MEVU : A Closer Look
MEVU is a peer-to-peer gaming application that will allow players to test their skills and compete individually or in pooled games by creating custom social bets or bets predicting the outcomes of popular sporting events. MEVUs vision represents incredible opportunities of blockchain technology for application in sports betting and a variety of other high-demand industries. Blockchain technology and the development of digital currency payment solutions are a promising alternative to traditional wagering platforms.
How Does the MEVU Platform Work?
MEVU’s open-source smart contract creates a secured escrow that is publicly viewed allowing players to track wagers throughout their life-cycle. All funds are held within a contract on the Ethereum blockchain. By clearing payouts on Ethereum, MEVU can cut the waiting times of traditional sports books while reducing fees up to five times.
Operating above the Ethereum Virtual Machine layer are the traditional back-end components to any web service. The servers hold application data to expedite front-end operations as well as the minimum required amount of user information to ensure no user is able to pose as multiple people.
The top layer is the user interface where players can browse events and place bets. A decentralized result verification system is essential to the MEVU platform as it protects players from the vulnerability of manipulation, fraud from subjective reporting, and criminal activities.
The Oracles
Any match outcome which results in a dispute will automatically be verified by “Oracles”. Oracles are individuals that hold MVU tokens, initially acquired in the ITO, and report game results in exchange for ether.
Payouts will be awarded to the winners based on player reports and Oracle verification. Inaccurate reporting will cause MVU tokens to be lost to the Oracles who were in consensus, eliminating the risk of fraudulent reporting of results.
The reporting period for Oracles will start upon the scheduled event’s completion and will end of 8–16 hours later, ensuring enough time for Oracles to report. A minimum number of Oracles is required to solve any dispute.
The Ecosystem
The MEVU team will retain ownership over some of the smart contracts to control specific vital aspects of the application. The rest of the smart-contracts will be owned by a central contract not visualized. MVU holders help determine the winner of sports bets by reporting the correct score. Holders stake some of their token balance and attempt to reach consensus on the outcome of an event; they are compensated in two different ways for doing so.
Service fees are collected in the Ethereum cryptocurrency ether (ETH) from head-to-head matches and token holders (Oracles) are incentivized to be on the side of consensus as they can also be compensated in MVU tokens. Half of all MVU staked by those who voted against consensus will be taken and given to the Oracles who reached consensus in amounts proportionate to their stake, this deters fraudulent reporting of sports results.
ETH rewards are proportionate to the percentage of tokens used to opt in.
What’s Next
The bulk of gambling globally has moved from brick-and- mortar casino to the internet, and given the growth of blockchain-related applications over the last year or so including smart contracts and peer-to-peer exchanges, the widespread application of blockchain appears to be the next logical evolutionary step for the $40 billion gambling industry.
By leveraging the blockchain technology MEVU is a viable alternative in the gambling industry with a platform that offers transparency, auditability and trust in a decentralized system instead of corruptible central authority.
MEVU aims to become the most revered global platform made exclusively for players to bet anything, anytime against anyone. MEVU will initially focus on social and sport head-to-head bets, but will expand to multi-bets in which multiple players can take the complementary position against a single larger bet.
MEVU offers a comprehensive solution to a community which has lost individual control over peer to peer interactions. Placing control back in the player’s hands through their decentralized platform, MEVU is fostering global competiton while keeping value with the players — not bookies.
The Token Sale is using a Simple Agreement for Future Tokens (SAFT) offering model. U.S. residents participating in the Offering must be Accredited Investors. Investors are required to complete the applicable forms and return the necessary documents to ensure compliance. Once approved, investors are added to the private whitelist and are provided the contribution wallet address.
Please note that MVU is not an investment and will not be considered as such. This is a breakthrough technology & cryptographic token in a decentralized marketplace owned by the users of the community.
Email kelvin@mevu.bet for info on participating in the private pre-sale.
