Wagerr Direct Chain Betting Protocol Technical Breakdown

- Direct Chain Betting Technical Breakdown -

Glossary of Terms

Bet Payout: refers to the amount of Wagerr paid out as a result of a Valid Bet(s) (Bet Stake * Odds)
Bet Profit: means the amount of Wagerr won from a Bet (Bet Payout — Bet Stake)
Bet Stake: means the amount of Wagerr placed on a Bet
Bet Transaction: a Transaction on chain holding the details of a verifiable Bet
Bet Vector: a list of bets to be paid out on a given Payout Block
Betting Fees: 6% of Bet Profit
Betting Options: means the current available betting options to Bettors
Bettor: refers to an individual that uses Wagerr to make a Bet
Blockchain: here referring to the Wagerr Blockchain Network
Burning: the destruction of Wagerr Coins: the process of removing Coins from circulation
Development Fund: refers to 10% of Betting Fees that are allocated to the Wagerr development fund
Event Transaction: a Transaction on chain holding the details of a Betting Event
Minting: the creation of new Wagerr coins to payout winning Bets
OMN Fees: refers to 40% of Betting Fees paid to OMN for facilitating the betting & payout process
Oracle Masternode: or OMN, retrieve real world sporting event data and post to the Blockchain
OP_RETURN: hexadecimal data immutably stored on the blockchain
Payout Block: a block that processes payments and fees for winning bets and occurs whenever triggered by a Result or a Refund
Peerless Direct Chain Betting: or ‘Peerless’ betting is when a Bettor bets directly against the Blockchain
Result Block: a block that contains the op code for triggering the payout of a specific event
Result Transaction: a Transaction on chain holding the Results of a Betting Event
Transaction Fee: refers to the amount paid to the network to post a transaction on chain

Bet Cycle & Payout:

OMN Posts Event

● A trusted OMN posts an Event Transaction to the Blockchain
● The details of this Transaction are then broadcast to the network

EVENT TRANSACTION OP_RETURN FORMAT

TXType|PV|EventId|Timestamp|EventLeague|EventInfo|Home|Away|HomeOdds|AwayOdds|DrawOdds
1|1.0|#453|1528992000|WCUP|R1|RUS|KSA|1.33|11|4.5

HEX Encoded data
317C233435337C313532383939323030307C574355507C52317C5255537C4B53417C312E33337C31317C342E35

EVENT OP RETURN FORMAT DETAILS
TX Type -> the type of wager OP_RETURN transaction.

● 1 = EVENT TRANSACTION
● 2 = BET TRANSACTION
● 3 = RESULT TRANSACTION
● 4 = REFUND TRANSACTION

PV –> Op Return protocol version number
● Current version is: 1.0

Event Id -> The unique identifier for the event.
Timestamp -> The unix timestamp for the start of the event.
Event League -> The current league or tournament the event is being played under.
Event Info -> Extra event info, the current round of the tournament etc…
Home -> The team that is playing at home.
Away -> The team that is playing away.
Home Odds -> The odds for the home team to win the match.
Away Odds -> The odds for the away team to win the match.
Draw Odds -> The odds for the match to be a draw.

Sample raw Event Transaction JSON:

Wagerr QT interprets Event as Betting Options

● The Daemon & QT can interpret and present Betting Options to the user via the Betting tab in the QT or by running the listevents function in the command line interface.

Bettor Places Bet

● A Bettor can place a Bet using command line

placebet “<event-id>” “<team>” <amount>
placebet “#453” “RUS” 10.5.

● A Bettor can also place a Bet through the Bet Tab of their QT wallet
● The details of this Bet transaction are then broadcast to the network

BET TRANSACTION OP_RETURN FORMAT

TXType|PV|EventId|Bet
2|1.0|#453|RUS

Hex Encoded data
327C312E307C233435337C525553

BET OP RETURN FORMAT DETAILS

TX Type -> the type of wager OP_RETURN transaction.

● 1 = EVENT TRANSACTION
● 2 = BET TRANSACTION
● 3 = RESULT TRANSACTION
● 4 = REFUND TRANSACTION

PV –> Op Return protocol version number
● Current version is: 1.0

Event Id -> The unique identifier for the event.

