Ready to bet on your favorite sports team with digital currency? Wagerr introduces a fully decentralized sportsbook that anyone, anywhere can bet on. Wagerr is built on blockchain technology so it has what traditional sports betting can’t offer: privacy, safety, and security. Even better, you don’t have to ever worry about bookies coming to collect or threatening to break your kneecaps.
To make the betting process decentralized and controlled by no human, Wagerr is formed by a network of Oracle Masternodes that form smart contracts called Application Specific Smart Contracts (ASSC’s). Wagerr is attempting to capture a portion of the illegal sportsbetting market- a $400 billion dollar market, to be exact. But Wagerr is also offering a unique value proposition for investors, a chance to get a piece of the “House”. Investors can purchase the Oracle Masternodes which collect 50% of betting fees and part of the fixed periodic block award.
Players can place three different types of bets on Wagerr. Multiple players can be paired against one, players can bet head to head, or bets can be placed directly against the chain, taking the other side of the bet. A live chat feature will also be available so players can interact.
Yesterday, we sat down to chat with the CEO of Wagerr, David Mah, to find out more about the new sportsbook. Here is what he had to say:
So, David, because Wagerr is built upon blockchain technology, this ensures the real-time gaming results are always accurate, correct?
The oracle masternode network is responsible for updating and publishing game/match results. For results to be posted and bets be completed a supermajority of 75% of all oracles must report the same data. This ensures that the results never depend on a single point of failure, and bettors can be assured that their funds are safe and payouts will be fair.
Smart contracts are certainly all the rage today, so I think everyone would like to know more about the Application Specific Smart Contracts (ASSC) that make this new digital currency and betting sportsbook possible.
ASSC contracts are the backbone of the Wagerr system. What makes them different is the rigidity of them. Essentially, they are hardcoded into the chain, and people can activate these contracts via transaction types. What this means is that we can be certain of the parameters of the contract and the conditions that need to happen to satisfy it or to void it. The end result are safe contracts with all parameters being known. Which in turn means security for the users to execute them.
You warn that smart contracts with too many implementations can be disastrous. How so?
Going deeper into why smart contracts with open ended options can be dangerous, I will use the DAO hack as a prime example. When not all parameters are known and smart contracts can be created and have levels that are undefined, it can very well create opportunities for attackers or lost/unretrievable funds, or theft to occur, just like the DAO hack.
How soon can bettors get paid, and what payment methods will be offered?
Current Network spec has oracles reporting every hour. So if consensus is reached funds will be paid out within an hour of the completion of the match/event. As for payment methods, currently the network only supports WGR, however instant exchange options may be added in the future.
One of the selling points of Wagerr is that it is fully decentralized and “free of all regulatory bodies”. So, what country is Wagerr based in?
Wagerr Ltd. is located in Belize City, Belize. However, this company will not control the Wagerr network, We can’t stress this enough. The Wagerr network is fully open-source and there is no platform to be shutdown or to be blocked. Wagerr Ltd. is merely for the token launch and making sure the funds are allocated correctly for development. This ensures that users, investors and developers can be confident in delivery.
So, you suspect Wagerr will help reduce the number of broken kneecaps…that’s great news! But to help investors get an idea if Wagerr is right for them – amidst all the other blockchain investment opportunities right now – what are the main reasons they should get on board?
Three key reasons why we believe Wagerr is clearly above the rest of the competition:
Value Coupling: We have created a system where the more bets are made one of two things have to happen, either the price must rise, or deflation will occur. This can give investors confidence to know it will be stable and should grow in value for the long haul.
Trust: Often times, it can be difficult to trust your personal information and your money to a single entity or unknown person. That is exactly what users are doing when they use these centralized sites. Wagerr changes that completely and allows users to know that if they win they will be paid and they don’t have to store a single piece of personal information anywhere on the network. Not even an email.
Fun: We at Wagerr love sportsbetting and cryptocurrency. We believe that a powerful UI and fast and trustworthy chain with a deflationary economy built in is just about one of the coolest things we have ever had the pleasure to work on and design. And we believe that the rest of the world will agree.
When will the wallets be ready to download?
The demo wallets will be ready to download June 15th. The first public testnet will launch at the end of the Q3 this year.
What are the early supporter bonuses, and when do they end?
The early bonuses are structured pretty differently. Basically there are 10 rounds and each round before the last receives a 1% bonus if the next round up sells out. So in the case of a sellout, round one investors will receive a 9% bonus, round two will receive an 8% bonus, etc.
David Mah, CEO Wagerr:
“Wagerr celebrates the freedoms and new possibilities opened by the internet and especially those opened by bitcoin and the underlying blockchain technology.”
The Wagerr (WGR) ICO begins tomorrow and ends June 25.