Platform Creates Blockchain System That Offers 'Valid Randomness' in iGaming

A start-up company claims it can reduce public distrust in iGaming services through a blockchain system that generates "Valid randomness" in games and makes them "Provably fair."

Luckchemy, which is registered in Gibraltar, says its initial product is a daily lottery which uses a delegated Ethereum blockhash and a server seed to ensure the final result cannot be altered.

Prize funds offered through Luckchemy and ticket purchases will be in Ethereum and a newly created cryptocurrency called LUK.According to the company's white paper, the unique selling point of its lottery game is how 99 percent of the revenue generated through tickets is paid out again in prize money.

At the end of April, Luckchemy launched a second game with scratch cards.

Then they can either use it to play on the platform or to exchange for ETH."Stable, entertaining and engaging products"According to Luckchemy, distrust in the algorithms used by iGaming software - along with the legal and technical difficulties that come when claiming winnings - deter consumers.

As part of Luckchemy's business model, indie developers would be given an opportunity to place their games on its platform.

Through a "White Label" scheme, the company says famous brands would also have the chance to use Luckchemy games under their brands - helping the start-up develop a "strong and wide network" worldwide.

In April, a three-day audit of Luckchemy's smart contracts was carried out by New Alchemy, which was focused on identifying security flaws and discovering any problems that could affect their trustworthiness.

In addition to the monthly token holders draw, Luckchemy says that users with LUK in their account will be granted special kinds of voting rights in "feedback polls" - enabling them to express a preference for which games should be added moving forward.

Luckchemy offers a 40 percent token discount for this stage.