What is this?
A fully decentralized,trustless blockchain-based web application in which anyone can participate on or create their own betting pools. There are no limits to what you can bet on; any website can be queried against via API (Json,XML or HTML parse) and also via WolframAlpha and have the intended result parsed and uploaded to the blockchain using provable oracle service.
How to get RBTC?
RBTC is the main cryptocurrency of RSK EVM network and its pegged 1:1 with BTC.
Here some ways to get it:
You can use Sovryn FastBTC DAPP: DAPP Link.
You can use 2way powpeg: Native onchain BTC to RBTC app.
You can use wallets: Available conversion Wallets
or Buy trough Exchanges: Centralized Exchanges with RBTC.
How do I sign up?
There's no sign up, All server communication is delegated to the oracle contract, so using whales.bet is as simple as having MetaMask installed and some funds in RBTC in your account.
How can I trust you?
You don't have to! All the bets pools is created OnChain by Anyone and bets parsed via oracle OnChain based on the creator choosed query, the entire source code for the project is available on Github. We itself are a fork of wsbdd code from Nicholas Siplis. If that's not enough, you can take a look at the contract's verified code in RSK blockchain explorer. As for how the results are being fetched, whales.bet relies on Provable's blockchain oracle, one of the oldest and most well-known in the field.
How do I place a bet?
Simply search for the ID of the bet you want to participate in (check the bet's info to make sure everything looks good), write down your result and the amount you're betting, and click the "Bet" button. If you want to bet on more than one result, you can click on the "+" button to pack your bets into a single transaction, saving you time and money. There's a fixed commission for placing each bet of 0.000001 RBTC, so don't get alarmed if the amount you placed is not the exact amount you put in. Also, to reward early prediction bets, wherever you bet in a time difference of more than 25% and less than 75% in relation to Bet Deadline your bet will be slashed by 5% ,and wherever you bet in a time difference of more 75% in relation to Bet Deadline your bet will be slashed by 10% , which will go to the pool to reward bet winners.
What happens if I win?
After the bet has been executed and the result uploaded to the blockchain, all you need to do is lookup the bet's ID in whales.bet and click on the "Claim Bet" button. Your earnings will be dependent on two factors: your share of the winner's pool, and the bet's commission costs (fixed 0.000001 RBTC + a custom % set by the bet's owner). For example, if worldcup2022 ends up with Argentina winning and you were the only one betting on that result with 0.001 RBTC, you'd get the whole pool minus the 0.000001 RBTC fixed commission and the % commission set by the bet's owner.
What happens if no one wins or if the bet fails to run?
In both cases you can simply reclaim your funds (minus the fixed commission), the same way as if you had won the bet. If you had been slashed by late bets rule your slashed amounts will not return as refund, the amount will be cut in half and distributed to bet creator and whales bet to relief costs.
How do I create a bet?
Click the "Create Bet" button and you'll be presented with all the information you need to fill when creating a bet. I recommend caution when adding descriptions, try to keep them short since they quickly increase the cost of the bet creation transaction. If you'd like to get people interested in your bet, a great way to do so is setting an initial pool. This money will be fully refunded to you if no one wins the bet, but it's not associated with any result.
How do I format my query when creating a bet?
Let's take a look at an example query:
json(https://api.coingecko.com/api/v3/simple/price?ids=bitcoin&vs_currencies=usd).bitcoin.usd
We can divide this query into 3 parts:
- json(...) - The schema, which specifies the content type of the response from the external service.
- https://api.coingecko.com/api/v3/simple/price?ids=bitcoin&vs_currencies=usd - The actual URL where we'll be getting our data from.
- .bitcoin.usd - The path that tells the oracle service how to parse the response and actually extract the result.
