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Bitcoin Press Release: Parlay, a new decentralized platform allows users to propose, vote and play prediction based games, all based on the blockchain.
May 10th 2018, LOCATION – Prediction gaming is a big industry worldwide. The industry is essentially a market where people trade on outcome of events, with the market’s main purpose being to aggregate beliefs over an unknown future outcome. Bringing prediction gaming to blockchain, Parlay gives users the option to run their own games, or take part in existing ones.
Normally, a prediction game is regulated by a “bookie”, who takes the money on bets and informs the users on the chances of the outcome, based on the bets themselves. The bookie takes a proportion of the money placed as a commission.
Decentralized Gaming Prediction
Taking the concept of prediction games to a trustless peer-2-peer system, Parlay is a blockchain based platform that connects users from all over the world to take part in games running on the system, or create their own ones. The decentralization model allows for a bookie-free system, where people can place their predictions directly on running games. Users with successful outcomes are paid in BTC/PAR pair and vice versa.
Micro Payments, Autoscaling, and Staking
The gaming prediction system model is based on several small value payments, which can become a problem as sudden surges can cause delays in the network. Parlay’s team has developed a workaround to this problem through autoscaling. This feature increases and reduces the numbers of servers on the platform according to the demand.
The platform also uses the Proof of Stake model rather than Proof of Work - as PoW would mean a significant increase of the computational power needed from users. This has another advantage - the PoW system is difficult to turn off or on compared to PoS. The platform has also designed its primary nodes in such a manner that makes it easy for users who have little experience in running them. This will allow any level of user to operate nodes, and means that the platform can have multiple servers running quickly and easily.
Prediction Through PAR
The platform runs its own token, the PAR for transactions within the system. The Parlay token uses a Scrypt algorithm that gives it an average 90 second block time and a 20 PAR reward per block, with the wallet already available on their website. To find out more about what Parlay will bring to the market, check out the links below.
Visit the Website – https://www.parlaychain.io/
Connect on GitHub – https://github.com/parlaychain
BitcoinTalk ANN - https://bitcointalk.org/index.php?topic=3652595
Contact the team on Discord - https://discord.gg/CK38myY
Name: Parlay Team
Contact Email: [email protected]