Peerplays, an online gaming and wagering platform which uses open-source Blockchain technology, introduced its DAO proposal in May. After receiving feedback from DAO supporters, the platform has also decided to build a sidechain from Peerplays to Ethereum.
An updated proposal was published a few days ago, offering 20% of the Peerplays earnings to The DAO in exchange for an increased valuation to cover costs associated with developing this sidechain at an accelerated pace. Peerplays might become the first startup to get support from $150 million DAO fund. The proposed price is $1.2 million in ETH. The Peerplays 2-tier pre-sale has officially sold out. However, the DAO is still evaluating whether or not to invest in this concept.
“We are currently finalizing the DAO proposal for a vote, and the date will be made available shortly,” say the Peerplays team. “If The DAO approves our proposal we will be building a sidechain from Peerplays to Ethereum which will offer incredible benefits to both ecosystems. For now, we are working towards completion of the project as outlined in the Peerplays milestones document.”
CoinTelegraph talked to Neil Haran, Peerplays Chief Gaming Officer, and Michael P. Maloney, Peerplays communications manager, about the revision of The DAO proposal and the creation of Peerplays to Ethereum sidechain.
The project by BunkerChain Labs, an ex-military nuclear bunker and data center operation, codenamed “Peerplays,” employs a high-speed program called Graphene, automatically connecting players from around the world, enabling online gaming and betting which is resistant to cheating.
Neil Haran, Peerplays Chief Gaming Officer, says to CoinTelegraph:
“Peerplays will turn the world of social gaming completely on its head. Right now the idea that you could make a continual stream of money from a game you’re playing is almost completely unheard of.”
It is hoped that with this new technology, players will come to expect the same level of decentralization and profit sharing from every other game. “It is going to be a viral phenomenon and we plan to set the bar very high,” Haran adds.
Peerplays aims to capture at least 0.05% of the global demand for online casino card games by 2020.
However, despite receiving positive feedback, it quickly became evident that the company would need to move forward on its sidechain technology plans first in order to transfer the value between Peerplays and Ethereum in a manner which was completely trust-free.
Sidechains, which are a decentralized bridge for transferring cryptocurrency tokens from one Blockchain to another, has been talked about for years in the cryptoworld. Their use has often been limited due to the complex nature surrounding them. Now, with the arrival of a new generation of advanced Blockchains an operative implementation of sidechains is within reach.
Michael P. Maloney, Peerplays communications manager, says to CoinTelegraph that sidechains will allow the users of all cryptocurrencies to interact with one another without the need for third-party middlemen.
“This is quite significant because one day it will mean that massive networks of interwoven communities will be able to exchange value with one another in a Blockchain-based global free-trade zone.”
Peer-to-peer network and decentralized trading
Moving forward, Peerplays is working on a new breed of high speed sidechains which take advantage of the high-speed Blockchain technology called Graphene.
Once the Ethereum sidechain is complete, users will have the opportunity to design games on Ethereum which plug into Peerplays, taking advantage of the entire peer-to-peer network of gamers.
Maloney explains to CoinTelegraph:
“Peerplays has a decentralized exchange which gives users the ability to place, buy and sell orders right on the Blockchain, so entering or exiting the Peerplays ecosystem via the Ethereum sidechain will mean that players can swap their ETH for whatever is their currency of choice. Going forward users will likely begin to gravitate towards decentralized trading solutions in places like Peerplays which have a much lower risk profile than their centralized counterparts.”