Betherance
Betting governance
The Betherance platform is composed of 3 fundamental types of users each with a crucial and unique function on the platform: bet creators, bet sharers, and bet validators. Together they form what we call betting governance.
Bet creators
Bet creators are the first and most fundamental users in Betherance. Their task is to create unique bets of any kind that the community can wager on. To create a bet, creators lock up a given amount of tokens that will be returned during the reward period as “proof of veracity”. This only applies to public bets using Betherance's BVP validation method, otherwise, no lockup is needed.
In reward for their work, they will be incentivized by earning a fee from the total amount of allocated tokens in their created public bets, and a loyalty reward from the Betherance Rewards Pool. Bet Creators will be able to create both public bets and private bets.
Bet sharers
The Bet Sharers’ task is to promote individual bets on the Betherance platform. In return, they will earn a reward from the Betherance Rewards Pool, based on the amount of people that place a bet thanks to their efforts. To facilitate this task, Betherance will provide them with Betherance Widgets. Widgets are small pieces of interactive code that can be placed on any website or blog.
Bet validators
Bet Validators are a very important part of the Betherance Validation Protocol (BVP). To become a Bet Validator users will stake a minimum required quantity of tokens in order to get validation rights. These tokens are locked up throughout the validation period; they can be released at any time after the validation period ends and a bet is successfully completed. Users will have a custom dashboard where they can find all of the bets with an active validation period status. In return, users will get a token reward for each bet they successfully validate from the Betherance Rewards Pool. Rewards are calculated based on the amount of valid activity performed on the platform.
Bets
In Betherance, users will be able to create and wager on bets based on their own interests. The time elapsed from bet creation to completion is known as the bet cycle.
Bet cycle
A successful bet is composed of three different stages: allocation period, validation period and rewarding period. This is a bet cycle.
Allocation period: This is the first stage. In this phase, users will be able to place bets during the specified timeframe before an event takes place.
Validation period: This is the second stage. It begins once an event or competition ends. This is the phase where the bet is validated by one of the two Betherance validation methods.
Rewarding period: This is the last stage of the bet cycle. Tokens are distributed to bet winners, and fees and rewards are distributed to bet creators, sharers and validators.
Public bets
Public bets will be available for the entire Betherance community to wager on. Every user will be able to create or place a bet on them. Unlike private bets, they can be validated by making use of either the Betherance Validation Protocol (BVP) or one of the trusted Betherance Oracles.
Private bets
This kind of bet will enable users to create a bet with a limited number of participants involved (two users minimum). These bets won't be available to the general public, so the bet creator won't earn a fee from the total amount wagered (as with public bets), but they will generate a loyalty reward from the Betherance Rewards Pool. Private bets aren’t eligible to be validated via the public BVP method, instead, they will make use of any of the available Betherance Oracles.
Validation methods
Each bet will be validated using a validation method. A validation method is an algorithm that guarantees a bet will have an official final result based on a specific event. In Betherance, there are two types of validation methods available: Betherance Validation Protocol (BVP), and Betherance Oracles.
Betherance Validation Protocol (BVP)
The Betherance Validation Protocol is what we call the governance protocol, as it's mainly focused on community interaction. This protocol will empower honest bet validators and incentivize them with rewards from the Betherance Rewards Pool.
The protocol will follow these rules:
Tokens in a bet validator's account must be staked in order to be granted the right to help validate bets and receive rewards for performed validations.
Bet validators may unstake tokens at any time if they are not currently validating an active bet that is still in the validation period.
Bet validator's staked tokens will get slashed and burned if they have more than one mismatching validation.
Bets will go into a validation period status for 24 hours after the allocation period has ended
Bet creators must provide a valid “source of truth” where the result of the bet will be available for bet validators and the public to see.
Source will be listed on all bet sheets. Users will be responsible to check whether bet creator's provided source of truth is a legitimate / trustable source before placing any bets. Betherance won't be responsible of any loss or fraudulent activity.
Source of truth
A source of truth is a secure website where bet validators will be able to spot the result of the wager and validate the correct outcome. Each bet creator must provide a valid source of truth when creating a bet.
Valid “sources of truth” must meet the following requirements:
Must be a secure HTTPS website
The exact URL where the result will be posted must be available for all users to see
The displayed result must be clear, visible and easy to spot
Video and text are the allowed formats
High availability website
Preferably, a well-known source (ESPN, etc.)
If an invalid source of truth is provided by the bet creator (making it impossible for bet validators to validate the bet), the bet will be cancelled and locked tokens from bet creator, provided as a proof of veracity, will be automatically burned.
Voting power
Each bet validator starts with a minimum voting power of 0.1 votes for every submitted validation, and can reach a maximum voting power of 3 full votes after successfully validating bets over time.
What increases voting power?
Successfully validating bets
The amount of time staking the Betherance Token (BETHER)
The amount of staked Betherance Token (BETHER)
What decreases voting power?
Mismatching validated bets
The amount of time elapsed since last successful bet validation
Validation consensus
After the validation period ends, validation consensus takes place automatically. Validation consensus will determine what is the winning option based on bet validators’ submissions and their respective voting power. There must be at least 85% of voting power allocated to the same result to be considered as validated. If no result reaches an 85% consensus of voting power, the bet will be cancelled and all allocated tokens will be returned to their original holders. No rewards will be distributed to the bet creator, bet sharers or bet validators.
Winners, rewards & fees
After a successful validation, the bet will go into the reward period where tokens are distributed to the winners, and fees and rewards are distributed to the bet creators, bet sharers and bet validators respectively.
