BTW token update 1

The team and the community discuss the token system today. For the version 0.1, we agree to move forward with XTZ as betting chip, and BTW as the dividend token.

In simple words, this is the ideal scenario we are trying to achieve:John has 5000 Doge coins in his wallet, Mark has 3000 Doge coins in his wallet. John uses 500 Doge to bet on Man Utd, Mark uses 300 Doge bet on Real Madrid. So John’s 500 Doge and Mark’s 300 Doge are all locked in their own wallet. These Doges can’t leave the wallet until the event result is reported. The result shows Real Madrid won. Mark’s 300 Doge is unlocked, and 495 out of John’s 500 Doge are going to Mark’s wallet, and 5 Doge are going to dividend token holders and reporters.

That means, if my wallet has Doge, I can make a bet. But the Doge doesn’t have to leave my wallet until event result goes out.

The tricky part of this scenario is: locking the Doge for conditional payments.

Most of the coins can’t be used for conditional payment, such as BTC, Doge. So developers can’t build conditional payment system around it, for instance, specifying that what payment will be released under what sort of the output from an oracle.

There are some projects working to provide smart contract features for BTC, such as Rootstock. But rely on the development of other projects will slow down the development of BettingWin significantly.

As a conclusion, we think using XTZ as betting chip, and BTW as a dividend token is a good initial solution to go ahead. ETH and UBQ can potentially be used as betting chips, we need to write a solidity contract to accommodate it.

The initial smart contract on Tezos is written and tested successfully by our community member. So that is a great start for our journey.