Project Name: Bet Buddies Project Track: Defi Team Name: [Your team name] Team Member(s): Organization DevPost Project Link: SOON Project Goal: Bet Buddies is a decentralized finance (DeFi) dApp on the Tron blockchain designed to redefine social betting. It offers a unique platform where users can create personalized bets with friends, giving them full control over the terms and outcomes. Using smart contracts, Bet Buddies ensures a secure and fair betting experience, with funds held in escrow until the winner is determined.
Project Value: Bet Buddies fosters trust and transparency in social betting by utilizing smart contracts to manage and settle bets automatically. The platform eliminates the need for intermediaries and prevents disputes by guaranteeing that winnings are distributed to the rightful winner securely and quickly.
Project Info: [Upload a project deck/slides in PDF format to share more about your project with the community. It’s recommended to upload early for more exposure.] Project Website: [URL to access your project publicly] Project Test Instructions: [Provide step-by-step instructions for testing the platform.]
About Project:
Custom Bets: Users can create personalized bets on a variety of topics, from casual bets with friends to more serious wagers. Both parties must manually input the winner’s ID to ensure fairness and transparency in the outcome.
Smart Contract Escrow: Funds for each bet are held in the smart contract until the winner is confirmed. This ensures that the funds are secure and can only be accessed by the legitimate winner.
Automatic Payouts: Once a winner is determined, the smart contract automatically transfers the winnings to the winner’s wallet, ensuring a fast and dispute-free payout process.
Future Feature Updates Coming to BetBuddies:
Live Game Betting: Bet Buddies will introduce live betting on sports events such as NFL, NBA, soccer, and more. Users will be able to place real-time bets as games unfold, enhancing the excitement of live sports.
Betting Pools: In the future, users will be able to participate in betting pools where they can place wagers against larger groups of participants. This feature will increase the potential winnings and create a more dynamic betting experience.
Expanded Betting Markets: Bet Buddies will expand beyond sports betting to include political events, entertainment outcomes, esports, and other popular betting categories, offering users a diverse range of options to engage with.
Mobile Integration: Bet Buddies plans to enhance mobile functionality, allowing users to create, join, and manage bets directly from their smartphones. This update will make the platform more accessible and user-friendly for on-the-go betting.
Security and Transparency:
Bet Buddies ensures transparency and security through the Tron blockchain and smart contract technology. The decentralized nature of the platform guarantees that no central authority can control the betting process or interfere with funds, making the entire experience safe and tamper-proof.
Building the Future of Betting:
Bet Buddies is at the forefront of the future of betting, combining decentralization, transparency, and social engagement. By leveraging blockchain technology, the platform offers users a more reliable and exciting betting experience. With future updates, Bet Buddies will continue to expand its features, creating new possibilities for betting communities worldwide to interact and compete.
Smart Contract Links: [Link to smart contracts if applicable] Project Milestones: [Outline key milestones and progress for the hackathon period.]
Welcome to season 7 of hackathon
Bet Buddies is a groundbreaking project on the Tron blockchain, transforming social betting into a secure, transparent and fair experience.
I have some important question that needs clarity
Is there any measures been put in place to prevent underage gambling and protect users.
How will you manage large flow of users and transaction especially during climax period.
Welcome to Grand hackathon S7
As a betting platform any plans to follow up on regulatory compliance with some regions that it may concern?
Do you have plans to launch your own platform token so as to pay your users with it? What token would be used to pay users/winner’s?
Is there any minimum and Max stake ?
Welcome to the hackathon season 7
Your project provides a valuable solution for social betting by leveraging smart contracts to ensure trust, transparency, and security. This innovation not only enhances the user experience but also sets a new standard for fairness in the betting space. Please clarify me on;
What process are in place to verify the outcome of each bet before the smart contract executes the settlement?
How the elimination of intermediaries impact the overall cost of using the platform. Are users saving on fees compared to traditional betting platforms?
