SuperNET Comes To Save The Gambling Industry

As cryptocurrency grows, we see many crypto projects consolidating themselves in one particular industry. The one industry that makes the most sense, and is a perfect fit for blockchain technology, is the gambling industry. Gambling, as it stands, is a pet hate for governments around the world and for some economically unfree nations gambling is banned online. The reasons for the ban can range from preventing corruption in sport to saving people from using unregulated markets. Nevertheless, the choice to gamble is a human right and banning one’s choice to restrict gambling is a violation of freedom.

The crackdown is flowing to economically free countries too. For example, in 2017, Australia tightened online gambling laws by banning loop-holes allowing users to play poker, blackjack and roulette. Unfortunately, every country has specific laws regarding online gambling and the laws are always subject to change. It’s no surprising then to see a variety of cryptocurrency projects looking to take on the gambling industry.

As it stands, there are already some cryptocurrency projects tapping into the online gaming industry, but none have the technology quite like SuperNET. The SuperNET project is a horizontal organization that plans to build useful decentralized technology. Addition to other SuperNET projects, SuperNET aims to tap into the online gambling industry too. Well known coder behind the project, JL777, has already implemented the backend of the supposed decentralized gambling structure. This coding signifies years of work in the making, as the poker project, named Pangea Poker, was first announced years ago.

Since the announcement of Pangea Poker, the code has seen significant upgrades with the lead developer upgrading the code to the latest technology of the day. Now SuperNET is moving forward, and fast. JL777 has announced a new coin named CHIPSS which will act as the in-game currency for these online games. The creation of CHIPS is essential, for it allows the use of micropayments, a component much needed for online gambling. CHIPS is a Bitcoin 0.14 fork that will utilize the Lightning Network and Segwit.

“For Pangea Poker I needed a way to implement gaming chips. Lightning network (LN) seems a very attractive solution. However, because LN requires the latest BTC I had to fork Bitcoin 0.14 to get a testable environment.” – JL777

The mechanics behind Pangea Poker are very interestingly thought out. Players must buy CHIPS in order to play poker at the table. The player sends the CHIPS to the dealer. In order to make sure the dealer does not run away with the funds, the dealer will need to issue a performance bond beforehand with an arbiter. Before the game, the dealer must own CHIPS, at least as much as all the players in the game combined. At the end of each round, the dealer distributes the CHIPS accordingly. About the dealer’s performance bond and reputation, JL777 stated,

“In the event the dealer does not make the required payment, the arbiter would be contacted, and the validated amount would be distributed from the performance bond. There is some risk of a dealer using the same performance bond for many games and waiting until there is more than his performance bond in his hands. So, a reputation of the dealer will need to be a factor in how much people would feel safe in betting per game.”

With the mechanics in place, all that is needed is a slick front end to complement the backend. Currently, SuperNET already has the funds to pay GUI developers, but they have yet to find a GUI developer for this project. If you wish to apply for the job to help build the GUI, contact JL777 via http://slackinvite.supernet.org. For an in depth analysis on CHIPS, proceed to the CHIPS blog post or the CHIPS bitcointalk thread.