Matic Network and BetProtocol Partner to Power Scalable Betting DApps
BetProtocol is excited to announce that we will be using Matic Network as our scalability solution to make scalable betting applications possible. Matic will empower betting DApp operators on BetProtocol to launch secure and trustless betting platforms.
For readers who are new to BetProtocol — we enable entrepreneurs and developers to create and deploy betting platforms in minutes. These platforms are secure, scalable and regulated while requiring no coding knowledge to deploy. Our vision is to enable anyone in the world who dreams of being a betting platform owner one morning to actually be one that same day.
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Why does BetProtocol Require Scaling?
While our vision is to allow operators to launch betting applications in minutes, there are still significant technical challenges to reach this goal. These include the placement and settling of bets in a fast and cost effective manner, and other usability issues.
To have fast betting apps, BetProtocol has on-chain assets with off-chain settlement. State updates, betting functions, getBalance, signatures, nonces…all of these things were being handled off-chain. Why? Because these are slow and very expensive functions to run on-chain (Imagine waiting for a block confirmation on Ethereum just to place your bet, and then another block confirmation before you know the result of the game, and also paying gas for every step).
How does Matic Network help?
With Matic, BetProtocol can port more of its essential functions to Matic’s Plasma-fied Proof-of-Stake sidechains with faster block times, and super-low cost transactions. For end users, their gaming experience is smooth and responsive, and flows naturally with the UI and graphical effects of casino games. With 1-second block times on the sidechains, DApps can mirror the real-life experience of betting interactions.
Matic sidechains are Plasma-fied sidechains, which have the following properties :
- Off-chain execution of transactions to ensure higher throughput and low cost transfers
- Periodic State commitments to the Ethereum mainchain to ensure finality on the mainchain and ensuring assets can be withdrawn even if the sidechain gets compromised
- Exits to transfer the assets back to the Ethereum mainchain
- Priority queue to manage the exits in a fair manner
“Gaming is going to be one of the first widely adopted use cases for Blockchains. Within gaming, we are already seeing that Betting is emerging as one of the biggest niches. Needless to say BetProtocol has HUGE potential to become a backbone of the betting/gambling industry. ” — Anurag Arjun — CPO, Matic Network
Detailed below is the BetProtocol and Matic Network Integration Roadmap:
April — June 2019:
- BetProtocol develops its own state channel technology which allows for off-chain settlement of on-chain value assets. Transaction batching, state updates, and other functions are done off-chain to optimize gas usage and increase speed, but these strategies can only go so far. Since the goal is to provide a nearly transaction cost-free and fast gaming experience for the end user, the developer team is not satisfied with the current iteration.
- R&D begins on opening state channels on Matic’s sidechain, and comparing performance, gas costs, and usability versus opening state channels on the main Ethereum chain. The results? It’s 14x faster and saves us a ton on gas costs, from $0.05 per transaction in ETH to nearly free.
July — August 2019
- R&D regarding integration of Macro-Architecture
- BetProtocol creates a Dice prototype running on Matic testnet on top of Ropsten Ethereum Testnet
- BetProtocol launches its first live Casino dApp for one of its first clients. Research and development ensue to see how to port the DApp fully onto Matic for added decentralization and security.
September — November 2019
- BETA with Matic TestNet and State Channels Updates
- Further testing with additional games such as Roulette and Coinflip
- First decentralized Casino DApp by BetProtocol on Matic released
The promise of Ethereum and other blockchains is to achieve decentralization and give control back to the users. BetProtocol’s vision is to allow its operators’ gaming DApps to eventually be fully on-chain and distributed to mainchain, Layer 2 and Layer N scaling solutions. BetProtocol’s systems will be increasingly ported onto Matic’s Layer 2 sidechains to offer faster and better services to users, while being decentralized and secure at the same time.
BetProtocol & Matic together envision a network of betting DApps deployed through BetProtocol’s “Shopify” like solution and running on Matic’s Plasma-fied sidechains. Thus we can offer a great user experience and requisite features to all the stakeholders in the ecosystem ranging from users, operators, and regulators to build a healthy and prosperous betting ecosystem on blockchains.
Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators.
You can read more about Matic here: https://medium.com/matic-network/what-is-matic-network-466a2c493ae1