Winners
The winners of the bet will get the amount of tokens they have allocated in the bet, plus the proportional amount of tokens from the losing side of the wager. For example, if 3 users bet a total amount of 300 BETHER tokens in option A, and 6 users bet a total amount of 600 BETHER tokens in option B, users from option A would get a x2 profit should they win, while users from option B would get a x1.5 total return.
Example
Bets
3 users wager 100 BETHER
6 users wager 100 BETHER
Total
300 BETHER
600 BETHER
Rewards pool
900 BETHER
900 BETHER
Implied odds
2/1
1/2
Calculation
(600/3) + 100 = 200 + 100 = 300 BETHER/user
(300/6) + 100 = 50 + 100 = 150 BETHER/user
300 * 3 = 900 BETHER
150 * 6 = 900 BETHER
Rewards
Rewards will be distributed from the Betherance Rewards Pool proportionally to bet sharers and bet validators’ staked tokens based on the quantity of successfully validated bets (the more successful bets, the bigger the rewards distributed).
Fees
Each bet using the BVP validation method will have a maximum fee of 3% of the total allocated tokens per bet. This fee will initially be covered in full by the Betherance Rewards Pool. Over time, as the platform matures, the fees will proportionately be drawn from both the BRP and the betting pool. Eventually all fees will be drawn from each wager directly.
Fees for BVP validated bets are distributed as follows: 1% for bet creator, 1% for bet sharers, and 1% for bet validators.
Betherance Oracles
Betherance Oracles is the default automatic validation method for private bets, and an optional validation method for public bets. Sometimes bet creators might need a faster way to validate their bets than the speed BVP can offer. This is where Betherance Oracles are the best choice. Please, refer to this section to get more detailed information about Betherance Oracles.
Source of truth
Betherance will be committed to provide users the best sources to validate their bets. To accomplish this, Betherance will try to spot the best partners in the industry that can provide accurate information to validate bets.
Validation consensus
After validation period ends, validation consensus will take place. Information will be required from one of the Betherance Oracles and will determine the result of the bet automatically. In the very low probability case that an error would raise during validation, the bet will get automatically cancelled and all tokens will be returned to their original holders.
Winners, rewards & fees
In case of validation consensus success, the bet will get into a rewarding period where tokens get distributed to the winners, and fees and rewards get distributed to bet creators and bet sharers respectively.
Winners
The winners of the bet will get the amount of tokens they have allocated in the bet plus the proportional amount of tokens from the loser side.
I.e. If 3 users bet a total amount of 300 BETHER tokens in option A, and 6 users bet a total amount of 600 BETHER tokens in option B, users from option A would get a x2 in case of winning, while users from option B would get a x1.5 in case of winning.
Rewards
Rewards will get distributed from the Betherance Rewards Pool proportionally to bet sharers based on the quantity of people that placed bets.
Fees
Each bet will have a maximum fee of 4% of the total allocated tokens in the bet. This fee won't get applied from the beginning, as Betherance Rewards Pool will cover 100% of them and gradually decrease over time until the maximum fee is reached. The fee is distributed in the following way: 1% for bet creator, 1% for bet sharers, and 2% for the Betherance Oracle.
I.e. 0.5% from total bets, 2.5% from Betherance Rewards Pool.
Betherance Rewards Pool
Betherance will lock a fixed amount of the Betherance Token (BETHER) total token supply in a smart contract. The sole purpose of the Betherance Rewards Pool is to reward allocated tokens to bet creators, bet sharers, bet validators and Betherance Oracles for their support of the platform. To ensure that the ecosystem is sustainable in the long run, fees generated from bets will get sent to the rewards pool address gradually over time.
Bet creators
In order to receive a reward from the rewards pool, they need to create quality bets for the platform.
Bet sharers
In order to receive a reward from the rewards pool, they need to successfully promote bets on the platform.
Bet validators
In order to receive a reward from the rewards pool, validators need to stake their tokens and successfully validate bets that use the Betherance Validation Protocol as their validation method.
Betherance Oracles
In order to receive a reward from the rewards pool, oracles need to be operational and actively providing accurate information to validate bets.
BRP Tracker
BRP Tracker is an online platform that aims to provide transparency and clarity to the distribution of rewards and commissions from the Betherance Rewards Pool. The platform allows users to track rewards distributed to different users, in different time frames, and based on different actions, it provides a clear and transparent way for users to track the rewards distributed by the Betherance Rewards Pool. It promotes transparency and trust in the platform and ensures that users are fairly rewarded for their contributions to the Betherance ecosystem.
The BRP Tracker interface consists of five main sections: Rewards Overview, User Leaderboard, Action Leaderboard, Reward History, and User Details.
Rewards Overview
The Rewards Overview section provides a high-level view of the total rewards distributed from the BRP over different periods of time. Users can filter the rewards by different time frames and see the total rewards distributed, the number of users rewarded, and the percentage of rewards distributed to each type of user.
User Leaderboard
The User Leaderboard section displays the top users who have received rewards from the BRP. Users can see their position in the leaderboard, the total rewards they have received, the percentage of the total rewards they represent, and the actions that have generated the rewards.
Action Leaderboard
The Action Leaderboard section displays the top actions that have generated rewards from the BRP. Users can see the total rewards generated by each action, the number of users who have been rewarded for the action, and the percentage of the total rewards generated by the action.
Reward History
The Reward History section displays the rewards distributed over different time frames. Users can see the rewards distributed on a daily, weekly, or monthly basis, and filter the rewards by user, action, or reward type.
User Details
Finally, the User Details section provides more detailed information about a specific user's rewards. Users can see their total rewards, the actions that have generated the rewards, and the time frames in which the rewards were distributed.
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