A guide to how Provably Fair works.

[lottoken@lottoken.org]

All, great thread and discussion. We ran into the same problems and invented a patent-pending algorithm to solve it. Please visit us http://lottoken.org to learn more. Our white paper is at http://bit.ly/lottoken_wp.  We have even live contracts deployed for our platform. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

PS: Only issue with provably fair scheme is that it requires multiple phases of operation. It may work for games like blackjack which are in real time but it will not work for lotteries or raffles where people just buy a ticket and just wait for the draw. Requiring them to take part in something like a two phase commit may give you provable random but it just would turn off people.

At Lottoken.org that is why we purposely avoided this scheme. See our white paper. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

[adaseb]

All, great thread and discussion. We ran into the same problems and invented a patent-pending algorithm to solve it. Please visit us http://lottoken.org to learn more. Our white paper is at http://bit.ly/lottoken_wp.  We have even live contracts deployed for our platform. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

PS: Only issue with provably fair scheme is that it requires multiple phases of operation. It may work for games like blackjack which are in real time but it will not work for lotteries or raffles where people just buy a ticket and just wait for the draw. Requiring them to take part in something like a two phase commit may give you provable random but it just would turn off people.

At Lottoken.org that is why we purposely avoided this scheme. See our white paper. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

Lotteries in my option, especially bitcoin type of lotteries should just be based on the block hash when the lottery expires.

Lets say there is a lottery that expires in 24 hours, they should just use the block hash of the block that is solved after 24 hours and use it to determine the winning number.

With lotteries there isn't much interest because most people just play dice which has a lower edge in the gamblers favour.

[lottoken@lottoken.org]

Block hash is prone to compromise by miners who can know the winner ahead of time. They will know the block and hence the hash before the result is announced.  That's why we invented our technology that no miner  can ever compromise.  When ran correctly, lotteries can have very fair odds.

All, great thread and discussion. We ran into the same problems and invented a patent-pending algorithm to solve it. Please visit us http://lottoken.org to learn more. Our white paper is at http://bit.ly/lottoken_wp.  We have even live contracts deployed for our platform. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

PS: Only issue with provably fair scheme is that it requires multiple phases of operation. It may work for games like blackjack which are in real time but it will not work for lotteries or raffles where people just buy a ticket and just wait for the draw. Requiring them to take part in something like a two phase commit may give you provable random but it just would turn off people.

At Lottoken.org that is why we purposely avoided this scheme. See our white paper. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

Lotteries in my option, especially bitcoin type of lotteries should just be based on the block hash when the lottery expires.

Lets say there is a lottery that expires in 24 hours, they should just use the block hash of the block that is solved after 24 hours and use it to determine the winning number.

With lotteries there isn't much interest because most people just play dice which has a lower edge in the gamblers favour.

[adaseb]

Block hash is prone to compromise by miners who can know the winner ahead of time. They will know the block and hence the hash before the result is announced.  That's why we invented our technology that no miner  can ever compromise.  When ran correctly, lotteries can have very fair odds.

All, great thread and discussion. We ran into the same problems and invented a patent-pending algorithm to solve it. Please visit us http://lottoken.org to learn more. Our white paper is at http://bit.ly/lottoken_wp.  We have even live contracts deployed for our platform. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

PS: Only issue with provably fair scheme is that it requires multiple phases of operation. It may work for games like blackjack which are in real time but it will not work for lotteries or raffles where people just buy a ticket and just wait for the draw. Requiring them to take part in something like a two phase commit may give you provable random but it just would turn off people.

At Lottoken.org that is why we purposely avoided this scheme. See our white paper. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

Lotteries in my option, especially bitcoin type of lotteries should just be based on the block hash when the lottery expires.

Lets say there is a lottery that expires in 24 hours, they should just use the block hash of the block that is solved after 24 hours and use it to determine the winning number.

With lotteries there isn't much interest because most people just play dice which has a lower edge in the gamblers favour.

Yes I guess it is possible but this would only work for a specific block, what are the chances that the pool manages to find that block.

Also there is so much money involved in mining that I don't think they would get involved in this scenario to manipulate the end result.

You can also say that it will use the block hash but don't specificy which part of the block hash.

[lottoken@lottoken.org]

Block hash is prone to compromise by miners who can know the winner ahead of time. They will know the block and hence the hash before the result is announced.  That's why we invented our technology that no miner  can ever compromise.  When ran correctly, lotteries can have very fair odds.

All, great thread and discussion. We ran into the same problems and invented a patent-pending algorithm to solve it. Please visit us http://lottoken.org to learn more. Our white paper is at http://bit.ly/lottoken_wp.  We have even live contracts deployed for our platform. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

PS: Only issue with provably fair scheme is that it requires multiple phases of operation. It may work for games like blackjack which are in real time but it will not work for lotteries or raffles where people just buy a ticket and just wait for the draw. Requiring them to take part in something like a two phase commit may give you provable random but it just would turn off people.

At Lottoken.org that is why we purposely avoided this scheme. See our white paper. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

Lotteries in my option, especially bitcoin type of lotteries should just be based on the block hash when the lottery expires.

Lets say there is a lottery that expires in 24 hours, they should just use the block hash of the block that is solved after 24 hours and use it to determine the winning number.

