Please describe your proposed solution.
===== Problem and Solving =====
Current status of sports betting market:
Every year, transactions from the betting sports market are worth billions of dollars, which is an attractive market and always attracts players around the globe. The business value from this market is increasing while creating jobs for workers and a large number of players. However, this is a risky market for players, frauds from the Bookmaker and reduced rewards, lack of transparency and security for users.
To solve the problems in the traditional betting platform and many gaps, this project will offer solutions based on blockchain technology and apply the outstanding features of Cardano blockchain to solve the problem:
Increase asset ownership and transactions 24/7:
- With the ADABET.iO platform, customer transactions are made online 24/7 on the Cardano blockchain and do not depend on banks or visa payment gateways like traditional betting platforms.
- The ADABET platform builds on Amazon's powerful enough servers to create stake pools and Cardano full nodes that ensure the fastest access on the Cardano blockchain for customers, which helps to minimize disruption from Cardano- db-sync.
- With the application of WEB3 technology, it will remove the control of assets from the Bookmaker, helping players to keep crypto assets directly on the user's wallet. This is a superior feature compared to traditional sports betting platforms.
Transparency:
- All betting transactions are recorded on the Cardano blockchain: (rewards, deposits, withdrawals, and betting assets) players can access on the blockchain via the transaction hashes.
- Based on blockchain technology, on-chain transactions are immutable and the hash code is unique in transactions, so transparency is a top priority for development and application to the project.
Security:
- Cardano blockchain is operated with thousands of Nodes, each transaction and generated hash code will confirm and agree from many Nodes for that transaction to be successful. This makes the platform more secure, transactions cannot be faked.
- With Cardano's EUTxO distributed ledger feature combined with smart contracts, transactions are guaranteed to be received and sent (security and integrity of customer assets).
Increase fairness and high reward rate:
- Limiting the risks when applying WEB3 technology helps financial fairness, self-management of customers' assets when participating on the platform. Reduced transaction fees and higher reward rates than conventional platforms.
Anonymity and privacy:
- Most players don't want their real-life information to appear on internet entertainment platforms.The ADABET platform does not support transactions from banks or traditional payment instruments.
- Players are completely anonymous, every transaction is made on the Cardano blockchain, players can view rewards, send, receive from on-chain sources. This is the evidence for the operating platform as well as the place to provide information to customers in the most accurate way.
Image taken from project ADABET.iO Phase 1
===== Solutions applied to the project, engage and demonstrate =====
We completed phase 1 of the project in Fund9 with the MVP version and deployed functions, the report here:
<https://www.youtube.com/watch?v=zzgfAH4gbAg>(document report: https://docs.google.com/document/d/12AnaayJLMulERiiOidn2r_8wn7MBk3C_aAb8MR5D4IA/edit?usp=sharing)
As the outputs:
- Completed system design, and environment for programmers to develop platform.
- Complete the graphic design of the UX/UI of ADABET.iO
- Complete basic functions such as:
+ Bet order, Betting.
+ Pay bonuses to players.
+ List of matches.
+ Inplay function.
+ Statistics.
+ Betting history.
+ Top-up tokens.
+ Withdraw tokens.
+ Transfer tokens.
+ Connect ADA wallet.
+ Choose your favorite match.
+ On-chain transactions.
+ The match is in progress and the match is coming.
+ Complete connection APIs.
+ Winning or losing results in betting.
+ The airdrop function creates events for players.
+ Profile function, KYC …
We completed the MVP(*) in phase 1 of the project in F9. In phase 2 (F11) we will develop into a full product and widely promote it to players.
Specifically:
- Develop community features and player support services.
- Develop user leveling and reward features that are deeper in the algorithm.
- More sports content other than the 6 sports content has been posted and completed.
- Added description and guidance documents for new players
- Create events on the platform that attract players to participate through live matches (such as top rankings in scores, betting, and active member statistics to award rewards).
- Strengthen advertising communications and promote products in the market.
(*)MVP: Players can register, connect their wallet, deposit money, and play on the ADABET platform (bet on the matches and odds you predict) right now:
https://adabet.io/sports/top?id=1
You can also get 50ABE tokens for free from our Cardano blockchain betting experience platform.
https://adabet.io/airdrop-event/gift (get free 50ABE token +2ADA)
We will develop the following features expand:
- Pool stake match (Collaborative, Incentivization) During the match period players can participate in betting on a match, the number of bets in that match is displayed, and the bet amount is displayed in pool stakes. After the match is over the token is released from the take and divided among the players participating in this game. Players can receive additional bonuses with a certain percentage when winning bets. This is an interesting function that attracts players to join and collaborate on creating pool matches on the platform.
- The swap function allows exchanging rewards from GEM, Point to the token, it also swaps between token pairs (GEM/ADA, ABE/ADA, DEJD/ADA, USDT/ADA ..) on the ADABET.iO. platform Players can also swap and transfer tokens to their wallets. This function will be useful and convenient for players when there is no need to trade conversions at Cex exchanges. This is a feature that increases DeFi and tokenization for the platform.
- Features creating ranks for players: For example, ranking VIP, Level for users on the platform. Based on the number of transactions, the number of deposits and withdrawals, the number of assets involved, and the number of wins and losses. Scoring and tier formulas will rank player cashback rewards
- Build APIs and Oracles for necessary platform functions to help communicate data and submit on-chain.
- Add other sports content on the platform (Chess, hockey, rugby, horse racing …)
- With more game content, Casio joins the platform.
- Create policies, customer support channels, and ADABET community
The impact of the project is proven through the parameters that we aim to:
- The number of people registered for an account on the ADABET platform
- The number of ADA wallets connected or created from the algae platform for players
- The number of bet orders and transactions on the Cardano blockchain generated by the platform.
- Feedback is collected and exchanged on ADABET and the Cardano community
- The number of investors holding the project's tokens
- Amount of ADA, integrated Cardano native tokens, and platform exchange
- The number of pool match games created.
- The number of token swaps on the platform.
These metrics will demonstrate growth and impact and attract the community of gamblers and crypto enthusiasts to join.The project can go beyond the Cardano community and reach new customers from conventional betting platforms.
We will be publishing these metrics in the Cardano community, project development and challenge teams, and these will also serve as KPIs in this project.
Images and data from the ADABET.iO project.
Some of the successes we have achieved earlier in this project:
- On-chain betting has been carried out: The player's bet transaction is submitted on the Cardano blockchain.
- The data of match rate, win rate, and team name are all recorded on the blockchain in the form of metadata of a transaction such as:
{home: Sturt Lionsaway: Adelaide Cometsstart: 2023-07-08 05:30:00market: 1x2odn: 1odv: 1.36bet: 2 ABEhome: West Torrens Birkallaaway: Adelaide Blue Eaglesstart: 2023-07-08 05:30:00market: 1x2odn: xodv: 1.42bet: 2 ABE
home: Para Hills Knightsaway: Port Adelaide Piratesstart: 2023-07-08 05:30:00market: 1x2odn: 2odv: 1.02bet: 2 ABE}
It is the result between off-chain and on-chain that we have successfully built work in user bet orders. It's also a testament to the way of writing on the blockchain of a transaction, very clear and transparent, limiting disputes and fraud from bookmarker to players.
<https://youtu.be/zzgfAH4gbAg>