In my previous post, I posed the question, “Is it time we had a betting application built on the Steem Blockchain?”
This was a way for me to invoke a discussion on an idea I have had for quite a while. A project like this is likely to bring in hundreds of thousands of dollars if not millions into the Steem Blockchain and possibly an equivalent number of wallets as well.
Such a project would have immense benefits over the conventional Bitcoin betting websites. I enumerated the advantages in 'Could We Finally Have the First Betting Application on the Steem Blockchain?' in much detail but allow me to summarize them here in point form.
1) No transaction fees
2) Fast withdrawals and deposits
3) No minimum deposits/Low minimum deposits
4) Brings in more money and activity to the Steem Blockchain.
@Constanza took the time to engage with me in the comments of my post and brought to my attention a similar project being carried out by the people at Wagerr. Well, it is not completely similar since the hurdles are different but most of the concepts can be easily integrated into a betting application for the Steem Blockchain.
So…What is Wagerr?
Wagerr is a modern sports betting platform that is based on a decentralized Blockchain and uses the Wagerr Coin [WGR]. This, therefore, offers a better and much safer betting experience for Punters.
Wagerr is set to launch the Testnet and Mainnet on January 15th, 2018. These are important features of the Sports Betting Platform. Head-to-Head betting will officially launch on Mainnet.
How it works.
Wagerr uses Smart Blockchain technology which creates betting contracts, updates sporting events, validates and also automates payouts.
This technology uses a new type of Smart contracts known as ASSC for short or Application Specific Smart Contracts. These contracts are defined as single-purpose Blockchain smart contracts that will only accept fixed parameters.
This allows Wagerr to provide the highest level of network security and currency stability without degradation to the level of functionality.
These processes are handled on the Oracle Masternodes.
Oracle Masternodes.
These act as the consensus agents that help to retrieve real world sporting event data whose outcomes are recorded on the Blockchain. The network is then able to verify winning bets easily.
They form a strong second tier network backbone that efficiently processes bets and events.
There are advantages to operating an Oracle Masternode. They earn 50% of the betting fees for their work and they are also paid a fixed amount of the periodic block rewards.
However, only 2000 Oracle Masternode slots are available at the moment. According to Wagerr, this helps to ensure fair compensation for the work they do.
What makes Wagerr so great and what is the potential for Steem?
The Wagerr platform is not only safe and secure but it also solves one of the largest problems in the betting industry – the legality question.
The Wagerr Coin and the Wagerr Platform is decentralized and therefore it is not under the control of any government and their gambling laws.
According to NBA commissioner Adam Silver: It is estimated that at least $400 billion is used illegally to bet on outcomes of sporting events every year.
That is potentially one of the largest untapped markets that can be served by Wagerr and other Blockchains that would be interested in implementing something similar.
Is there a way Steem can take advantage of this huge market?
That question will require some more in-depth research to answer. I hope more knowledgeable people would find the time to help me effectively answer this question sooner. Anything is possible.
The incredible advantages of Steem over other Blockchain technologies would definitely push it to the top of the pile.
Three ways you can earn using Wagerr.
1: Staking on your Favourite Sports Events.
This is probably the most obvious one. It is the main way of earning with the Wagerr Coin.
Wager have so far incorporated head to head betting, multi-user betting, peerless betting, fantasy betting, esports betting, live betting, multi-coin and fiat services into the betting platform.
This provides the punter with a huge array of features, which are common on most conventional bookmakers, to choose from.
It is not really a way of earning since it is basically gambling but it can potentially improve the chances of growing your coin holdings.
2: Becoming an Oracle.
Oracles are to Wagerr as what Witnesses are to Steem. Oracles basically are responsible for updating game results and achieving consensus on the Wagerr network.
Initially, only 2,000 Oracle Masternodes will be available and will require 25,000 WGR [$5,590 @$0.2233/1WGR] to operate which will be locked in a 30-day contract.
The system will also be required to maintain 99% uptime and will be taken down from the network if it is inconsistent.
Running an Oracle Masternode offers you a fixed amount of the newly minted coins and 50% of the fees that are associated with placing the bets.
Initially, the Masternodes will probably run at a loss and I would expect as more and more people join the platform they will eventually become very profitable.
3: Holding the Wagerr Coin.
This is my main goal on Wagerr. Wagerr Coin is likely to see a very sharp increase in value once the platform goes live officially, at least in the first 6 months.
Wagerr is likely to attract Punters who are currently placing bets using Bitcoin because it offers much lower fees and faster transactions.
That will contribute to a high number of bets placed on the platform which will boost the value of the Wagerr Coin.
Wagerr has also incorporated a “Deflationary Mechanism” making it a self-balancing network.
According to Wagerr, when the price declines the deflation mechanism accelerates. More Wagerr Coins are destroyed when the price of WGR is depressed decreasing supply.
Naturally, a decrease in price will contribute to an increase in the value of the coin hence stabilizing the price. This makes holding Wagerr much safer to hold for a long period of time unlike Bitcoin and can, therefore, act as a great store of value.
Conclusion
This is a project I would like to explore extensively on the Steem Blockchain. The opportunities and possibilities outnumber the challenges and that makes it worth my time.
The Wagerr platform will serve as a great case study. In theory, the idea looks extremely viable but only real-world testing will determine the success of such a service.
Meanwhile, I am experimenting with the Steem API and I am looking to develop a simple concept application in the same betting industry.
More information on the application will be released later in order to protect someone from "stealing" the idea. I hope to have something to show within a few months.
Thank you for taking the time to read this post. Any contributions whether criticism, counter-arguments or supporting arguments are highly welcome.
Finally,
Steem Kenya recently launched a Community Curation Project so as to support minnows from Kenya and Africa so they can find their feet much more easily. If you are out there and would like to work with us in seeing this project succeed and you want to learn more please find me on Steemit.chat @deniskj to talk to me.
If you would just like to be an anonymous benefactor and you really like the idea of supporting minnows would you please send STEEM, SBD or DELEGATE STEEM POWER to @boosterke. That would be greatly appreciated.
Finally, if you are a Kenyan and you are out there without a place to call home, would you please join the Steem Kenya Discord Channel? We just had an amazing voice chat with a bunch of members where we discussed how we can succeed on Steemit. Come over and join the party.
@boosterke for SteemitKe