Dragonchain to Showcase ‚Provably Fair‘ Blockchain System on Cable TV

Dragonchain to Showcase ‚Provably Fair‘ Blockchain System on Cable TV

Dragonchain will demonstrate its new blockchain-based contest system in a televised contest with a $50,000 prize.

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Blockchain firm Dragonchain has announced a new contest system, which they claim is „provably fair.“ 

Dragonchain founder and CEO Joe Roets told Cointelegraph on June 25 that the firm has developed a blockchain-based contest system that allows participants to verify its fairness. It can be used for lotteries, raffles, sweepstakes and contests of skill.

Rotes said that crypto exchange Beaxy has already adopted the system for its trading and promotional contests, and that Dragonchain was already in talks with various parties who wish to use the system in casinos, for sporting event giveaways, and charity raffles.

The firm plans to demonstrate the system in a contest with a $50,000 prize as part of the upcoming “Open Source Money” documentary series about Dragonchain, that airs on U.S cable TV channel Discovery Science on July 4.

Blockchain-based auditable contests

Roets explained that every participant in a contest submits an entry, and an on-chain mechanism selects the entries:

“For selection, the system uses future hashes of a predefined block height of Bitcoin and Ethereum. The combined hashes are used to select the winner based on an algorithm. It is not possible to know the hash of a block height of any one blockchain, thus making it nearly impossible to profitably game the system.”

Roets claims that the on-chain transparency of the process allows users to verify whether the contest was fair and that the results are accurate. He explained that anyone can view the blocks associated with the entries and the selection process.


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Dragonchain will demonstrate its new blockchain-based contest system in a televised contest with a $50,000 prize.

China: Locals Allegedly Laying Cable via Fish Ponds to Steal Oil Well Power for BTC Mining

China: Locals Allegedly Laying Cable via Fish Ponds to Steal Oil Well Power for BTC Mining

Police in China have reportedly gathered evidence of people laying cables via fish ponds to steal oil well power to fuel their bitcoin (BTC) mining

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Police in China have reportedly gathered evidence of people laying cables via fish ponds to steal oil well power to fuel their bitcoin (BTC) mining. The news was reported by daily Chinese tabloid The Global Times on June 13.

The Global Times is published under the auspices of state-backed newspaper group The People’s Daily.

The report outlines that the Green Grassland Police Station of the Qiqihar District Public Security Bureau were alerted to the alleged power theft after receiving a call from the head of oil production at Daqing Oil Field — the largest oil field in China, located in Heilongjiang province.

In order to investigate the allegation, police reportedly conducted an airborne investigation using drones across a two kilometer area, and ostensibly gathered sufficient evidence to construct a criminal case.

The Global Times does not provide details as to the suspected persons involved, nor into the scale of the alleged electricity theft.

In October 2018, a Chinese citizen was sentenced to three and a half years in jail for stealing power from a train station to fuel his bitcoin mining operations.

In Taiwan, in December of last year, a citizen was arrested after being accused of electricity theft to mine bitcoin and ether (ETH) worth over 100 million yuan ($14.5 million).

This February, a group of suspects were arrested in the German city of Klingenthal, Saxony, after being accused of stealing over $3 million worth of electricity to operate a cryptocurrency mining farm.


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Police in China have reportedly gathered evidence of people laying cables via fish ponds to steal oil well power to fuel their bitcoin (BTC) mining