Let’s face it, betting is fun. In some parts of the world, supporters’ bet thousands of dollars as a way of expressing their devotion to their beloved sports teams and individuals, may it be the Barclay’s Premier League, the Wimbledon Finals or even the Superbowl. However, the cons of betting even in your local community can lead to an irreversible loss of money.
Sports lovers, if you have a hard time putting your faith in people, try putting it in a blockchain instead. The ultimate betting network is now available on all of your devices, allowing you to bet on your favorite teams, in your favorite leagues. This isn’t your usual setting where you blindly trust people who could very well get away with your money and personal information. Instead, Wagerr is a betting blockchain that is free from all kinds of regulatory bodies and includes a decentralized betting system between users.
On Wagerr, the user is of great importance, not only contributing to the blockchain but controlling it too. The network is a distributed one, where users from all over the globe place bets on the sports matches that they love, no matter where they are happening on the map. Wagerr is changing the betting system by removing the need for currency exchanges to place bets and providing a single digital currency of the same name (WGR). The currency is to be used for placing bets and for awarding winnings. Smart contracts are responsible for keeping track of stakes, bets, and winnings. Users can take a breath of fresh air, a departure from illegal underground betting that results in the eventual loss of funds and repercussions beyond repair.
Wagerr’s perks for users exceed those offered by its lackluster counterparts out there in the market:
- Users can avoid high transaction costs. Wagerr charges its users a minimal 2 to 6% as opposed to a minimum charge of 10%.
- Wagerr guarantees user privacy. In fact, no personal information is required or stored to use Wagerr. A user merely needs an internet connection to get going.
- Invulnerability to manipulation.
- Decentralized functionality of the system where one party’s dishonesty does not jeopardize the
fairness of the entire system’s performance.
- An open-source codebase for those wishing to contribute to the system’s future developments.
Let’s break it down. The network is a simple two-tier implementation with the first layer being simple Proof-of-Stake (PoS) digital wallets that users can use to place bets. The basic wallets earn rewards for block formation and contain a copy of the entire blockchain. The next layer consists of the Oracle Masternodes. These nodes:
- Forge betting contracts.
- Contain data regarding sports events and their concurrent results.
- Keep track of results that may trigger contractual payouts.
Head-to-Head Betting: Peer-to-Peer or head-to-head betting needs two users betting against each other on opposite ends. First, the players agree on the betting line. One player initiates the bet by posting it to the blockchain. Then, the other user completes the initiation of the bet by placing the required amount of coins. The blockchain then keeps a track of events or results which eventually trigger a payout to the winner. If the event never happens, the coins, minus fees, are returned to the original transactors. Essentially, Wagerr takes care of everything after you place your bets.
Multi-User Betting: Multiple users can bet too until a preset total value of the bet is met. The functionality remains similar to peer-to-peer betting except that the blockchain can perform the work of matching multiple bets until an equally weighted or minimum contract is achieved.
Direct Chain Betting: If you don’t wish to compete against angry stakeholders who intimidate the living lights out of you, you can participate in a bet on-chain. The user places a bet that Wagerr is bound to pay in case the user wins.
Wagerr’s economic business model centers around value coupling where the value of the Wagerr token (WGR) is systematically tied to the use of the sports betting blockchain. Through this model, Wagerr destroys 48% of the fee from every bet. With fees of 2-6%, the net result is nearly 1-3% of every bet permanently removed from the network. Think about winning just by holding coins in your wallets.
UFC229 and Wagerr’s Upcoming Developments
Recently, UFC229 brawl between Khabib Nurmagomedov and Connor McGregor proved to be beneficial for Wagerr, with users fiercely placing bets on the network. The company tweeted:
Congratulations to all of tonite’s winners for
#UFC229 with the best #odds in the world only at #Wagerr
From Wagerr’s exciting ICO in June 2017, the company earned a total of $10 million. Since then, the team behind Wagerr has been consistent in providing users with interactive new features every now and then. Their roadmap consists of a crystal clear schedule for the coming year with all new features like Fantasy Sports and Live Betting.
Here’s a link to Wagerr’s whitepaper.