While very big, the online betting and gambling industry is full of trust issues and accusations of fraudulent activity. This is where Peerplays comes in play, providing a blockchain solution for the trust issues in the sector.
The Peerplays ICO, based out of Canada, managed to raise about $4 500 000 dollars during the duration of both the presale and public sale.
Peerplays utilizes Graphene, the same kind of technology that is behind Steem, BitShares and many more. This consensus algorithm sports some of the fastest block production times and has the potential to reach over 100 000 transactions.
The smart contracts on the Peerplays platform are written in open-source code, making them easily verifiable. Each user signs an arbitration agreement with the blockchain, after which the funds wagered go through an escrow smart contract that releases them to the winner after the contract-specific conditions have been met.
The platform collects revenue from the various operations performed on it, like trading and creation of asset tokens and the operational fees for certain services. The platform’s biggest source of income, however, comes in the form of the rake, which is a flat percentage of each jackpot being deducted as a fee. Token holders will be rewarded with a share of the fees collected from the platform.
Peerplays will offer numerous services related to the betting and gambling industries, including a trustless asset exchange. The network will deploy tournament smart contracts that accept user-issued tokens for wagering and also provide server-side hosting services to its users.
There are no major problems with the Peerplays platform, aside from the fact that it faces some fierce competition from projects which are much more ahead in terms of development, like Edgless and Wagerr to name a few. Also, the marketing is rather poor and the team really needs to invest some funds into raising awareness, especially in a sector that is so competitive when it comes to attracting users.
The Peerplays platform is definitely under the radar. While the technology behind it is good on paper, the execution is rather lacking. The project definitely needs to be marketed better as it will get drowned by its competitors sooner or later. Aside from that, Peerplays remains an interesting project and we’ll definitely be waiting to hear more from it in the future.
