This year, cryptocurrency professionals and football fanatics are looking to combine their two passions by betting on the Superbowl using Ethereum.
Using digital currency for betting is not a new practice as there are a few companies, such as XWIN, that are already in the process of setting up sports betting on their websites.
These platforms are still not fully operational. Which is why we are seeing a newfound craze for a platform known as the Cryptobowl.
Simplifying the Cryptobowl
Using the Blockchain for betting is surprisingly simple compared to other centralized betting systems. With only 1200 lines of code on an Ethereum contract, the Cryptobowl uses the WolframAlpha API to know figure out who has won the game. It then pays out the appropriate amount and the results are communicated via the Oracle.it API.
The simplicity of its betting system is what makes Cryptobowl a unique platform with huge potential.
Great minds never seem to be short on interesting ideas and despite the recent volatility on the crypto-markets, Cryptobowl brings a new breath of life to the world of crypto finance.
The Distribution Method
The distribution method of the Cryptobowl is somewhat original because it works by spreading itself around the entire network. According to an FAQ, winners will be able to collect their winnings and some of the pot from the losers who have contributed. This margin makes it much easier to win over public interest and trust.
Although smart contracts are only a fraction of the market, they show that sports betting using cryptocurrency could easily be developed in the coming months.
Thanks to ICOs, it is now possible to develop technologies in several different industries and they also contribute to fundraising to get new projects started. But the more we advance the technology, other problems are sure to present themselves along the way.
As it stands, we still need to figure out how to establish proper margins, as well as how the technology will be able to retrieve games scores from other centralized betting systems.