Prode.eth is a decentralized pool betting app that brings a new level of excitement and fairness to sports betting. Unlike traditional sports betting platforms that are controlled by a single entity, Prode.eth operates on a completely decentralized basis, which means that there is no one in charge of managing bets, funds, or the resolution of betting events. Thanks to smart contracts, transparency rules the betting process.
Whether you want to predict sports scores, stock prices, or election results, you can do it from anywhere in the world, without having to worry about KYC requirements, credit cards, or annoying withdrawal processes. With Prode.eth, you can focus on what you love — predicting outcomes — without the hassle.
So, how does Prode.eth work?
Let’s say you are a football fan feeling super excited about the coming World Cup. With Prode.eth, you can create or join a betting pool, a.k.a. market, where you and other users can place bets on a previously defined set of matches. For example, let’s imagine you join a market featuring all the 48 matches of the group stage.
To participate, you need to set a prediction for every match and pay a small, fixed price. Once you place the bet and the market is resolved, you get a point for each correct prediction. The final score of a bet is equal to the sum of correct answers.
How do you win? The top ranked bets earned the accumulated pool prize!
Being a market creator
If you are the one creating the market, you can configure the betting price, the closing time, what matches are included, what are the possible outcomes, the prize distribution, and much more. As the market creator you are also entitled to receive a configurable fee for each bet. If the market is successful, you will be rewarded!
One of the biggest advantages of Prode.eth is that it is permission-less: anyone can create a market, participate in it, make sure it’s resolved correctly and claim prizes without the need for intermediaries or brokers.
Deep dive into Prode.eth mechanics
One of the big challenges of decentralized prediction markets is how to make sure the results provided are trustworthy.
Data fed into Prode.eth is secured by Kleros as an oracle. Kleros is a decentralized dispute resolution system that uses game theory and economic incentives to ensure fairness and transparency in decision-making. This means that the platform relies on decentralized mechanisms to settle any conflicts that may arise during the resolution of market outcomes. The Prode team has absolutely no privileged access to markets.
The resolution of the market starts after the betting period is over. The market’s events are resolved through Reality.eth, with Kleros as ultimate arbitrator, and once the results become final, the bet score ranking is registered. Anyone can execute this step, audit the process and fix any mistakes.
Finally, the pool prize is distributed among the users who collect more points and are in the top of the ranking.
Prize Distribution
There are some markets that deliver the pool prize to only the first position (winner takes all), while other markets share the prize with different percentages among the top ranked players. Let’s see some examples:
Prize distribution with 60% for the first position in the ranking, 30% for the second and 10% for the third one
Prize distribution with 80% for the first position in the ranking and 20% for the second.
100% of the prize goes to the first one in the ranking
Join the future of betting
Prediction markets are an extremely well-suited use case for cryptocurrencies and decentralized technologies. If you have experienced online betting on traditional platforms before, you’ll notice this right away with Prode.eth.
Whether you’re a seasoned sports bettor or just looking to try something new, be sure to check out the upcoming prode.markets or create your own market! and follow this blog for more details and updates about the platform and tips to make smarter predictions. Ready to join the future of betting?
