Launches Decentralized Betting System Powered by the Ethereum Blockchain

Altcoins Blockchain Ethereum Launches Decentralized Betting System Powered by the Ethereum Blockchain

The betting industry is getting old. The internet was responsible for an incredible momentum in the betting industry. The sector was booking, and the market kept growing until it came to a halt as there were little to no innovation in the industry. Now, it seems that cryptocurrency is here to give it a little push and introduce significant changes in the space.

Cryptocurrencies Meet Betting is a new project built on Ethereum that is trying to disrupt the online betting industry. Guesser is set upon Smart Contracts that enable users to connect in a complete trustless way. With this method, the players don’t need to trust the platform to create events or to ensure that payments are made as the company introduced a peer-to-peer betting system powered by the Ethereum Network which makes tampering impossible.

Anyone can quickly create a betting event on the Guesser platform. There is an incentive to develop betting events as anyone creating a betting event will automatically be entitled to a fee which is calculated from all the money that was put in by the players.

Creating the said event is also very simple and straightforward. The creator of a game only has to provide a title, description, topic, possible outcomes, and set a final date! Once this is done, players can start betting, and the more player gets in, the bigger the creator fee will be. At the moment the development team has enabled a Testnet so that the system can be tried out and possible issues can be solved.

How Does the Betting System Work?

Ethereum offers the chance of implementing dApps that enable Guesser to build a betting platform where anyone can bet without having to trust any of the parties involved. Guesser developed its dapp to allow for anyone to have fun and bet in an event which you are sure to know the outcome. The player only needs to choose an activity and place their bet on the desired result. Places will all be made using the Ethereum platform token – Ether.

The community validates the bet outcome. This is done by a voting system which is settled by a Guesser dapp. The team is also working on its decentralized oracle. The team is developing a design involving creator settlement and community reviewing which will be ready shortly.

Development Progress

Two months ago the team launched Guesser on Ethereum’s Rinkeby Testnet and had been since then testing the system. With what the team has learned from the testers these couple of months, they have started rewriting many parts of the code and the smart contracts. They are currently working on a much-improved version of the code which is prompted for the next release.

The first version of Guesser only offered two possible outcomes. The team is now looking to implement different betting contracts to allow players to bet in several different results.

The team wants Guesser to be a community-run platform. The whole project is open source and the Guesser Protocol which is a set of smart contracts that allows developers to build all sorts of decentralized betting products for the platform on top of Ethereum. This means that the community creates bets, the community places bets and also contributes to the development of the platform.

Nuno Menezes

As an Anthropologist with a strong background in computing and finance, Nuno saw in Bitcoin a real case study. He ran into Bitcoin in 2013 and after understanding the true nature of this new technology has been writing about the subject ever since. He loves to read and is the sporty type. Nuno enjoys his spare time skating with his friends and has a passion for skydiving.