This is a Web3 application to create one-on-one bets. It interfaces with a smart contract, offering the following guarantees:
Even though arbiters don’t have full custody over the stakes, bettors should only get involved with arbiters they trust. Bad-faith arbiters can:
A Web3 wallet like Metamask is required to create and accept bet offers. Bets are denominated in xDAI, a cryptocurrency pegged to the US dollar. Obtaining it is much easier than it sounds. A tutorial can be found here.
Bet offers are not listed anywhere. When a bet offer is created, we generate an invitation link the betmaker can share, like this:
Outsiders inspecting the blockchain will be able to see a bet offer originating from the betmaker’s address, but they won’t know what the bet is about without access to the link.
Once a bet is accepted, the arbiters gain the ability to resolve the bet. They can use their own discretion to call the bet early, and they don’t necessarily have to wait for the event deadline.
Arbiters can annul bets if they refuse to act as an arbiter for a particular bet. If a bet is annulled, both bettors get their stakes back. Arbiters might take a fee to cover transaction costs.
Sometimes, neither bettor wins. In these cases, the arbiter can annul the bet, and split the resolution fees between the two parties.
For the first few years, we’ll allow bettors to appoint us as arbiters for a flat $5 xDAI fee, subtracted from the winnings. Beware that we always annul bets on sports, horse races, private events, stock movements, terrorism and individual deaths, as well as bets with a deadline beyond 2027. We usually interpret ambiguously phrased bets in the taker’s favor whenever the ambiguity becomes relevant.
Our goal is to let people show how certain they are about their predictions for the future–we have no intention of setting up a full-fledged gambling operation.
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