Based Bets

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About

Why are you participating for Based LatAm? LATAM as a whole sees the benefit of blockchain technologies and are more open to the adoption of new & novel financial systems. We see how it has changed El Salvador and we are aware it is helping Argentina through econmic crisis. Unlike in the US or Europe where adoption is being slowed down through bureacracy or given a negative connotation we see it rapidly growing through 40-18 demographic. Our development team would like to be apart of this adoption in every facet as well as to showcase the level of development talent in LATAM. There is so much opporunity in redesigning existing services & experiences into entirely on-chain d-apps. Based Bets serves as a proof of concept to showcase the power of on-chain systems. Why a betting platform? Because someone is going to do it, and some are.. but no one is doing it well. Betting is currently a very centralized space. Betting houses are often very unfair and take a high amount of fees for various reasons. By having a decentralized betting protocol we by nature remove alot of the negative energies and aspects of the experience. Our goal is to make betting a safer, easier and enjoyable experience.

How it's made

What challenges are you focusing on? Traditional sports betting is dominated by centralized bookmakers who set high margins, limiting user profits and transparency. They also limit optionality and creativity by providing only big league and standardized bets. Based Bets tackles this by offering a peer-to-peer (P2P) betting platform powered by smart contracts. How Based Bets Improves Betting: Reduced House Edge: Users bet directly with each other, eliminating the bookmaker's cut and maximizing potential winnings. Increased User Control: Verified users can create their own betting events using smart contracts, setting odds and terms for any sport or competition. Enhanced Transparency & Security: Blockchain technology ensures fair play and secure transactions, with every bet and outcome immutably recorded. Social Gamification: Users can connect with friends, share bets, and compete for bragging rights on a global leaderboard. In essence, Based Bets empowers users to bypass the limitations of traditional sportsbooks and enjoy a more social, transparent, and potentially more rewarding and engaging betting experience. Sports betting is booming in global demand, and the market is ripe for disruption by the crypto industry. How does your submission address this challenge? Based Bets revolutionizes sports betting by offering a P2P platform built on blockchain technology. It caters to two distinct user segments, creating a more engaging and user-friendly experience for everyone. This allows users to: Effortless Betting with Friends: Users can easily create custom betting contracts for major sporting events like Liga MX, La Liga, UFC or NFL with their buddies. Select Public & Private Options: Choose between public bets where anyone can join, or private bets restricted to whitelisted friends' wallets. Market or Custom Odds: Select from suggested market odds or set their own custom terms for a more personalized experience. Secure Transactions: Funds are vaulted securely within the smart contract, ensuring a smooth payout to the winner based on data feeds from an API. For Event Creators (Fighting Leagues, E-Gaming Tournaments, etc.): Dedicated Platform for Your Community: Verified and whitelisted event creators can leverage Based Bets to provide a dedicated crypto betting platform for their audiences. This helps: Increased Fan Engagement: Offer fans the chance to wager on events, boosting excitement and community interaction. Driving Traffic: Attract new users to Based Bets while increasing engagement within your own community. Scalability: Our platform is designed to grow, eventually allowing anyone, even recreational sports leagues, to create events and manage their own crypto-based betting. Customizable Commission: Creators can set their own commission on top of the platform's fee, generating additional revenue. By providing event creators with a user-friendly platform and a share in the profits, Based Bets fosters a mutually beneficial ecosystem that brings in users from different leagues. Challenges we ran into Building a decentralized, peer-to-peer betting platform on blockchain presented several technical challenges: Complex Smart Contract Logic: Implementing the betting logic, including event creation, wagering, and payout distribution, required meticulous planning and coding. We overcame this by breaking down the process into smaller, manageable modules and thoroughly testing each component. Balancing User Interface and Blockchain Constraints: Designing a user-friendly interface while adhering to the limitations of blockchain technology was a delicate task. We prioritized a seamless user experience while ensuring the integrity of the smart contracts. Deterministic vs. Non-Deterministic Programming Languages: Our application required both client side calculations and contract side calculations. The differences in math between Javascript & Solidity became apparent & had to be rectified. Ensuring that the betting outcomes were consistent and predictable across different client-side and contract-side calculations was crucial. We employed rigorous testing and validation procedures to guarantee accuracy toa sufficient degree. To address these challenges, we: Managed as much calculation as we could contract side & using libraries like viem on the client to display odds, potential winnings/losses according to 'American Odds', the default odds framework in sports betting, with sufficient accuracy for good UX. Leveraged a modular approach: We broke down the platform into smaller, manageable components, making it easier to develop, test, and maintain. Employed a rigorous testing framework: We conducted extensive unit, integration, and end-to-end testing to identify and address potential vulnerabilities. Prioritized user experience: We focused on creating a user-friendly interface.