To anyone interested
- How XCP betting works technical forum thread
- [CounterTools]https://github.com/Jpja/CounterTools) supports betting , see
bet.htmlandcraps.html
Assets are definitely not supported. Only XCP can be used for betting.
If asset betting shall be implemented, one (or two) new parameter(s) must be added to specify asset(s) involved
'bet': ['source', 'feed_address', 'bet_type','deadline', 'wager_quantity', 'counterwager_quantity', 'expiration', 'target_value', 'leverage'],
On the bright side - if we do implement this, I think there won’t be a problem with indivisible assets. And one asset against another shouldn’t add much complexity either.
An example on how it works now is that Alice wagers 10 and demands counterwager 30 on the feed from Oracle A. She’ll win if the value=4 after deadline 25 May 2017 12:00.
Then Bob comes along and wager 30 with counterwager 10 on NOT equal 4 but other parameters are the same.
The protocol matches these two bets, i.e. escrows the amounts, and pays out to the winner after the Oracle’s first broadcast after the deadline. The winner is determined by the broadcast value.
It’s implied that they use XCP for betting.
It shouldn’t be too difficult to add for support any asset, right? And once we’re at that, we can just as well let them specify asset A for wager and asset B for counterwager. If Alice wagers 10 XCP and requires 30 PEPE counterwager, then it will match with Bob’s wager of 30 PEPE against 10 XCP.
The protocol will thus escrow 10 XCP from Alice’s address and 30 PEPE from Bob’s. The winner receives 10 XCP and 30 PEPE.
I found the easiest way to think of betting is as a market (DEX) where odds are equivalent to price
Is this something I should add to this CIP or should I keep the current proposal to auto oracle+bet address only?