🔮Betting Contracts

What Are They ?

Businesses can use betting contracts to process their users' bets. Bets can be organized around various events in sports, politics, geopolitics, stock market, forex, etc.

The Stock Market channel for instance has deployed a betting contract through which users can bet on the closing price of various stocks in multiple stock markets around the world.

The code behind betting contracts is open source and available on the scan of the blockchains they are deployed in. Users can read and verify how winnings are computed and distributed.

The goal of these contracts is to provide a safer, fairer and more transparent alternative to the incumbents in the betting space. The owners of betting contracts can even use identity tokens to put requirements in place that prevent minors or people suffering from betting addictions from participating. You can read more about how identity tokens work on the page below:

Creating Data

Betting contracts can also be used to run quizzes that rewards the ones with the right answer which might be an interesting way to incentivize those who take courses online.

Basically, you can use betting contracts to handle any activity where you ask a question, users pick their answers, you reveal the correct answer and reward the winners. Any activity you can frame in that model can be run through a betting contract.

Deploying A Betting Contract

Here is a step-by-step to guide to deploying your first betting contract:

  • Go to the Bettings page and click on the button to deploy a betting contract

  • Fill in the form that pops up and validate the transaction

  • You should be able to view your betting contract by clicking the Mine Only button which will only list your betting contracts. Reload your page if you do not see your betting contract

Congratulations! You have successfully deployed your own betting contract. You can now start betting events through that contract.

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