With the rise of new technologies, certain professions become obsolete and die out. One that has survived the test of time is bookmakers, also known as bookies. Although the days of having bookies runned on the grey market are mostly behind us, they still exist. But they are dinosaurs in comparison with their online counterparts. Nowadays most betting is done online, in a somewhat private environment, but there is still room for improvement.
The proposition from the Wagerr team aims to disrupt the traditional sports betting market by introducing blockchain technology and creating a decentralized online sports betting platform. By leveraging blockchain technology, not only do they hope to deliver a platform that is both used and owned by its participants, but also to do so while seizing a slice of the sports betting market, estimated to be worth $400 billion worldwide.
So, what is Wagerr, exactly?
Wagerr is both a blockchain-based currency and a decentralized sportsbook. It makes use of Application Specific Smart Contracts (ASSC), a rigid class of smart contracts that makes the exact structure of every contract transparent, and a second layer network controlled by Oracle Masternodes. These masternodes support the decentralized governance of the network and provide and validate sporting event outcomes, ensuring that inputs are decentralized and can’t be manipulated.
Leveraging the aforementioned technologies, Wagerr hopes to solve the security, scaling and incentive problems that smart contract platforms have faced so far in the gambling sandbox. The Wagger system is intrinsically self regulating and gives people the opportunity to own a piece of the house. How does it work?
Wagerr is able to maintain a decentralized structure because anyone can be an Oracle Masternode and earn an income from gathering and validating real world data about sporting event outcomes. These masternodes also process smart contracts, and, in exchange, they receive 50% of all betting fees.
Thanks to the security and betting services provided by this decentralized network of masternodes, Wagerr is able to function perfectly while remaining free from all regulatory bodies. The platform is also able to maintain much lower fees (2-6%) than normal sports betting platforms (typically 10%).
Wagerr offers three types of betting: peer-to-peer, where the blockchain mediates between two players that take opposite sides of a bet; multi-user, where multiple users take a bet against a single large bettor up to a maximum amount; and peerless betting, where the Wagerr blockchain acts as the betting partner for anyone looking to bet on any eligible event.
The WGR token itself, which is used for all operations within the system has a unique feature that differentiates it from other cryptocurrencies: The more people use Wagerr, the more scarce it will become and, therefore, more valuable. Why? Whenever someone places a bet, a certain number of coins are destroyed. Half of the fee is given to Oracle Masternode operators as a reward, but the other half is always burnt.
This token burning system makes coin supply to go down, and as the average volume of betting activity over the network rises, the scarcity of Wagerr will rise with it. Wagerr functions in a standard proof of stake model, enabling all investors to participate in its strong growth potential simply by holding Wagerr. Wagerr can be used on any device and although the ICO ended last month, anyone can be a part of the network. Visit the official website to learn more