Elrond Network and BetProtocol have joined forces to create an automated audit record for their online gaming operators. By utilizing the Elrond blockchain, BetProtocol aims to achieve an on-chain decentralized backup of relevant betting and transaction history, which will decrease costs with high-availability backups and reduce the duration of business interruptions during audits and compliance checking.
“Online entertainment is one of the areas where blockchain technology can add considerable value today. This collaboration opens the door for Elrond’s performance to be used as an inexpensive backend for conducting & recording betting transactions. BetProtocol has a business model which makes sense and we’re happy to help make it even more efficient.” said Beniamin Mincu, Elrond CEO.
BetProtocol offers Software-as-a-Service whitelabel solutions for online entertainment platforms such as casino games, Esports betting and soon also prediction markets. The platform also enables cryptocurrency integration into fiat-only solutions.
Such activities are under strict regulations and audits happen often, which cause business interruption and require additional effort by platform operators. By creating an automated on-chain record using the Elrond blockchain, these operators can reduce inefficiencies resulting from audits while staying compliant in real time.
Backing up relevant gaming data on the blockchain is prohibitively expensive and not practical with current blockchain solutions. Committing anonymized & encrypted gaming data to the Elrond blockchain will be done in real time and at negligible cost, with high availability and fidelity. This creates added value for BetProtocol operators, shielding them from the risks of unreliable data storage vendors, censorship, and other centralization risks.
“There are a number of blockchain protocols already present in our technology stack. Adding Elrond into the mix allows us to keep a reliable and inexpensive real time record of the operations in scope for auditing. We’re looking forward to getting this to work live and in the meantime further explore the Elrond tech.” said Rui Teixeira, Co-Founder & CEO of BetProtocol
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
BetProtocol enables anyone in the world to create gaming platforms, with no coding required. Thanks to BetProtocol’s blockchain technology, these platforms are secure, scalable and regulatory compliant. Its vision is to enable anyone in the world to dream of being a gaming platform owner one morning, and actually be one that same day.