I recently bumped into baabaabet.xyz , a dapp built on Avalanche that lets you predict crypto prices but at the moment they seem pretty focused on the World Cup.
I was very impressed with the visuals and the incentives on the platform.
Besides earning from your bets (USDC-based), if you have a sheep NFT you earn $BAA tokens even for the lost bets.
According to their FAQ, there is reward pool DAO style to where 10% of the wagers goes, and that’s to be distributed for NFT holders and developers. Pretty cool economics for a NFT.
Guys, we are working on a new functionality that I would love your opinion.
The idea is to allow anyone to create their own predictions.
Say Peter wants to create a prediction “Will Trump win elections?” and post on the platform. It will require $BAA DAO tokens and/or $Sheep NFT.
The initial design works through a multisig whereby a few addresses are responsible to validate a certain outcome.
We plan to use the same approach for “open-source” predictions, but a neutral consensus-like architecture has to be considered so the validators/multisig are not let to fraud the result. There should also be a established council to resolve disputes in such events.
Not pushing back at all, I perfectly understand the project is early stages of development.
Oracles are non-trivial to implement, especially for off-chain data. Only major issue I see is, if there is an influx of users, this method won’t be able to scale gracefully.
Work in progress, in the meantime will have some fun testing it out!
Naturally I can think of Chainlink but there isn’t event-like predictions such as football game. Chainlink likely thought of that but maybe? feel that these game-like and event-like predictions are better done off-chain.
While is true that there are a few oracles options out there, our challenge in using those is that our community might create predictions that extrapolates the standards. If we are talking about sports and elections that’s fine - standard oracles can support it.
But I believe that the type of predictions our community will propose should go far beyond it. Hence, the community itself shall be the oracle
Different addresses (say 5 addresses) should be assigned to verify the result, if a majority achieve a consensus than the prediction is settled. There might be flaws in this method but we can create mechanisms to mitigate it, like open disputes and have a council to verify it.
I’ve been constantly placing bets along the worldcup and very anxious to see whats comes next.
I think its an interesting approach to initially focus on “win/lose” only but as the platform matures will be important to have different types of predictions for a match, such as “Will Messi score?” and things like that.
