Community Powered Betting House: Head-to-Head bets and Pool bets releasing January, 2021
Overview: Decentralised betting
The Vanilla Network team are in the final stages of releasing their head to head, and pool betting decentralised application (dApp). This allows users to participate in peer-to-peer betting on anything ranging from Sports, Politics, Cryptocurrency Price Predictions and much more.
The user decides the odds, allowing the user to become the house away from the centralised system which aims to profit from its players by significant investment in risk management strategies. Our full decentralised offering puts the power back into the hands of the user.
How will it work?
Owners of the Vanilla Network token (token ticker: $VNLA) will be able to deposit their tokens onto the Vanilla Betting Platform, which is an innovative web application accessed via our website www.vanilla.network. No KYC is required given the decentralised nature however, a simple login will be required for traceability and bet ID purposes.
On depositing into the Vanilla betting platform, the VNLA token will be replaced with the stable ‘Vanilla Bet’ token. This therefore, allows users to bet as frequently as they desire without suffering the deflationary charge of 5% which is central to the Vanilla Network ecosystem. On withdrawing from the Vanilla betting platform, a 5% deflationary charge will occur which is returned as a dividend to stakeholders in the ‘Vanilla Staking pool’. Therefore, 0% commission charges are incurred for the user and stakeholders / investors in the Vanilla Staking pool are rewarded a dividend as a result of the betting use-case in the ecosystem.
The ‘Vanilla Bet’ token is simply a stable token pegged to the price of the VNLA token. There is no use or value on the open market, until it is withdrawn from the betting platform and replaced with the VNLA token. Future use cases are in the works for the Vanilla Bet token and these will be announced in due course.
How to place / create a Head to Head bet?
This is the simplest form of peer-to-peer betting. A player opens a bet with their own defined odds and an associated wager. Another player will need to be enticed by this to ‘match’ the bet. Community members will be able to provide ‘links’ to these bets to other community members in order to access this bet to have it fulfilled.
Players are able to create their own betting statement on the Vanilla betting platform for any event they choose; so are not bound by centrally defined odds or conditions.
H2H bets suit events that have an either / or outcome. Such as a Tennis match between two individuals or even an NFL match. Our innovative results feed will pick up the proposed winner of these events and will payout the resulting winner.
On major or popular events, players will be able to bet on their desired outcome with all stakes going into a single pool. The odds depend on the amounts that are wagered on each outcome. For example, in a football match there will be either a Win, Draw or Lose option.
As users pool into their desired outcome, this will auto generate the odds at the the start of the event when betting ceases. As per H2H betting, our innovative results feed will pick up the winning outcome and players will be awarded a payout based on their stake and associated betting odds.
Therefore, cutting out the bookmaker and allowing for a full decentralised experience.
How can such an elaborate platform be created on the Blockchain?
The Vanilla Network team have a wide range of skills allowing for such an innovative and ground breaking platform to be created. Without the need for employing risk management experts and actuaries to develop profitable betting odds for the ‘house’. These type of online bookmaking platforms are already widely available in abundance in the traditional online market.
This new and unique and platform which relies on Blockchain technology is a significant investment in time and resources but we believe this will bring significant value to our investors as adoption progresses.
What’s to come?
The development of a legitimate use case will allow for future partnerships and the ability to allow for advertising billboards on our platform generating future revenue generating leads.
Also, the development of social media betting will allow multi-way bets, with a user having the ability to act as their own bookmaker setting their own defined odds amongst many other players. With no commission being charged by the Vanilla Network platform, we believe this will be a winning formula and will allow us to take a share of the archaic centralised online bookmarking industry which globally is valued at an estimated $80Billion.
(Set slippage to 5% - 6% due to burning protocol - see Vanilla staking pool below)
Telegram community: https://t.me/Vanillafinance
Official Twitter: https://twitter.com/VanillaNetwork1?s=20
CoinGecko Listing: https://www.coingecko.com/en/coins/vanilla-network
CoinMarketCap Listing: https://coinmarketcap.com/currencies/vanilla-network/