tokens. BookiePro.fun eliminates the need for a house, which is one of the reasons why it is different from a normal sportsbook.

Instead of having a house, BookiePro.fun will match the bet placed with the orders that have been placed by other players who might have placed their bets, hoping the outcome is the opposite of yours.