Please describe your proposed solution
Vision
The project will solve the closed source and opaque business model from bet promotors.
- All betting contracts are open source.
- Contracts Audited by third party.
- Bet with Ada get Ada back.
- All Ada used in a bet is distributed to winners (minor minimum lovelaces due to rounding values)
- Values on each bet can be traced in Cardano Blockchain, Contract Addresses.
- Odds are not manipulated; they reflect gamers bets. Verifiable on chain.
- Security of being Cardano Smart Contract.
Currently we have a dozen countries and championships (soccer) in our system but as time and demand grows, we will add more.
How does it work:
A player chooses the result (Home, Away, Tie) for a game.
As he submits his bet, he will receive X bet ticket tokens with the game policy Id with the "name and result" corresponding to the chosen result, and the X Ada he bet is deposited on the games pot contract.
The Minting and Pot Contracts verify:
- bet ticket is correctly calculated with Ada that is sent.
- the game has not started yet.
- correct amount of ada is sent to the Game Bet Pot Contract Address.
The Odds for the game are recalculated for the dApp.
Gamers can check veracity using any cardano explorer using the policyId and Pot Address for each game.
Every day the platform gets the results of each game from a thrusted Public API.
The result of the game is then stored on the Game Pot Contract.
The UTXO contains the result and the Odd Multiplier for winning bets and is signed by an Oracle Address.
The gamer goes to his winning bets and send the ticket token to the Pot Smart Contract. This verifies that the Ticket Token is:
- the game as occurred
- the game as a UTXO signed by oracle with the result
- the Bet Tickets are from the correct game and winning result.
- with the result UTXO verifies the value to redeem
- aproves the transaction from Pot to Wallet that sent the Bet Tickets.
Each game has its own pot address where all bets are deposited. Each game as a unique policyId that identified.
Most of this can already been seen in https://preview.betttingada.com.
This dApp is under development so features might be different from day to day. We hope to have you feedback so we can incorporate it!
More advantages
Privacy and Anonymity: Transactions on Cardano, are public but the wallet address is private, our solution will never associate a wallet to personal information.
Compliance and Licenses
Due to legal reasons the Dapp will filter out countries where the Dapp is not licensed to operate. This will be provided via CloudFlare.
Compliance is one of our priorities and as the project success moves along, we will negotiate the proper licenses so that we reach the biggest amount of users.
We are in the process to update our Plutus contracts to Aiken and V3. We're looking for the improvements given by both and as the project is still in MVP, we have the flexibility to adapt quickly.
How will the project finance itself after catalyst?
The project has its own token Bead, this token offers advantages to holders.
1) You can enhance your bet by using it,
2) When buying bags of Bead, the buyer will receive Referral Tokens
3) Anytime someone buys Bead using your referral you'll get up to 50% of the ADA in that transaction. more info: https://preview.betttingada.com/ FAQ Section
Roadmap
https://preview.betttingada.com/ Roadmap section
Final words
if anyone as doubts of the feasibility of the team and project just try it out today before getting to any assumption.
We already have a working product!