Updated: Dec 21, 2019
Peerplays is the world’s first decentralized global betting platform, which is intended towards disrupting the global gaming industry with a new paradigm of transparency, fairness, speed, and security. Peerplays effectively removes the need for third-party betting operators, by using Delegated Proof of Stake (DPoS) and Graphene technology to provide the fastest and most decentralized blockchain consensus model available today. PPY tokens are the digital assets powering the Peerplays blockchain.
This post will discuss what Peerplays is all about, the reason it is designed for, the team behind it, how it works, and various uses and applications.
What Is Peerplays Designed For?
Peerplays is building a blockchain ecosystem of betting apps and products that are intended to offer online bettors a real alternative to unfair and secretive third-party betting operators. The blockchain is designed to be a game-changer for all bettors around the world.
It is aimed at bringing blockchain technology into the gaming and betting world for ensuring fair and 100% transparent platform, which offers fast, secure, and anonymous control. The platform is intended to be among the most trusted betting platform that is spread on a global level.
Who Is the Team Behind Peerplays?
The Peerplays blockchain software has been developed by a non-profit organization called the Peerplays Blockchain Standards Association (PBSA), which is based in Canada. It was established in 2016 to support the development of provably fair gaming on the Peerplays blockchain. Jonathan Baha’i, later supported by Fabian Schuh thought of the idea of PBSA in 2016.
Jonathan is the current President of PBSA and has raised significant amounts in Bitcoin funding for its inception. He has gained a reputation for being the foremost authority in the space of provable fair blockchain gaming.
They were supported by a team of complex developers and administrative personnel to later bring fruition to Peerplays. Blockchain Projects BV, Blocktrades, BitShares Blockchain Foundation, Square in the Air, Vegas Kings, and Omni Data are some of the strategic partners.
How Does Peerplays Work?
Peerplays can be described as a stakeholder-managed blockchain through its use of the Delegated Proof of Stake (DPoS) consensus mechanism. PPY token holders ensure continued security and growth of Peerplays blockchain by voting for Witnesses and Advisors using their tokens.
Every PPY token has a weighted vote that allows its holders to participate in the Peerplays community and have a say in its maintenance. One of the strong points of Peerplays network is that token holders can assign proxies to make voting choices on their behalf. These proxies are required to be another Peerplays account.
Peerplays rewards are allocated based on PPY tokens held by each account. Peerplays blockchain like most other online gaming applications collects a small fee in the form of a percentage of the money won or wagered, depending on the particular game/app. This is called rake or commission. The fee is accumulated in a virtual account where it accumulates. It is then distributed among the PPY account holders automatically at the end of each month.
The Peerplays core wallet makes it easy for PPY holders to vote for Witnesses by adding the name of the Witness to the voting tab. The information is then sent directly to the Peerplays blockchain where all votes are tallied every hour.
What are Current and Future Applications of Peerplays?
PPY tokens have two major use cases on the Peerplays blockchain – voting and participation rewards. Voting is done usually by Peerplays Core Wallet where Witnesses and Advisors are voted for by PPY token holders.
Participation rewards are another way PPY tokens are used. The concept refers to a simple allocation of rewards, which was previously unheard of in the blockchain space. Peerplays pioneered the implementation of participation rewards.
There have been numerous games and app development on Peerplays by PixelPlex. Some of these include:
HelmBet RPS is the desktop version of the popular game Rock-Paper-Scissors. It is an open-source application and has the same element of unpredictability and excitement as that of a live physical game. The game is successfully adapted for the digital era and allows players to participate in online tournaments and to place bets.
Sweeps is another game built on Peerplays. It involves an instant lottery ticket application. Users can buy-in on a lottery without having to go to the supermarket, local gas station, or any other location. You can buy lottery tickets and take part in the fun at the tip of your fingers.
Peerplays is looking at a bright future since it can host multiplayer casino card games on the primary blockchain, allow for sports betting, and options for participating in fantasy leagues. The team is also working towards establishing partnerships with major gaming and eSports services to integrate their platforms, giving their users the choice of wagering through Peerplays blockchain.