Ideal decentralized betting.

[Smartprofit]

1. The platform works only with cryptocurrencies. No fiat.
2. The platform is a decentralized network of nodes that are part of a single network.
3. The creation of bookmaker lines or "Yes" and "No" tokens, like on Polymarket, is also decentralized.
4. The platform token is used to pay commissions.
5. Determining the results of matches, resolving disputes and moderation are decentralized.

What kind of "commissions" are you talking about? Do you mean affiliate commissions? It would be a very interesting idea for such decentralized gambling platform to have an affiliate/referral program. Actually, an affiliate program might be necessary for boosting the popularity of the platform and gathering a huge amount of active users.
Why such decentralized platform would need a token, since the bets are made with BTC or the most popular altcoins? There's no need for implementing tokens and converting BTC/altcoins to a specific token. All casinos, that have their own token are centralized. I've never seen a decentralized gambling platform having a gambling token.

Yes, I agree with you. A native token is an unnecessary element for a decentralized betting platform.

In my opinion, it makes sense to make Bitcoin the main currency of such a decentralized platform. After all, Bitcoin is the most famous and widespread of all cryptocurrencies.

In addition, it seems reasonable to add a few more cryptocurrencies to the platform, in case the Bitcoin blockchain starts a season of high fees. Litecoin, Ethereum, Solana - these are the cryptocurrencies that I would like to see on this decentralized platform.

And of course, the ability to create deposits in Monero would be ideal. As I wrote above, Monero is an ideal cryptocurrency for a decentralized betting platform. Monero is a coin that was originally created as a cryptocurrency with increased anonymity and privacy. Moreover, these properties are enabled by default in this coin. The coin has repeatedly been persecuted by regulators. It faced delisting from most centralized cryptocurrency exchanges. In my opinion, it is ideal for truly decentralized projects.

[Aanuoluwatofunmi]

Today I wrote in another thread about decentralized betting and I thought that we haven't had a full discussion about this issue yet. Decentralized betting platforms have made a good step in this direction, and I see that this movement is unstoppable, but there are still many problems that prevent us from talking about complete decentralization.
So, I would like to ask you, how do you see the ideal
decentralized betting? If you are not competent in betting, you can tell us how you see the ideal decentralized casino.

The little i may have to say is about the what they gamblers want, it got to an extent that privacy has become a threat to achieve with the use of gambling platforms as some of their information got leaked with the casinos as been given under KYC, which birth to the consideration of having a decentralized gambling platform where everyone van gamble, but i will say this on my own, that it is somewhat difficult to trust something we know nothing about, the fear of being under risk or losing their account or money on any decentralized gambling planform and the number of games and gambling services they could enjoy with the use of a decentralized one is a serious challenge today, that is why some don't even mind to use a kyc casino because of all these.

[Davidvictorson]

People do not understand that this is what that is important in decentralization, but they think the gambling sites are decentralized because they do not get verified and they can gamble up to huge withdrawal limit without going for KYC.

You are obviously a fan of decentralized betting.
If I should ask, from your statement does it imply that if a platform has several nodes and no central server but asks users to get verified, are they still considered as decentralized?

[sunsilk]

I agree with the idea of not having support for fiat deposits and withdrawals. The usage of fiat means that it's still controlled by outside factors and that's the government because they're using cash.

But having it with 100% support for cryptocurrencies specially Bitcoin, that means that even the external force doesn't have fully control on it.

While the others are chill and have already considered a casino when there is no need to verify and as long as they go easy and can play for as long as they can.

[Oshosondy]

You are obviously a fan of decentralized betting.
If I should ask, from your statement does it imply that if a platform has several nodes and no central server but asks users to get verified, are they still considered as decentralized?

There should be nothing like KYC in a decentralized system but if KYC is requested for, let us say through something like voting, I do not think it is centralized. But for what purpose if they are doing something just as it is on centralized sites? They will only use the means to drive more customers away.

