Wagerr Coin Review: Anonymous and decentralized betting system on blockchain
By Inkarias - 2019-10-14
What is Wagerr?
Wagerr is a decentralised sportsbook that brings trustless and anonymous betting on blockchain for everyone. The project allows anyone to gamble easily on sports betting with no limits while offering a complete decentralization on top of blockchain technology.
Wagerr Coin Specs
|Block time:||60 sec.|
|Premine:||198 360 471 WGR|
|Masternode collateral:||25 000 WGR|
|Reccomended Minimum to stake:||1 WGR|
Wagerr is a decentralized sportsbook that brings trustless and anonymous sportsbetting across the world, while being accessible to everyone. Sports betting takes an important place in the world and remains a huge industry with traditional sports events. With the active Application Specific Smart Contracts (ASSC) and 2nd layer network controlled by Oracle Masternodes, the Wagerr project solves the inherent problems often present on some blockchain: Security, Scability and the issues that have been brought with smart contracts applications worldwide.
In the recent months, deflationary assets have been a growing industry within the crypto sphere. Wagerr, through its deflationary and self-regulating economy, can ensure the long-term sustainability of WGR despite market ups and downs. The supply is constantly and dynamically adjusted based on the current exchange rate and betting volume within the Wagerr network. Wagerr offers a new vision for masternodes while giving the ability to bring sports betting on top on blockchain in an anonymous, secure and completely decentralized way. With a large panel of services and features, Wagerr is breaking the limits associated with modern betting and gives everyone the opportunity to participate.
The Wagerr network is mainly divided into two parts: Staking and Oracle Masternodes. We will introduce the masternode system in the next section of this review. The rest of the functionalities and features are associated to the betting system introduced by the Wagerr team.
Wagerr Proof of Stake
The first feature is a standard proof-of-stake consensus, giving the possibility to earn rewards while keeping a synchronized wallet (a wallet has a full copy of the blockchain) all the time open. This network composed of different actors brings a complete decentralization and a high security standard (without the ones added by WGR). At this day, several known staking pool sites have listed Wagerr to help the community on this feature. It allows users to avoid keeping a computer online all the time.
Peer to peer betting
Peer to peer betting, also called “head to head” requires two active partners to take part in the betting contract. The process is quite simple for the players:
- The players agree on the betting line and the total amount at stake.
- One player initiates the bet by sending the bet from wallet. When the partner sends coins for the complementary side of the bet, the blockchain links them at an upcoming event.
- Once the event is completed, the Oracle Masternode network records the performance result on the blockchain in order to give the payout to winner.
- In case the event never happened, the coins, minus fees, are returned to the original initiators.
Multiuser betting is identical to Peer to peer betting in a lot of points, but in this case multiple users can take part in the bet and take the complementary position against a larger bet until the total value of the bet is met. This feature requires generally less specificity about the size of the bet and allows the blockchain to perform the work of matching multiple bets until an equally weighted or minimum contract is reached. In case the event never happened, the coins, minus fees, are returned to the original initiators.
Peerless direct chain betting
Peerless betting does not require any complementary transaction to create a new contract. Any bettor can solo initiate a contract on chain, which will be recorded on the Wagerr network, which is programmed to pay out if the human participant wins. In case the event never happened, the coins are also returned (minus the fees).
A deflationary model
The value of the Wagerr currency is directly tied to its usage. As the supply and demand vary constantly over time, the minting and the burning processes allow to keep a long-term sustainability for the currency (48% of the fee from every bet is permanently removed from the network). The burn rate is directly affected by the current price of WGR:
High priced WGR => burn rate decline vs Low priced WGR => burn rate acceleration
The Wagerr team is diversified and have good experience in the sports, betting and blockchain field. A total of 6 persons composes the core team which are:
- David Mah as President/CEO
- JM Maradiaga as CMO
- Rob Christensen as the Lead Developer
- Thomas McLaughlin as Support Administrator
- John Choi as Full Stack Developer
- Frank Gadea as Senior Advisor
The team has also some advisors and escrows who have worked with them in the past during the ICO.
Planned for end of year
- Fully decentralized weekly masternode reward payouts for the investors
- Database optimization to bring more information for less storage
- Searchable betting analytics on Wagerr block explorer
- Masternode management via Electron Wallet
- Wagerr.com: Betting on Wagerr blockchain from more devices
- Multisport on-chain parlays
- On-chain betting data optimization
- eSport betting market
- In-wallet BTC/WGR purchasing
Planned for Q1 2020
- Head-to-Head bet exchange alpha release (development ongoing)
- WGR hardware wallet integration
- Consensus-based odds updating
Planned for Q2 2020 and further
- Official release for the Head-to-Head bet exchange (will be announced later)
- Wagerr code updates
- Token-based betting code upgrades data handling
- Consensus-based event resulting
- Improvements to accelerate confirmation times
- Volatility-sheltered stable token on WGR blockchain
Where to buy Wagerr?
