How blockchain startups are using online betting and prediction markets to drive mass adoption and power the next generation of blockchain development.
Betting on Blockchain
The recent drop in cryptocurrency prices might be discouraging to some traders, but those who are passionate about the underlying technology of the blockchain are more excited than ever as more blockchain projects turn into real-world applications.
Online betting and prediction markets are an astute entry point for blockchain startups. First, there are lots of ways the decentralized, immutable, and transparent qualities of blockchain technology could improve upon existing online betting/prediction market options. Second, on May 14, 2018, the Supreme Court of the United States struck down a federal law that banned gambling on sporting events. With the lifting of this legal prohibition, the online betting sector is ripe for disruption from blockchain projects with technology that improves trust and the efficiency of transacting between betters and bookmakers.
One project hoping to take advantage of the new legal landscape is Waykichain, a blockchain startup that is creating what it describes as a “backbone infrastructure” for blockchain 3.0. While Waykichain is known in China, it could soon gain recognition overseas thanks to the recent launch of a new betting/prediction dApp that will showcase its network, attract new users and expand its business model to overseas markets.
The core purpose of WaykiChain is creating an application development infrastructure and easy-to-use development tools with real-world applications. Its foundation is a decentralized and secure public chain with sidechains designed to run various applications. Each dApp built on WaykiChain will have a unique sidechain with independent application data. These sidechains can be designed for very different use cases with a public main chain acting as a backbone for them all.
The Waykichain ecosystem system is being co-developed by three parties: WaykiChain core developers, open source community developers and third-party business developers. The WaykiChain core developers provide technical standards and community incentives to drive the development of the ecosystem. Using the underlying infrastructure of the public chain and smart contracts, businesses can develop decentralized applications and build their brands with blockchain endorsement.
The WaykiChain mainnet was officially launched on May 13, 2018. Its public chain uses a DPoS consensus mechanism and has a transaction speed of 1000+ per second, which is 30 times faster than Ethereum. On May 18, WaykiChain became the first blockchain project in the betting/prediction industry to launch its own dApp.
WaykiChain has created several tools to showcase the functionality of its network. One of these is a dApp that anyone in the world can use as a template to create a blockchain-based online prediction platform. WaykiBet is the first smart contract based dApp released by the WaykiChain team. It can be used by anyone anywhere in the world to set up an online prediction market.
There are many differences between traditional betting and blockchain based betting. These include the way that games are funded and the amount of information that is provided to the players. WaykiBet makes it possible to create decentralized prediction and betting games, which are more fair and transparent than centralized online betting options. Users can track the game records through WaykiChain’s blockchain explorer at any point. After a game is over, a smart contract automatically calculates the results and delivers payouts, with no manual participation required.
WaykiBet was launched in May 2018 and has already been downloaded over 130,000 times. A new version released in November 2018 (v2.5) has features that make it even more accessible for third-party developers, who will be able to develop game applications in just a few clicks.
WaykiChain’s blockchain infrastructure has applications in a variety of industries. Prediction markets are merely a starting point for drawing in new users and showing developers what can be done with the WaykiChain platform. In this sense, decentralized prediction is not the core of what WaykiChain is offering. It is a good market entry point to showcase its business model and drive market expansion.
The second dApp released by the WaykiChain’s team is called WaykiTimes, and is mainly designed for WaykiChain users and cryptocurrency investors, developers and business partners. WaykiTimes is the official source for the latest WaykiChain updates. It has a wallet function, as well as news and community modules. It also works like a social network. Users can post and comment in the community and discuss hot topics with other crypto enthusiasts.
WaykiChain’s Smart Contract Platform
Once the public chain is operating and stable, WaykiChain will run an open API where individuals and organizations from anywhere in the world can develop and operate various applications on WaykiChain. WaykiChain’s smart contracts are created with Lua scripts. Lua was developed in Brazil in 1993 and is widely used. WaykiChain chose it because it is easy to learn and use by community developers.
WaykiChain is one of several new projects aiming to be the foundation of blockchain 3.0. Arguably, it is one of the most promising. WaykiChain’s public chain is already operational and capable of processing more transactions per second than Ethereum. As different sidechains are added this throughput will increase.
WaykiChain is also creating an infrastructure to integrate blockchain technology and real-world business applications. Thus, WaykiBet is simply a development template that anyone can use to build and run a blockchain-based prediction market. The choice of prediction markets as an entry point for broader adoption is a smart move, considering the benefits that blockchain has to offer the industry and the new open legal framework in the United States. In this sense, the success of WaykiBet will drive WaykiChain’s push into overseas markets. But more than this it will also help drive the mass adoption of blockchain and the next generation of its technological development.