Dec 29, 2021
Binary Cat App: Place Your Decentralized Bets, Easily and Quickly!
Blockchain technology is advancing rapidly and with it the development of decentralized applications that seek to benefit users with the properties of decentralization, transparency and security.
The betting sector is very broad but with the use of the blockchain, the convenience and speed of placing bets from a smartphone or a PC is quite simple. With this concept of simplicity, Binary Cat seeks to attract enthusiasts of the online gambling sector to the decentralized interface offered by its platform.
How to connect
The first thing to know is that Binary Cat is a decentralized application (dApp); therefore you need to connect to the Web3 interface from a non-custodial wallet like MetaMask.
To do this, remember to first configure your MetaMask wallet with the Avalanche blockchain network, on which the Binary Cat works by following these simple steps:
Open your MetaMask wallet and click on the tab that says “Ethereum Main Network”. Here, you add the “Avalanche Network”.
Scroll to the “Custom RPC” option and select the option to configure a new network where the Binary Cat application will be linked.
Once there, enter the following values in the corresponding fields:
Network Name: Avalanche Network
New RPC URL: https://api.avax.network/ext/bc/C/rpc
Chain ID: 43114
Currency Symbol (optional): AVAX
Block Explorer (optional): https://snowtrace.io/
Click on SAVE and proceed to close the tab. You have now connected to the Avalanche Network with your MetaMask Wallet!
Betting with Binary Cat
Once connected to the Avalanche Network with your MetaMask wallet, you can simply connect to the Binary Cat application by clicking on the image above where it says “Connect my wallet”.
As you can see, the Binary Cat platform is very simple. There are three stages in each window in which bets occur within 5 minutes: “Finalized”, “Ongoing” and “Open for betting”.
Bets occur in cycles. In each cycle, bets in the next time window are open while the results of the last window are being resolved.
When the 5-minute time expires, current bets are settled and bettors move on to the final stage.
- Open for betting: group formation by collecting bets for the time slot.
It is perhaps the most important stage of the platform. Here users use their AVAX tokens to bet on the future price movement in the next five minutes: Will it go up or down? Get your prediction right and earn great rewards!
In addition, in this section you will be able to visualize your amount of AVAX tokens to bet, the size of the pool you are opting to win, and the trend of the initial and final prices according to the data reflected by the decentralized oracles for the block under which it has been registered on the blockchain.
- Ongoing: bets pending resolution
At this stage you will see the status of your bet waiting for resolution according to the movement of the selected price, as can be seen in the previous figure.
- Finalized: Settled bets
The settled bets can be viewed in this section of the platform.
If you are a winner, your reward in AVAX tokens will be reflected in the upper left section of the platform in the “Unclaimed Gains” section, with the word “WIN” being reflected in the “Finalized” cycle.
When your bet has been moved to the “Finalized” cycle, your winnings are reflected in the event of being a winner. If you have failed in your prediction, you will see the word “LOSE” reflected in this cycle.
You did not win? You can still earn KITTY tokens
One of the great benefits of Binary Cat compared to other decentralized betting platforms is that users are rewarded for using the application, even when their predictions are not correct!
Whether you win or lose a bet, you will receive rewards in KITTY tokens for betting. The amount of KITTY you receive is proportional to the size of your bet in relation to the entire group of bets.
As a decentralized platform, Binary Cat has the ultimate goal of empowering users by holding their KITTY tokens. A fixed amount of KITTY tokens will be distributed to bettors in each 5-minute window, during the betting cycle.
Next, proceed to click on the “Claim” button to claim your rewards and then select “Confirm” in your MetaMask wallet to receive the tokens.
Stake your rewards
In addition to making decentralized bets in a single interface, Binary Cat allows an easy, fast and fun way to generate passive income from your rewards obtained by using the application.
In the “Staking” section, you can stake your KITTY tokens to generate passive income in the form of AVAX tokens.
Simply select the amount of KITTY tokens you want to approve to start multiplying the value of the rewards for betting on Binary Cat. Approve the transaction in your MetaMask wallet and then click “Stake” to confirm your selection.
In the upper part of the window, you will be able to view the balance of KITTY tokens available in your wallet as well as the total staked and the rewards accumulated in AVAX.
About Binary Cat
Binary Cat is a decentralized platform that runs on the Avalanche network where users can bet on the price of crypto assets and the relationship between them (for example, if the price of Avalanche (AVAX) will go up or down). Bets happen in cycles. In each cycle, bets for the next time window are opened while the results for the last window are being resolved.