[irhact]

The only area I see some challenges with this will be with funding, since a decentralised casino is expected to be only crypto and not Fiat, some persons whoa got issues with conversion may find it challenging and some times when network fees go high for depoof coins, it may become challenging to some persons who are probably hoping to gamble on budget but of the casino can actually find a way around making it possible that their token is available on other exchanges such that transactions on their token will be charged at a very subsidised rate especially when funding your wallet on their platform, that will go a long way solving  that issue.

[Julien_Olynpic]

Yes, I agree with you. A native token is an unnecessary element for a decentralized betting platform.

In my opinion, it makes sense to make Bitcoin the main currency of such a decentralized platform. After all, Bitcoin is the most famous and widespread of all cryptocurrencies.

I will allow myself to disagree with this. Many people ask and do not understand why a native token is needed. My answer is that a platform's native token is needed to finance developments. At the same time, the platform must finance itself. If this does not happen, the platform will not develop, which means it will die quite quickly. Can Bitcoin perform this function? No, it cannot. After all, developers initially do not have enough Bitcoin to spend on developing a decentralized sports betting platform. Bitcoin has long been performing a different function. It is an unofficial universal decentralized currency.
But can direct investments from large investors act as an alternative to a native token? In my opinion, this is unlikely and it undermines the principle of decentralization and anonymity.

[Smartprofit]

Yes, I agree with you. A native token is an unnecessary element for a decentralized betting platform.

In my opinion, it makes sense to make Bitcoin the main currency of such a decentralized platform. After all, Bitcoin is the most famous and widespread of all cryptocurrencies.

I will allow myself to disagree with this. Many people ask and do not understand why a native token is needed. My answer is that a platform's native token is needed to finance developments. At the same time, the platform must finance itself. If this does not happen, the platform will not develop, which means it will die quite quickly. Can Bitcoin perform this function? No, it cannot. After all, developers initially do not have enough Bitcoin to spend on developing a decentralized sports betting platform. Bitcoin has long been performing a different function. It is an unofficial universal decentralized currency.
But can direct investments from large investors act as an alternative to a native token? In my opinion, this is unlikely and it undermines the principle of decentralization and anonymity.

You write (in the first post) that the native token will be used to pay commissions. However, what difference does it make whether you pay commissions in the native token or, for example, in Litecoin?

Buying and selling the native token, in my opinion, is an unnecessary action (it complicates the life of users). After all, it turns out that I have to buy, store, and then sell a token that I absolutely do not need, which has no other use except for using it on this particular betting platform.

At the same time, I will most likely incur losses, since it will be difficult for me to predict how much of the native token I will need and I will buy more than I need. I will also have minimal remains of this token, which I will never be able to sell. As science fiction writer Robert Sheckley wrote, "The introduction of a new character into a novel is always fraught with consequences."

Personally, I would prefer to pay commissions with some popular cryptocurrency that I already have, and not with the native token of the platform.  This will make it easier for me, in particular, to calculate my profits and losses based on the results of the reporting period.

[Julien_Olynpic]

As an ideal option, I believe that such an online betting platform can be created on the basis of the Monero cryptocurrency. Monero is a model of anonymity and privacy in the crypto industry.

By the way, the main ideologist of Monero, Riccardo Spagni, is currently developing the Tari coin (which involves parallel mining with Monero). Tari is positioned as a platform for creating completely anonymous and confidential digital assets.

And such digital assets can theoretically be sports bets, winnings and bonuses. In general, in my opinion, it is quite possible to create a decentralized betting platform based on the Tari and Monero cryptocurrencies.

Moreover, this project will not have founders (whom regulators can threaten with repressive measures). This is a big plus in terms of decentralization of such a project.

