Decentralized Sports Betting with transparency - betttingAda.com

[GENERAL] Name and surname of main applicant

Cristóvão 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)

6

[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

The goal for this request of fund is to open source the validators and off-chain code for interacting with the validators

[METADATA] Horizons

Gaming (GameFi)

[SOLUTION] 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!

[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.

Sports bets move a massive amount base of users, this would help to onboard into Cardano ecosystem millions of new users.

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.

The founder as more than 20 years of experience as a full stack developer and product owner for big corporations

Although only one person can pose a risk is also poses an opportunity. Changes are quicker, and with the growth of the project onboarding more developers with the Open Source model is attainable.

[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.

Although most of this can already be seen on our site.

Open development in a public github repo

2 months

-- 15k ADA

With community feedback incorporate new features, fix any problems

1 months

-- 15K Ada

Fix any problems and ensure stability and audit of on and off chain code.

1 cmonths

-- 15K ADA

Open Audit

1 month

-- 15k ADA

Move from preview to preprod and after validation to Mainnet

-- 15k ADA

[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://github.com/cmorgado

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

• 5.000 For Games/Venues, Result API (estimation)
• 50.000 For Developer fees
• 10.000 For Blockfrost (estimation)
• 5.000 for hosting solutions (estimation)
• 5.000 for marketing and branding

This is at today's ~0,35 USD 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:

1. New business case that is both open source and transparent in a clouded business area that are sports bets
2. Demonstration that Cardano technology can power ANY use case with the correct approach.
3. Open source the contracts paves the way to more use cases build on Cardano ... all kind of Bets.
4. Cost is minor compared to most development cost of projects
5. Possibility of onboarding millions of users that love betting in sports.