CryptoBets: Trust-Free Cryptocurrency Betting Smart Contracts?
Before blockchain technology, betting was run by bookies. Today, the public runs betting thanks to blockchain technology.
What Is CryptoBets
CryptoBets is a new way to bet that is powered by blockchain technology. CryptoBets allows users to make money betting on things such as sports, rocket launches, movies, crypto prices, stock markets, and politics among others. The community of betters is distributed on various platforms including Telegram, Reddit, and Discord among others. The betters help the platform make decisions on what to bet on next. The smart contract code used ensures that the betting is secure, safe, and transparent. The code processes bets and pays the winners. It is public and executes automatically.
How CryptoBets Cryptocurrency Betting Smart Contracts Works
Betters on the platform can engage in binary pari-mutuel bets that support Ethereum. In this betting platform, there are no bookies or fixed odds. When a better wins, the payout is equal to the proportion of losing based on the much the better contributed to the winning pot.
Each of the bet is a unique smart contract. Each of the contract code is 100% public and can be accessed by everyone on the network. The developers of the platform do not handle the processing and the payouts to the winners but the process is handled on the Ethereum blockchain. No one person runs the program. Just like Bitcoin, the network of miners runs the program. Each bet is a contract by itself. When the better bets, they make a transaction to the public contract. If you win, you can get back to the contract and ask for a payout. The network will make sure that you get your payout.
The developers of the platform have done a lot of research and have audited the code numerous times to ensure the code cannot be hacked. However, in case a hack happens, it is possible to cancel bets and release them back to the betters. It is also possible to re-inject more money into the contract and also recall or reschedule the relevant contract functions. To prevent hackers from interfering with oracles used, the platform only allows for the collection of the payout after 10 minutes from when the winner is determined. The 10 minutes window allows the platform to verify that the win is correct and if not correct, the platform will cancel the bet
To determine the bet winner each of the contracts uses an oracle with each bet having a different Oracle. To communicate with the Oracle, the developers use Oracle. It that is a popular Ethereum service in the developer space. Communication with the Oracle to determine the winner is scheduled at a certain time post the closing of the bet. If by then the winner is yet to be determined, another call is scheduled 24 hours later. If by then the winner is not yet available then the bet is cancelled and the money is made available for each better.
The platform brings both enthusiastic and casual betters together providing a sleek and fun platform so that you can have all the fun you want.