After watching several projects failed after trying to push blockchain technology too hard in fields where it brings little to none advantages for the community we decided to create an application on which the benefits could be tangible and easily understandable by the average user. After studying different business opportunities we found a major gaps in traditional betting platforms that we wanted to address. We believe, in-fact, that traditional bookmakers are offering an outdated and unfair service to the users. On a traditional platform bettors are limited to a passive role in which they accept or refuse a certain odd fixed by a third party company. On such systems the odds are the pure representation of what the bookmaker is willing to risk rather than the actual market's demand. To overcome these limitations, we decided to build Betnow.io, a more fair and transparent solution tailor-made for the community.
What it does
Betting on Betnow.io platform means to compare your prediction skills with the rest of the Betnow.io community. The reward will exclusively depend on how well the user can predict the outcome of an event compared to the others.
How we built it
We studied all the EOSIO documentation to understand what we could do and what not with this technology. We used React.js technology to build a responsive interface that is dynamically populated based on data taken from the EOS blockchain. We used UAL for user authentication. Contract was tested on Jungle Testnet3.0 Website was deployed also on IPFS
Challenges we ran into
One of the challenges we faced was on how to handle the mayor weak point of traditional mutual betting platform, more specifically how to reward early bettors that are subjected to an higher risk due to increased volatility of the odds. To solve this we created a linear decreasing coefficient that changes over time: the early bettors will see their stake in the pool increased thanks to it.
Accomplishments that we're proud of
- We developed one of the few dapp fully on-chain.
- We are not dependent on any server to run our service.
- We have developed a website that dynamically populates itself based on blockchain data.
What we learned
- We learn that blockchain technology can solve lot of problems.
- We learn how to design, develop and test a blockchain dapp.
What's next for betnow.io
Implements LiquidApps technology:
- LiquidAccounts for easy onboarding;
- LiquidOracles to push events results;