EOS/USD becomes the first bookmaker to introduce Ethereum-based blockchain smart contracts

· 15 Dec 2017 in Crypto News, Home

A progressive blockchain powered security system has been announced by the newly appeared Maltese iGaming operator Stakers Limited. From now on, each transaction will be verified with the aid of smart contracts, signed by two or more parties with the computed hash.

Inspired by American Express, who have launched their blockchain-based business outpayments, Stakers introduces its own “secure by design” transaction processing system along with the disclosure protection. Smart contracts are deemed to be executed with the score coming in without any deception since each player bet is being processed immediately after it has been deposited. Consequently, the players are ensured with their odds and payments, whereas Stakers is again aiming to prove its integrity and credibility.

However, there is still the question of adjustment and legalizing cryptocurrency gambling by Malta Gaming Authority and it might take a little time to undertake these improvements, yet has already taken a meaningful step forward on this front. Until that is achieved, the players can still take advantage of the new security technology: whereas all the bets are taken and paid off with the cash, Ethereum smart contracts ensure odds and transactions that are encrypted and processed by networking system. Hence, it guarantees that all past events history along with the placed bets and pending odds remain accessible for both parties without deceleration.

Michael Schmidt, company’s business development manager claims: “I am sure that introduction of smart contracts running on enormously powerful shared global infrastructure will serve as a confidence boost for the growing number of our players. We’ve been always promoting the principles of fair play, and blockchain technology makes yet another way to prove it”.

For a long time, the reputation of the whole industry was being undermined by offshore semi-legal gambling operators due to the absence of effective international regulating measures, that are reliable for bookmakers and their clients.  As a result, even though the globally famous sports betting offices are often being subjected to accusations as well as the newly emerged bookmakers get difficulties with gaining trust of the players. Nevertheless, Stakers is ready to meet this challenge. / cope with this responsibility.

“We abide to the gold standards, set by our predecessors, yet there is no use denying that today’s betting services require a totally new approach. Stakers has already been in the limelight with its innovations for some time and we are going to keep to this path”, noticed Michael Schmidt.

According to analytical research, blockchain will serve as tomorrow’s electronic commerce basis. Published IBM forecasts indicate that approximately 70% of banking facilities will be implemented on the blockchain basis toward the end of 2020. The basic blockchain principles make it convenient for any type of business management and the banking sector will be not the only one to take an advantage of its benefits. With all its ability to process transactions almost in real time along with the blockchain’s data transparency, smart contracts are able to prove how fast they can reach their full potential.

Stakers Sportwetten is licensed in Malta and regulated by the Maltese Gaming Authority. License number MGA/CL2/1306/2017

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