Boxing match ANN
Charles, IOHK (cardano) CEO and long time ETC advocate, and Chico, old-time crypto investor and most recently a Chainlink advocate, are looking to fight in Vegas this August in order to raise awareness about the blockchain industry, settle their personal agenda, have fun and raise some money for charity. They are reportedly looking to settle the score using a smart contract on $ETC blockchain, and I thought - what better way to demo our Dapp Dev Kit?
Here is what I propose we build.
Decentralized Betting Dapp
The dapp will allow people to bet on the outcome of the fight, and will automatically set the odds in real-time.
The smart contracts will create two pots - the Charles pot, controlled by CHARLES tokens, and the Chico pot, controlled by CHICO tokens. The tokens represent your stake in the winning pot. You will be able to trade your tokens at any time on our decentralized exchange should you wish to liquidate your position in this bet earlier.
After the fight ends the winning tokens can be exchanged for a proportional share of $ETC that was bet by the losers, and the losing tokens can be kept in your wallet as a collectible.
10% of the winning proceeds will go to the charity of winners choice with a caveat - the winner must work with that charity to get them set up with an ETC wallet and onboard them, otherwise this money will be locked inside the smart contract until they do. #adoption
Since the fight happens in real life, while the betting is settled entirely on-chain, we will need an Oracle for this fight. For a more general use case, like a sports gambling website, you might want to use a complex oracle like Chainlink or Augur. For this particular showmatch we can get away with a 2-out-of-3 multisig - an approach used by most peer-to-peer exchanges like Bisq, LocalBitcoins and LocalEthereum.
I propose we set Charles and Chico as the two invested parties in this oracle, and after the fight they will have to vote and tell us how the fight ended, who emerged victorious. In case one of them lies and their votes disagree, I will participate as the unbiased third party, will review the video and the published results, interview the fighters and will resolve the dispute.
Similar 2-out-of-3 approach will be used for entering the address of the proposed charity. To prevent the fighers from colluding and setting their own address as the beneficiary of that 10% pot, instead of entering the charity’s address we shall require 2-out-of-3 endorsement.
The betting will commence in the following stages.
- Preparation. Charles and Chico officially endorse this dapp - since they are the parties controlling the fight multisig oracle, and they are the ones who will need to onboard their charity of choice onto the ETC network, and register the charity’s $ETC address inside the betting smart contract. At the end of the stage Charles and Chico should tweet out the ETC addresses they will use for this dapp, and Team Saturn will deploy the betting smart contracts that the community may audit.
- Betting. People may bet on the outcome of the fight and receive CHARLES or CHICO tokens. These tokens can immediately be traded on Saturn Network exchange.
- Lockup. 1 day before the event, the fighters should lock the betting period. At this point, no further bets can be made, and we may conclude what the final odds are.
- Settlement. After the fight happens, and the fight oracle selects the winner, the winning token holders can trade them in for $ETC at the final odds. The winning charity may claim their share of tokens as well. Holders of the losing token may still hold them as a memorable collectible of this event.
What do we need to make it happen?
- Charles’s and Chico’s ETC addresses. They’ll need to use a #dapp compatible wallet like Trust Wallet or Saturn Wallet.
- Your support - spread this message far and wide. Let’s get heard and get Charles and Chico on board!
If you help us get the fighters’ endorsement, we’ll write the dapp and the smart contracts, open source them, explain how they work - and together we’ll all contribute something towards cryptocurrency adoption.