I am also curious about the elimination of intermediaries in your betting platform, but from a different angle. I wonder what plans for integration with regulatory institutions and legacy players in the industry (casinos, etc). It seems to me that in this particular field (gaming, betting, etc) it would be better to work with the owners of the current space instead of against them.
Perhaps one viable path would be to make a working product/beta version and then attempt to attract investment from gaming industry veterans/gaming groups? I bet casinos (and regulators) would love anything that could lower their bottom line and increase their transparency.
After undergoing your project I noticed that the use of smart contracts is a brilliant solution to ensure trust and fairness among users.
But I have some questions for BetBuddies.
What steps will you implement to comply with various regulatory framework, and also ensure that your service is accessible for users around the world.
Hello Dear mr…
I have quistion about your topic cane you tell me more…
How does Bet Buddies leverage smart contracts to enhance security and fairness in social betting, and what features allow users to customize their betting experiences with friends?
Currently we don’t ask for any ID to verify if the the users are Underage or not, we just simply ask in a pop up message to select yes or no
but in future releases we might consider adding a KYC verification
To answer your second question, we don’t have to worry about managing large flow of users and transaction especially during climax period, because this is handled by out smart contract which is powered by Tron.
The initial launch of our platform will focus on social betting, allowing friends and family to bet on any topic of their choice. It could be as lighthearted as siblings betting on which parent will return home first.
In future updates, we plan to integrate live sports betting and betting pools. Before rolling out these features, we’ll ensure all regulatory compliance is properly addressed.
All transactions and payouts will be made in $TRX. While we’ve never considered launching our own token, your suggestion has given us something to think about, and we’ll definitely take it into consideration. Thank you!
ok will do!!
It’s a social betting platform. In our V1 release, bets can only be placed between two parties, Player 1 and Player 2. Player 1 generates a BetID and sends it to Player 2, who cannot join the bet without this ID.
For example, if the players bet on a match between Chelsea and Manchester United, there will be a winner or a draw when the match ends. To finalize the bet on the platform, both players must select ‘end bet’ and agree on the outcome. If Player 1 won, both players need to select Player 1 as the winner, and the same applies if Player 2 won. If the players select different outcomes, the bet remains unresolved, and the funds stay locked in the smart contract.
ok i will just repeat the same example i gave someone else
i Hope it explains and answers your first question
For example, if the players bet on a match between Chelsea and Manchester United, there will be a winner or a draw when the match ends. To finalize the bet on the platform, both players must select ‘end bet’ and agree on the outcome. If Player 1 won, both players need to select Player 1 as the winner, and the same applies if Player 2 won. If the players select different outcomes, the bet remains unresolved, and the funds stay locked in the smart contract.
The elimination of intermediaries helps in a better user experience overall, its literally us giving all the power to the users, only fee they have to worry about is a small commission of 0.8% when the winner of the bet is paid out and tron gas fees.
Users will be in control of cashout regardless of winning amount, which is not the case in a lot of betting platforms
Bet Buddies uses smart contracts to ensure security and fairness in social betting. When a bet is placed, funds are held securely in a smart contract, preventing any interference until both players confirm the outcome. This guarantees transparency and protects against disputes.
Once the result is agreed upon, the smart contract automatically pays out the winnings to the winner’s wallet. This ensures fast, secure payouts with no middlemen.
For customization, users can create personalized bets on any topic, and both players must manually confirm the result. If they disagree on the outcome, the funds remain locked until resolved, ensuring fairness for all.
All the best best to your project.
Please work on providing complete information and recommended links not forgetting your social media handles.
Good, all deposit and payout will be done with TRX. Cool
I will suggest you stick to using $TRX. Plan well before creating your token for your project, cases like not having liquidity and tokenomics can be a big concern.
Not a bad concept, but here is my contribution, can’t this made automatically. Because what happen when player 1 select the winner and the other player 2 not available over some times?
