This Chief's Open-Source Overviews analyzes the major benefits and advantages of the open-source blockchain betting & gambling ecosystem and cryptocurrency, Peerplays (PPY) with the goal of helping provide value to the community about this open-source, decentralized betting & gambling portal.
PPY is a token and a betting & gambling ecosystem built with the goals of providing trustworthy, transparent, and fair betting and gambling.
Currently priced at $15.03, PPY is ranked #265 in terms of market capitalization of all cryptocurrencies and tokens.
This guide will explain five major reasons to pick PPY out of all cryptocurrencies & blockchains:
PPY uses the Delegated Proof of Stake (DPOS) model which is known for being democratic, efficient, & decentralized, and is used by successful chains such as Bitshares and STEEM.
DPOS uses voting by stakeholders to determine the different specifics such as witnesses, block intervals, and transaction sizes.
PPY harnesses this consensus to make sure its platform is built for long-term growth and stability by having three different types of stakeholders: PPY holders, witnesses, and adviser. Each have responsibilities and rewards that are tied to the PPY network.
Harnessing Delegated Proof of Stake is a large benefit because it ensures that a decentralization and transparency remains at the forefront of the PPY network.
This will make sure that the long-term implementation plan of PPY is successful as the users, businesses, organizations, developers, & stakeholders all maintain the trust and reputation of transparent and fair betting & gambling.
Scalability is a huge indicator of long-term success of a cryptocurrency and/or blockchain and largely depends on speed, the capacity to process volume of transactions, and being developer friendly.
PPY achieves all three of these measures.
Since they deploy the same Graphene blockchain technology as Bitshares & STEEM, Peeryplays has three second block speeds which is fast and especially important in the betting & gambling environment.
It also can handle up to 10,000 transactions per second which is absolutely extraordinary and leaves plenty of bandwidth & capabilities to handle demand from users.
Thirdly, every component of Peerplays is open-source.
Meaning that any developer, business, and/or organization can harness the code of PPY and build betting & gambling dApps.
Open-source code leads to a greater likelihood that developers will be interested in building with the PPY network as the barrier of entry is low and their is an exceptional foundation of code already provided.
PPY hits the marks for scalability, fast, large capacity, & open source, which is very rare in this cryptospace.
The PPY blockchain is bringing transparent & fairness to betting & gambling by harnessing the power of the blockchain and smart contracts in particular.
The betting and gambling data is provided by the witnesses and they run an active feed so that all the information is current.
Smart contracts on the PPY blockchain then use this information to grade and settle bets & other active activities performed by the user.
So users & developers know they are getting fair, reliable, transparent data when they are using the PPY network for their bets and gambling.
This is a huge benefit because the current way of collecting, creating, & analyzing betting and gambling data is flawed.
PPY is the solution by providing bettors and gamblers a peace of mind knowing that they are using transparent and fair information and data.
Besides voting rights, if you hold PPY tokens you receive portions of an innovative profit-sharing measure that the PPY token has implemented.
Usually any bet or game has a rake that goes to the "house" (a casino for example). When the rake is collected on the PPY network it goes to an escrow account where it accumulates until the payout date (every month at the moment).
Then once they payout date hits the accumulated rake is paid out to the holders of the PPY token.
If you hold more PPY tokens in your PPY wallet you are entitled to more of that rake than a wallet with less PPY tokens in them.
This type of profit-sharing is revolutionary and is not seen in the betting & gambling marketplace currently.
Receiving profit sharing monthly seems like an incredible benefit that PPY has in this cryptospace.
As a result of how PPY is built and all its benefits, Peerplays is positioned to be the go to blockchain for betting & gambling dApps (decentralized applications).
More and more dApps are being created and with the betting and gambling industry poised for a disruption, PPY is a a great destination for developers to build and host their betting & gambling applications and communities.
The first dApp on the PPY blockchain is Bookie.
Bookie is a betting exchange that is 100% transparent and built on the foundation of delivering a fair and reliable betting experience regardless of location.
According to their roadmap, Bookie's desktop app will live this first quarter of 2018 becoming the flagship dApp for the PPY blockchain.
With the decline of centralized apps and the rise of decentralized apps, PPY being a decentralized platform for betting and gambling applications and solutions is a clear differentiating attribute and a huge benefit to choosing PPY.
This concludes Chief's Open-Source Overviews of the the major benefits & advantages of PPY.
Hope this provides value to yourself and please feel free to use this as a resource to help answer questions and bring awareness to PPY.
Series
Here are links to the other posts part of this series, Chief's Open-Source Overviews
- ARK | Open-Source Overviews
- STEEM | Open-Source Overviews
- Utopian.io | Open-Source Overviews
- Steemit Part #1 | Open-Source Overviews
- Steemit Part #2 | Open-Source Overviews
Sources:
- https://coinmarketcap.com/currencies/peerplays-ppy/
- https://www.peerplays.com/
-https://www.peerplays.com/governance/- - http://bookie.exchange/
- https://www.peerplays.com/ppy-tokens/
Image Sources:
- Blog headers created by myself
- https://bitcoinmagazine.com/partners/peerplays-kills-house-how-blockchain-gambling-just-got-real/
- http://bookie.exchange/
Namaste
Posted on Utopian.io - Rewarding Open Source Contributors