LetBet: Gambling on the Next Generation Blockchain

If you are sitting on the sidelines of the blockchain gambling revolution, you may soon part ways with your bookie. As the online gambling market heads towards $60 billion in revenues by 2020, the competition is getting intense among blockchain gambling operators to create the most innovative gambling experience.

For the dozens of new blockchain gambling operators, differentiation increasingly comes down to technological capabilities. Game innovation, speed and fairness are important advantages. Decentralized gambling exchange LetBet says all three of these features are limitations of the ethereum blockchain. To circumvent these shortcomings, LetBet has developed its own blockchain, called the “Libertas Chain” which is a zero chain. It is a clever fork of the Ethereum blockchain that does away with the limitations and creates a platform that can be used not only for gambling but many other activities as well.

The Token Casino Economy

Gambling games, sports betting and lotteries are being reimagined on the ethereum blockchain. Some analysts have raised the spectre of gamblers becoming captive to one gambling ecosystem. Like any noble product marketer, gaining a captive audience is the goal of all gambling sites. But as any good economist knows, a closed economy is bad for innovation and more costly for members.

Several limitations of ethereum blockchain platforms could result in players becoming captive to a less efficient token economy. The ethereum gambling systems have slower transaction processing times, use pseudo-random number generators and may not integrate with the data and analytics from the legacy gambling world.

The Next Generation Blockchain

LetBet’s zero chain platform seeks to provide easier integration with the wider gambling world. The developer team at LetBet analyzed the Ethereum blockchain and found that while it was excellent for many blockchain-powered platforms, it was not as good for online gambling where speed and the ability to generate random numbers was paramount. To circumvent these problems, the LetBet team modified the Ethereum blockchain to create a fork called the “Libertas Chain.” This new blockchain is also a zero chain, meaning that it does not charge any transaction fees and is free to use for life. It is fast, extremely secure and can create a provably fair gaming system that is at the heart of LetBet’s gambling experience.

Fast processing speed — In a society that looks at instant gratification, a respectable but slower blockchain transaction speed could turn off quite a few gamblers. Bettors like to play fast. If they lose at the slot machine, they cannot wait to go the next round and try and improve their luck. A spin of the slot machine could take up to 20 seconds on the ethereum blockchain, while some platforms state their average transaction time is a second. The LetBet proprietary blockchain provides the same speed advantage as conventional betting infrastructure.

Real Random Number Generator — The ethereum blockchain uses pseudo random number generators. The LetBet platform supports a random number generator, ensuring a random and provably fair game.

Integration — Integration across gaming models, third party blockchain products and betting data and analytics could provide a new level of game mechanics and dynamics. LetBet’s open source system encourages game developers to integrate their models with other gambling games and non-gambling products, which will also be hosted on the system. When it comes to data and analytics, LetBet provides a real edge to gamblers. It has developed an Integration Model that provides gamblers with an expanded breadth and depth of data. For example, betting ratios from the leading sports bookies can be viewed in an aggregated manner.

If LetBet succeeds, it’s gaming options, flexibility, and revenue sharing and reward system will keep gamblers happy and within its ecosystem.

LBT ICO

The LBT token, exclusively available during the ICO phase, provides access to the LetBet ecosystem. The LBT coin is selling at a discount during the presale, which began on January 20th. The LBT coin sale begins on March 6th.