ALLIN Social Betting Platform

Create a decentralized social betting platform connecting people via social media & letting them set their own odds, eliminating the house.

10 pros: software devops marketing legal

Global: US CA UK DE IN

Experience: startups games fintech blockchain SPOs CIPs Plutus Pioneers

HOW IT WORKS

Alice opens up the ALLIN app to catch up on NBA action. The app shows upcoming events, a feed of her social media and news about her favorite teams. She sees Lakers fans trash talking the Warriors on Twitter. Since Alice is a Warriors fan, she posts "Put your money where your mouth is!" She searches events for the next Warriors vs Lakers game, selects the event and fills in a bet offer with the amount of money she is willing to bet and the odds she is offering.
For example, Alice could offer to bet up to $100 USD value of ALLIN tokens at even odds. She chooses to post this offer to Twitter and confirms the offer by entering her wallet spending password.
The ALLIN platform creates a Plutus smart contract on the Cardano network representing this bet offer and posts the offer to the selected social media platforms, Twitter in this case.
Bob, who is a Lakers fan, sees the offer on Twitter and clicks on it. This opens up a bet slip in the ALLIN app where Bob can choose how much he wants to bet. Bob chooses to bet $20 value of ALLIN tokens and confirms his bet by entering his wallet spending password.
Alice is notified that her offer has been partially filled by Bob. At this point Carlos could also accept Alice's offer for up to $80 value of ALLIN tokens at any time up until the expiration time of the offer, which would usually be the start of the game. At offer expiration, the remaining $80 value of ALLIN tokens is returned to Alice.
When the event is over, the smart contract receives the result from the defined oracle. Initially this will be provided by InsideLine (ALLIN dApp creator) but in future versions the result will come from blockchain based oracles.
In our example, let's say that the Lakers won the game and the validated result is received by the smart contract. The smart contract will then pay Bob $40 value of ALLIN tokens. His $20 plus $20 from Alice since it was an even odds bet.
Alice and Bob will then have their respective reputation scores updated with the results of the bet.

DEVELOPMENT OVERVIEW

We are using agile development practices and development is underway.
Our goals for this funding round are:
1 Completion of the backend models and APIs for the basic bet placing functionality.
2 Development of the frontend web application showing all basic functionality of bet offering and accepting.
3 Integration with at least one social media platform.
4 Integration with at least one sports statistics and sports news provider.
5 Initial UI / UX designs for MVP functionality.
6 Prototype for Plutus bet smart contract.
We will deliver web and mobile applications for Windows / Linux / Mac / Android / iOS with the same functionality, using React and React Native. The React web application is the target platform for this funding round.
We are aiming for a Fall 2021 launch for our initial release.
Our vision for this platform is broad and includes other types of betting, reputation, community generated subscription content, profit sharing, voting rights, online games and NFTs but we are maintaining a sharp focus on our initial MVP to prove the technology and gain traction.

USE OF FUNDS

$30,000 for development costs.
$25,000 for general, corporate, legal, infrastructure, and third party vendor costs.

SUCCESS

3 months - Working webapp with major features of MVP.
6 months - Launch of webapp.
9 months - Launch of mobile apps.
12 months - Monthly growth in users and bet volume. Development in progress on features for next release.