Protoblock is a public blockchain driven by decentralized consensus on professional sports results. Protoblock offers a platform for monetizing professional sports knowledge by making projections and trading forwards contracts. Protoblock harnesses the value of knowledge by combining blockchain technology, professional sports, and futures trading.
To put it simply, blockchain technology solves the impossible problem of reaching distributed consensus named The Byzantine Generals Problem proposed by computer scientists in 1982. Geographically distributed generals are unable to reach consensus on the time of attack on an enemy city without a centralized authority (AKA oracle) in an event of a traitor among them. A successful case of blockchain is the ability to agree on ‘the time’ without an oracle to ‘announce’ the time. Instead, the generals would be able to communicate with each other through messengers and agree on the time, even if there was a traitor among them. Blockchain technology solves this problem probabilistically with a consensus algorithm, called Proof-of-Work.
In the case of Proof-of-Work, the network comes to a distributed consensus by using SHA-256. Once the needle in the haystack is found, anyone can independently verify its legitimacy by putting it through SHA-256. Protoblock replaces SHA-256 with professional sports. Users make projections on professional sports and the generation and distribution of token is based on the results of the game. Once the game ends, anyone can watch the game and independently verify the results without a centralized authority. The results of the game is comparable to SHA-256 output. Similar to SHA-256, the security of the blockchain relies on the fact that the output, or the result, cannot be predicted easily in professional sports. In Proof-of-Work system, more computing power means you have a better chance at finding the output. In Proof-of-Skill system, more professional sports knowledge means you have a better chance at accurately predicting the results. We consider this knowledge ‘skill,’ hence the name, Proof-of-Skill.
By using professional sports, Protoblock provides an energy-saving alternative to Proof-of-Work systems. In addition, the reliability of professional sports has been demonstrated. Not only has humanity been coming to consensus about the results of professional sports results since the Roman times, the phenomenon of professional sports has already been harnessed by the 70-Billion Fantasy Football industry since the 1960s. Billions of dollars have been distributed according to the rules of each league based on the results of the game without an centralized authority. Protoblock is modernizing the industry by utilizing blockchain technology.
Distributed network protects against vulnerabilities of having an oracle. Since there is no head to cut off, the network is resilient against attacks and traitors. Fantasy Football community already reflects a distributed network, as many leagues exist without a central authority.