The vision and approach of Wagerr regarding the masternode market is completely different from what we have seen in the past.The process to activate an Oracle Masternode is quite simple and engages a 30 day contract of service to become a consensus agent ( at the opposite , most projects have no limits on contract time and last until investors stop their nodes). This contract ensures that owners must maintain a certain level of service and agree to lock the collateralized coins in a simple smart contract
The role of Oracle Masternodes in the WGR ecosystem
- Forge smart contract with multiphase transactions
- Phase 1: Initiate conditional contract
- Phase 2: Validated conditions trigger payouts
- Retrieve and validate data
- Collect, distribute, escrow, and burn fees
- Act as the house in traditional betting industry
In short Oracle Masternode rewards are designed to bring value to the entire Wagerr network and its investors. The node owners will be able to receive numerous compensations like a percentage of block rewards or sports betting fees (direct usage-based reward) and are entirely tied to the usage of the WGR currency.
- Collateral: 25000 WGR over a 30-day service contract
- Uptime 99%+ (this measure is updated weekly)
- Retrieve and input sporting event outcomes data
- A public IP with a forced network port number
- Enough bandwidth to accommodate the total volume of API calls made to the node
The total amount of masternodes being able to operate at same time is capped at 2000. This limit ensures a quality of service at any moment and bring some competition between investors.
Evolution of Oracle nodes
Non-Participating or underperforming Oracle Masternodes can be demoted from the network depending on a combination of several factors including:
- Network connectivity uptime not enough to cover the hosting conditions
- Less than 50% participation on submission in all leagues
- Results submission accuracy
- Non-renewal of 30-day collateral contract
Masternodes Rewards Scheme on bets and processes
The betting platform offers a wide range of possibilities to bet on the blockchain. For each kind of feature implemented by the team, a certain percentage goes to the Oracle masternode owners.
Head to Head Betting Process -> The fee for an executed contract is 2% of the payout. 1% goes to the processing Oracle node and 1% gets burned permanently.
- Oracle nodes actively searching for new events inside supported leagues, trying to build consensus for upcoming events. Of the 2000 possible Oracle Masternodes, 1500 need to report the same event defined by the Event’s UTC Time, and their unique identifying codes. This supermajority is mandatory for the process to take place.
- Users can consult the posted events and place bets against existing posted bets or set a new line. Once betting pairs are determined to be complementary, a smart contract can be created and initiated.
- The development and burn portion of the fees within the bet contract are distributed and burned. (48% destroyed, 2% for Wagerr development fund).
- Once the event is over, the Oracle network relies again on supermajority consensus to determine the outcome of the event.
- Once the bet has been resolved, the winning bets are processed and paid out accordingly. All non-resolved events in the issue of a tie or event never occurring the contract are resolved via the Oracle masternode network and both sides receive their bet back minus the fee. Once the smart contract is resolved the oracle who processes the bet receives their portion of the fee.
We won’t introduce the process for the others betting systems as the principles stay quite the same.
Multi User Betting Process -> The fee for an executed contract is 4% of the payout. 2% goes to the processing Oracle node and 2% gets burned permanently.
Peerless Direct Chain Betting Process -> The fee for an executed contract is 6% of the payout. 3% goes to the processing Oracle node and 3% gets burned permanently.
If a user or node believes they did not receive a correct and legit payout, he can petition the Oracle Masternode network to request a review of the resolution to their bet. Signaling for a review is as simple as submitting a contract. Supermajority consensus (75%) of the Oracle Masternodes must be obtained to overturn or invalidate the corresponding betting contracts.
If a node continues to submit match data that doesn’t match consensus after being demoted in the past, the Oracle network can vote to penalize the node of any of the fees collected since its evolution. The network recovers these coins via the collateralized coins via 90% supermajority vote in the terms of the smart contract.
Once the distributed network is completely established and stable, the original Wagerr development team will fully handover the control of the github and distribute the role of governance to the WGR network. The Wagerr network will reach a decentralized governance through a voting system in which each Oracle Masternode holds the rights and will decide for the entire ecosystem. As the number of nodes will be limited, the number of validators in the network will also be limited and bring a better stability. The decentralized voting mechanism within the Wagerr wallet allows network and protocol changes to be proposed. From there, the Oracle Masternodes as a whole vote on the proposal. Each change or modification passed with two thirds majority is deployed to the main network automatically.
Masters of Nodes do not recommend investing in any coin. Always do your own research.