Blockchain, Smart Contracts, DApps
Case Study: Innovative decentralised platform on the Ethereum blockchain network.
How it started
Kryptium team was initially assembled to develop an innovative fully decentralised P2P (peer-to-peer) betting platform based on the Ethereum blockchain network. The goal was to democratise betting by enabling anybody to set up their own betting house without requiring any technical knowledge or serious investment. User-generated betting houses could cover a huge “unserved” market which consists of:
- casual/social betting within closed groups such as friends, colleagues and team members,
- betting in minor leagues, regional championships and non-mainstream sports which are not supported by traditional sportsbook operators, and
- betting in non-sports markets such as elections, TV shows, film and music awards or even financial markets.
The challenge
The plan was to create a decentralised platform that would be to betting what the BitTorrent protocol is to file sharing. That meant no centralised websites that can be taken down or blocked, no back-end servers that can be tracked or seized and no user management requirements that could expose the identity of a user.
The Solution
Kryptium team designed and developed a “truly” decentralised platform which relies on the blockchain network to handle the recording of all event data feeds and the management of bets. Since there should be no back-end servers, all recording, matching and settlement mechanisms were designed as a set of smart contracts (available on GitHub), i.e. “unstoppable”, decentralised applications that run on the Ethereum blockchain network. Any user is free to launch their own betting house by deploying these smart contracts from their Ethereum address.
For access to user-generated betting houses, Kryptium developed a dApp (decentralised app) in the form of a desktop client application available for Windows, macOS and Linux computers.
The platform has an ambitious roadmap which includes client-side support for seamless, click-through deployment of user-generated betting houses, a user interface and API for event data updates, and a new web-based version of the dApp which will be available on IPFS (InterPlanetary File System). For more information about Kryptium’s decentralised betting platform, please visit https://kryptium.io.
Technologies used
.NET Core, ASP.NET Core, SQLite, Electron, Vue.js, IPFS, Solidity, Nethereum