Bet -> The users team to win e.g RUS or KSA or DRW for a draw

Sample raw Bet Transaction JSON:

OMN Posts Result

● A Trusted Oracle Masternode Address Posts a Result Transaction to the Blockchain
● The details of this Transaction are then broadcast to the network

RESULT TRANSACTION OP_RETURN FORMAT

TXType|PV|EventID|Result
3|1.0|#453|RUS

Hex Encoded data
337C312E307C233435337C525553

RESULT OP RETURN FORMAT DETAILS
TX Type -> the type of wager OP_RETURN transaction.

● 1 = EVENT TRANSACTION
● 2 = BET TRANSACTION
● 3 = RESULT TRANSACTION
● 4 = REFUND TRANSACTION

PV –> Op Return protocol version number
● Current version is: 1.0

Event Id -> The unique identifier for the event.
Result -> The team that won e.g RUS or KSA or DRW for a draw
Sample Raw Result Transaction JSON:

OMN Posts Refund

● A Trusted Oracle Masternode Address Posts a Refund Transaction to the Blockchain
● The details of this Transaction are then broadcast to the network

REFUND TRANSACTION OP_RETURN FORMAT

TXType|PV|EventID|Refund
4|1.0|#453|RUS

Hex Encoded data
347c312e307c233435337c525553

REFUND OP RETURN FORMAT DETAILS

TX Type -> the type of wager OP_RETURN transaction.
● 1 = EVENT TRANSACTION
● 2 = BET TRANSACTION
● 3 = RESULT TRANSACTION
● 4 = REFUND TRANSACTION

PV –> Op Return protocol version number
● Current version is: 1.0

Event Id -> The unique identifier for the event.
Refund -> The team/betting option that is being issued a refund e.g RUS or KSA or DRW for a draw

Sample Raw Refund Transaction JSON:

A Result or Refund Triggers a Payout Block

● A Payout Block can occur at any block height and is triggered by a valid Result or Refund
● The Payout Block scrapes back the chain until it finds the matching Event
● Then loops back to the top of the chain for the corresponding Bets
● The Payout Block compares all Bets to the Result to determine which Bets qualify for Payouts and calculates the Bet Payouts
● For Refunds the Payout Block takes all relevant Bets and returns the Staked amount
● The Payout Block calculates the Betting Fees based off the Bet Profit
● For Refunds the Betting Fees will always be zero

Bettors receives Bet Payout

● Freshly Minted Coins are sent to the address that was used to pay for the Bet transaction
● Where multiple addresses are used, the first Vin of the transaction is used

Development Fund receives Fees Payout

OMN Fees are allocated

Value Cycle Explained:

OMN Pay Event Transaction Fee

● The cost of posting an Event is covered by the OMN

Bettor Pays Bet Transaction Fee and Bet Stake is Burned

● The cost of posting a Bet is covered by the Bettor
● 100% of the Coins Bet are Burned, thus reducing the number of Coins in circulation

OMN Pays Result or RefundTransaction Fee

● The cost of posting a Result or Refund is covered by the OMN

Miner/Staker submits Payout Block, Triggering Minting and Payouts

● The Payout Block acts as described above
● Total Coins Minted = Bet Payouts + Dev Fees + OMN Fees + (Masternode Reward + Staking Reward)

Bet Payouts are calculated and paid out

● (Bet Stake)*(Odds)= Gross Bet Payout
● (Gross Bet Payout) — (Bet Stake) = Bet Profit
● (Bet Profit)*(0.06)= Betting Fees
● (Gross Bet Payout) — (Betting Fees)= Bet Payout

Dev Fees are calculated and paid out

● The Development fund receives 10% of the total Fees deducted from the Bet Payouts
● These Coins are sent to a specific wallet in the control of the Wagerr team
● The current development fund address is Wm5om9hBJTyKqv5FkMSfZ2FDMeGp12fkTe
● (Bet Stake)*(Odds)= Gross Bet Payout
● (Gross Bet Payout) — (Bet Stake) = Bet Profit
● (Bet Profit)*(0.06)= Betting Fees
● (Betting Fees)*(0.10)= Development Fees

OMN Fees are calculated and allocated

● The OMNs receive 40% of the total Fees deducted from the Bet Payouts
● These coins are equally distributed to all OMNs on the network
● (Bet Stake)*(Odds)= Gross Bet Payout
● (Gross Bet Payout) — (Bet Stake) = Bet Profit
● (Bet Profit)*(0.06)= Betting Fees
● (Betting Fees)*(0.4)= OMN Fees

Like what you read? Give Wagerr a round of applause.

From a quick cheer to a standing ovation, clap to show how much you enjoyed this story.