EarnBet Announces Integration with Chainlink to Further Decentralize its Platform
We are pleased to announce that we are working on a multi-oracle integration of Chainlink, the market-leading decentralized oracle network. As the leader in decentralized gaming, EarnBet will begin using Chainlink to access off-chain data resources, particularly for sports data and prediction market data feeds, as well as exploring the usage of Chainlink’s Verifiable Random Function (VRF) as a means of generating an on-chain source of provably fair and unbiased randomness.
After looking into numerous other oracle solutions, Chainlink was the only one providing strong guarantees across numerous metrics we deemed important to the development of EarnBet. This included:
- A secure oracle network architecture for delivering and validating off-chain data
- Access to any data API to quickly launch new products
- Proven experience securing high value contracts that are live in production
- A strong development team building novel solutions that can expand the value of our platform
As such, we believe Chainlink will become the standard oracle solution powering EarnBet and helping it scale to support more gaming use cases and a wider market adoption.
Expanding EarnBet’s Collection of Games via Chainlink
EarnBet is the world’s first fully decentralized casino, offering games like blackjack, baccarat, dice, and crash. It was founded as EOSBet.io in 2018, and initially ran on the Ethereum blockchain. We deployed our smart contracts on the EOS mainnet following its launch, and soon were processing more transactions than every dapp on Ethereum combined. EarnBet was the first dapp to receive an iGaming license and we take pride in all of our games being run using provably fair smart contracts on the WAX blockchain.
As we continue to expand the number of features on EarnBet, one of the challenges is building wagering applications that require outside data like sports data and prediction markets. The reason being is that blockchains live in a “black box,” where they only interact with data generated within the blockchain itself in a decentralized manner. This prevents dApps from being able to know what’s happening in the outside world and using that data to augment on-chain functions. For example, creating eSports games that execute based on sporting events results.
In order to bridge communication between EarnBet and off-chain data sources, an additional piece of infrastructure is needed called an oracle. However, the only way to utilize an oracle while keeping our platform fully decentralized is to ensure the oracle is also decentralized.
Chainlink is a decentralized oracle network that allows smart contracts to retrieve off-chain data, validate it, and broadcast it on-chain in a decentralized manner. EarnBet can use Chainlink to aggregate data from multiple oracle nodes and multiple data sources to ensure data is delivered to our gaming dApps without any single point of failure or any single source of truth. This greatly expands our ability to launch new games, while retaining the trustless guarantees our users have come to rely on.
Upon completion of Chainlink’s integration on WAX, we will be able to use Chainlink to push data into our smart contracts from any API on the internet. This could be sports data from different odds providers or the final results from sporting events. We can package these events together and offer them on the site in a number of fun and exciting ways. These include both standard Vegas-odds style bookmaking and prediction markets, which allow participants to discover the “true odds” of an event via market-based mechanisms. With Chainlink, this is possible in a completely secure and decentralized manner, arbitrated by an immutable blockchain.
In addition to accessing web APIs, we plan to use Chainlink to tackle one of the hardest problems facing a blockchain: generating random numbers in a provably fair, decentralized, and secure fashion. Chainlink Verifiable Random Function (VRF) is able to generate provably fair random numbers on-chain while avoiding the miner collusion attacks that have plagued other on-chain RNG solutions like BlockHash. Our development team is researching the Chainlink VRF and its implications for our platform, with the intent of implementing it once it becomes available on the WAX blockchain.
The EarnBet team is thrilled to begin using Chainlink for off-chain data feeds and potentially on-chain randomness, further pushing the boundaries of decentralized entertainment applications.
“Integrating Chainlink for off-chain data will serve as a catalyst for launching a wide variety of new gaming applications on EarnBet,” stated EarnBet COO Mark Lee. “By having access to a secure and reliable oracle mechanism that can access any off-chain data feed, we can quickly and securely expand the number of offerings on EarnBet, including games for sports, esports, prediction markets, and much more.”
To celebrate this collaboration, EarnBet will be giving out 650 $LINK to users! Beginning August 18th, the platform will run a 1-week leaderboard, distributing 300 LINK to the top 50 bettors.
Additionally, EarnBet will give away 10 $LINK to 35 new $LINK bettors! Simply follow the three steps on this tweet and be eligible to win:
If you’re a developer and want to connect your smart contract to off-chain data and systems, visit the developer documentation and join the technical discussion on Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give smart contracts on any blockchain access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.
EarnBet is a decentralized provably fair gaming platform operating on the WAX blockchain. The platform offers custom smart contract-based games, and betting with ten of the most popular coins, including LINK.
BET token holders can stake their tokens in order to receive profit sharing dividends from the platform, as well as other perks like improved betting odds. To date, EarnBet has distributed over $4,000,000 in dividends. EarnBet has been licensed and operating since 2018.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to EarnBet, view official announcement.