With lotteries there isn't much interest because most people just play dice which has a lower edge in the gamblers favour.

Yes I guess it is possible but this would only work for a specific block, what are the chances that the pool manages to find that block.

Also there is so much money involved in mining that I don't think they would get involved in this scenario to manipulate the end result.

You can also say that it will use the block hash but don't specificy which part of the block hash.

We would not recommend block hash for scenarios where lottery payouts are huge. In scenarios like that its possible for miners to collude. Some companies are positing solutions such as random.org. Lottoken's position is that if miners can collude then external random number web services can collude or get compromised too if payout if high. That is Lottoken has patented a new unique approach to random number generation for such scenarios. We do not rely on any external web based random number generation services.

[adaseb]

Block hash is prone to compromise by miners who can know the winner ahead of time. They will know the block and hence the hash before the result is announced.  That's why we invented our technology that no miner  can ever compromise.  When ran correctly, lotteries can have very fair odds.

All, great thread and discussion. We ran into the same problems and invented a patent-pending algorithm to solve it. Please visit us http://lottoken.org to learn more. Our white paper is at http://bit.ly/lottoken_wp.  We have even live contracts deployed for our platform. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

PS: Only issue with provably fair scheme is that it requires multiple phases of operation. It may work for games like blackjack which are in real time but it will not work for lotteries or raffles where people just buy a ticket and just wait for the draw. Requiring them to take part in something like a two phase commit may give you provable random but it just would turn off people.

At Lottoken.org that is why we purposely avoided this scheme. See our white paper. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

Lotteries in my option, especially bitcoin type of lotteries should just be based on the block hash when the lottery expires.

Lets say there is a lottery that expires in 24 hours, they should just use the block hash of the block that is solved after 24 hours and use it to determine the winning number.

With lotteries there isn't much interest because most people just play dice which has a lower edge in the gamblers favour.

Yes I guess it is possible but this would only work for a specific block, what are the chances that the pool manages to find that block.

Also there is so much money involved in mining that I don't think they would get involved in this scenario to manipulate the end result.

You can also say that it will use the block hash but don't specificy which part of the block hash.

We would not recommend block hash for scenarios where lottery payouts are huge. In scenarios like that its possible for miners to collude. Some companies are positing solutions such as random.org. Lottoken's position is that if miners can collude then external random number web services can collude or get compromised too if payout if high. That is Lottoken has patented a new unique approach to random number generation for such scenarios. We do not rely on any external web based random number generation services.

I am reading your whitepaper and it actually seems interesting.

But it says that these are only offered on the Ethereum blockchain, is there anyway to get them to work on the Bitcoin blockchain or it won't be possible without smart contracts?

In the future when RSK is launched will it run on the bitcoin blockchain then?

[lottoken@lottoken.org]

Block hash is prone to compromise by miners who can know the winner ahead of time. They will know the block and hence the hash before the result is announced.  That's why we invented our technology that no miner  can ever compromise.  When ran correctly, lotteries can have very fair odds.

All, great thread and discussion. We ran into the same problems and invented a patent-pending algorithm to solve it. Please visit us http://lottoken.org to learn more. Our white paper is at http://bit.ly/lottoken_wp.  We have even live contracts deployed for our platform. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

PS: Only issue with provably fair scheme is that it requires multiple phases of operation. It may work for games like blackjack which are in real time but it will not work for lotteries or raffles where people just buy a ticket and just wait for the draw. Requiring them to take part in something like a two phase commit may give you provable random but it just would turn off people.

At Lottoken.org that is why we purposely avoided this scheme. See our white paper. We believe we are the first ones to solve this problem. We would love to hear your feedback. We would greatly appreciate it.

Lotteries in my option, especially bitcoin type of lotteries should just be based on the block hash when the lottery expires.

Lets say there is a lottery that expires in 24 hours, they should just use the block hash of the block that is solved after 24 hours and use it to determine the winning number.

With lotteries there isn't much interest because most people just play dice which has a lower edge in the gamblers favour.

Yes I guess it is possible but this would only work for a specific block, what are the chances that the pool manages to find that block.

Also there is so much money involved in mining that I don't think they would get involved in this scenario to manipulate the end result.

You can also say that it will use the block hash but don't specificy which part of the block hash.

We would not recommend block hash for scenarios where lottery payouts are huge. In scenarios like that its possible for miners to collude. Some companies are positing solutions such as random.org. Lottoken's position is that if miners can collude then external random number web services can collude or get compromised too if payout if high. That is Lottoken has patented a new unique approach to random number generation for such scenarios. We do not rely on any external web based random number generation services.

I am reading your whitepaper and it actually seems interesting.

But it says that these are only offered on the Ethereum blockchain, is there anyway to get them to work on the Bitcoin blockchain or it won't be possible without smart contracts?

In the future when RSK is launched will it run on the bitcoin blockchain then?

We are right now focussed on Ethereum blockchain for our platform. But our technology (covered by the pending patent) would apply to any blockchain including bitcoin which has a smart contract concept. Idea is to have entropy collection and subsequent random number generation be part of the smart contract code itself. The concept will apply to all turing complete blockchain.

[Aamir511]

wow very nice, this info is good for gambler's