On-chain betting involves placing wagers and settling outcomes directly on a blockchain using smart contracts. This method leverages the transparency and immutability of blockchain technology to ensure fair play and verifiable results, eliminating the need for traditional intermediaries. Smart contracts automatically execute payouts based on predetermined conditions and external data feeds, known as oracles. It offers enhanced trust, censorship resistance, and often lower fees compared to conventional betting platforms.
Context
On-chain betting platforms are a growing segment of the decentralized application (dApp) ecosystem, often covered in crypto news for their innovative approach to gambling and prediction markets. The regulatory landscape for such activities remains complex and varies by jurisdiction, presenting both opportunities and challenges for development. Ensuring reliable and decentralized oracle solutions for accurate event outcomes is a critical technical consideration.
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