Block Sports drops Ethereum embracing Neo blockchain, as its ‘icing on the cake’ 21181
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Madhurima Roy
Aug 18, 2018 at 4:13 PM

Block Sports, a decentralized sports betting exchange, in a recent interview stated that it had adopted the Neo blockchain after dropping Ethereum. The company is of the opinion that implementing Neo blockchain has ensured them to offer the clients a secured cryptocurrency betting “where escrow and processing is handled on-chain, giving users true control of their funds”.

Why did Block Sports leave Ethereum to run on NEO blockchain?

In the interview, Tsering Redmond, the co-founder & CEO of Block Sports explained the switchover, stating that Ethereum stumbles whenever it has to work on high transaction volume platform, and that is an obvious reason behind the shift. He said: “Initially we were designing Block Sports for the Ethereum platform. But as we all know, Ethereum doesn’t play very well with high transaction volume platform, so we were quite anxious about performance and how that would affect the user experience.”

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“When we investigated Neo it was a no brainer for us. Apart from the enormous performance improvement offered by Neo, the development language capabilities were very attractive. Something we found after making the decision to switch to Neo was how incredible the community was. This was the icing on the cake.”

The decentralized exchange frowns at centralized ones

According to Redmond’s outlook centralized cryptocurrency exchanges create counter-party risk as users are needed to leave “the trustless nature of their currency by trusting their funds with platform operators”.

“…there are no shortage of examples where large sums of cryptocurrency have been stolen from centralised exchanges, so this is definitely a big problem.”

“This is the same story with sports betting,” he added. Although the market for cryptocurrency sports betting is impressive enough, it is end-to-end managed by centralized exchanges.

Block Sports has stepped down from the usual path of centralization and opted to be a decentralized sports betting platform, “where all critical processing such as matching, escrow and payouts is handled on-chain in a decentralized environment. This removes the counter-party risk involved in trusting platform operators to hold your funds in escrow”.

 

Image via Shutterstock

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