Please describe your proposed solution
The betting protocol outlined in this proposal is composed of a decentralized parimutuel betting system and a federated bettor approval system which work together to allow users to place bets in a way which passes legal requirements and discourages negative behaviors without relying on a single centralized actor to verify those requirements.
The parimutuel betting system allows authorized bettors to place wagers against each other on the results of a contest as reported by a set of predetermined bookkeepers. The winning bettors receive shares of the total pot based on their contribution, minus a fee paid to the bookkeepers.
The federated bettor approval system is a series of smart contracts that handle contract execution permissions. This system will be one of the first implementations of the recently proposed X509 RBAC standard, and kept general & compartmentalized so it can easily be repurposed for use in other contracts.
We’ll be able to immediately showcase this inside a working Cardano game, Ascent: Rivals using Ascent’s in-game currency.
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