In my opinion, the main problems in a decentralized bookmaker like Polymarket are the creation of lines or bets and their moderation. After all, a variety of things can happen. For example, if we take political betting. Let's say candidate A is competing with candidate B. And at some point, unexpectedly for everyone, political candidate A dies. And then a lot of questions arise.
- What to do with the line in this case?
If the line needs to be cancelled, then other questions arise.
1. Who should make the decision to cancel the line?
2. On what basis should he make such a decision?
Another case. What if candidate A wins, but candidate B challenges this decision? What if a legal conflict arises that lasts for months?
--------It is clear that in this case, an important role will belong to decentralized moderators.
1. But where to look for them, how to instruct them?
2. Who will approve them for the position? Who will fire them and for what violations?
3. How to maintain decentralization in this process?

[Sanitough]

I think in sports betting, we can’t really deviate from the popular setup. There still needs to be a bookmaker using the same kind of market that fiat sportsbooks are offering. it’s more attractive, and it helps bookies keep the lines balanced. Based on what I’ve seen, when totals and point spreads are posted, the lines barely move, especially in big leagues. But if it’s decentralized, one-sided betting can easily throw off the balance, making the other side undervalued. So I don’t think that kind of system will prosper.

What I do like about decentralization is the payment side. Some sportsbooks accept bets and release payouts without requiring KYC, which is a big plus for privacy.

[kotajikikox]

What I do like about decentralization is the payment side. Some sportsbooks accept bets and release payouts without requiring KYC, which is a big plus for privacy.

This is exactly what most are looking for anyway. They want to not give out KYC. Decentralized casinos seems to be a lot less strict than centralized ones since they have to comply to the government's rules. But there are also some cons like the user experience will be quite different than what is familiar. There could also be only a limited amount of games or events to bet on.

[Smartprofit]

As an ideal option, I believe that such an online betting platform can be created on the basis of the Monero cryptocurrency. Monero is a model of anonymity and privacy in the crypto industry.

By the way, the main ideologist of Monero, Riccardo Spagni, is currently developing the Tari coin (which involves parallel mining with Monero). Tari is positioned as a platform for creating completely anonymous and confidential digital assets.

And such digital assets can theoretically be sports bets, winnings and bonuses. In general, in my opinion, it is quite possible to create a decentralized betting platform based on the Tari and Monero cryptocurrencies.

Moreover, this project will not have founders (whom regulators can threaten with repressive measures). This is a big plus in terms of decentralization of such a project.

In my opinion, the main problems in a decentralized bookmaker like Polymarket are the creation of lines or bets and their moderation. After all, a variety of things can happen. For example, if we take political betting. Let's say candidate A is competing with candidate B. And at some point, unexpectedly for everyone, political candidate A dies. And then a lot of questions arise.
- What to do with the line in this case?
If the line needs to be cancelled, then other questions arise.
1. Who should make the decision to cancel the line?
2. On what basis should he make such a decision?
Another case. What if candidate A wins, but candidate B challenges this decision? What if a legal conflict arises that lasts for months?
--------It is clear that in this case, an important role will belong to decentralized moderators.
1. But where to look for them, how to instruct them?
2. Who will approve them for the position? Who will fire them and for what violations?
3. How to maintain decentralization in this process?

In my opinion, in a situation where one of the candidates dies, the second candidate may be declared the winner of the election. And this is indeed the case. It's just that the victory was the result of force majeure, and not the natural process of holding elections.

However, there may be other situations. For example, the elections may be cancelled. This may happen for various reasons - for example, due to the introduction of martial law in the country. And what to do in a situation where neither candidate A nor candidate B becomes president, but a new person - candidate C?

In practice, at least for now, legal nuances do not prevent one of the candidates from being declared the winner. It's just that the president of the country is such an important figure that a consensus on this issue arises in society one way or another.

Otherwise, society is threatened with civil war, which, of course, no one wants. Nevertheless, controversial situations may certainly arise. The terms of the bet must always be unambiguous.

Perhaps such decentralized platforms as Polymarket need their own arbitration court (where the judges will be from among the most authoritative and respected people).