Although Web3 Bets Ecosystem by design can allow players to bet on any kind of event, the focus is on sports events and price predictions of crypto assets. Traditional channels including bookmakers, betting exchanges and prediction platforms have some problems which are concerning to players. Integrating with blockchain provides solutions to these problems. The most perturbing of these problems are:
- 1.Anonymity: players can not bet anonymously in the traditional channels, but with on-chain betting, players enjoy the same kind of anonymity that comes with bitcoin transactions.
- 2.Privacy: traditional channels collect players' private information, they use this information for many things at their own discretion. On decentralized networks, players' private information remains undisclosed.
- 3.Security: data stored on centralized channels are vulnerable to hacks, attacks or manipulation. Once a block is successfully added in a blockchain network, the content of the block remains tamper-proof.
- 4.Censorship Resistant: traditional channels can restrict, suspend or even completely delete players’ accounts. They claim to have reasons for these actions, but arbitrage betting which should be “all right” is one example of such reasons. This means that they tamper with players’ accounts when it is not profitable to them or when the player wins bets consistently.
- 5.Trust: In the current centralized scenario, players could say that they feel cheated by the platform. The same cannot be said when game data is transparently added to the blockchain.