Decentralized Sports Betting with transparency - betttingAda.com
Problem
Decentralized sports betting isn't a reality yet, many businesses accept crypto for payment, but none have public pots. The Odds are always opaque, you need to thrust the promoter.
Total to date
This is the total amount allocated to Decentralized Sports Betting with transparency - betttingAda.com.
About this idea
[GENERAL] Name and surname of main applicant
Crisóvão Morgado[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)
Individual[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)
3[GENERAL] Please indicate if your proposal has been auto-translated into English from another language
No[GENERAL] Summarize your solution to the problem (200-character limit including spaces)
With BetttingAda we can have public and verifiable sports bet. Odds are simply calculated with the amounts the users bet and distributed to winners. All Ada betted on a game is distributed to winners
[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?
Yes[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”
The results API that powers the Oracle is centralized. In the future we can shift it to a decentralized oracle.
[GENERAL] Will your project’s output/s be fully open source?
Yes[GENERAL] Please provide here more information on the open source status of your project outputs
If the project is funded all betting smart contracts (build in Plutus) will be open sourced (Apache 2.0, MIT License https://www.apache.org/licenses/LICENSE-2.0). And the Frontend will also be released on public GitHub. This will allow full transparency and creation of new kind of bets.
[SOLUTION] Please describe your proposed solution
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" 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!
[IMPACT] Please define the positive impact your project will have on the wider Cardano community
The first impact is the building of a new business that is transparent, breaks "the mold" of opacity from big installed corporations.
More value from ones bet.
The availability of the project in open source allows the community to help it grow, fix shortcoming's, teach how powerful cardano utxo and validators can be.
Looking at our roadmap a lot more is planned.
[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?
As anyone can see the project is already very advanced.
Already has the smart contracts very solid, but still need some edge cases tunning and audit.
[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?
The first milestone is to deliver the full experience on preview network.
Betting, Redeeming bets.
1 month
Audit and Open-Source Plutus contracts
1 Month
Add more features to the dApp.
- Better filters to find games
- Better own bets navigation from user.
- Add favorite teams, championships.
Open source dApp
2 month
[RESOURCES] Who is in the project team and what are their roles?
Cristóvão Morgado.
Seasoned developer
Developing full stack applications since late 90's .
Worked for Major Banks in Portugal, through partners.
Emurgo Certified Cardano Developer.
https://www.linkedin.com/in/cmmorgado/
https://www.credly.com/badges/040092f4-928e-4292-adc4-b111afd6af48/linked_in_profile
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources
- 10.000 ADA for Design a final logo
- 10.000 For Games/Venues, Result API (estimation)
- 50.000 For Developer fees
- 10.000 For blockfrost (estimation)
- 10.000 for hosting solutions.(estimation)
- 10.000 for marketing and branding
This is at today's ~0,5USD per ADA.
Some of these costs will be covering the next step that is going for mainnet.
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
The value created for Cardano Blockchain is:
- New business case that is both open source and transparent in a clouded business area that are sports bets
- Demonstration that Cardano technology can power ANY use case with the correct approach.
- Open source the contracts paves the way to more use cases build on Cardano ... all kind of Bets.
Team
