Wagerr is one of the first blockchain platforms that were designed to provide a sports betting platform. The platform is powered by its native cryptocurrency - Wagerr coin, a coin used with the Wagerr wallet application. At the time of its appearance, it was the first decentralized betting shop based on blockchain network. The advantages of the system are the reliability in obtaining winnings, protection from the third party intervention and the classic betting possibility of earning on the forecasts made.
Today there is a vast number of bookmakers and other organizations that provide betting. Most of them are associated with many problems in this business like the lack of guarantees in obtaining a reward, the large number of various commissions paid to the bookmaker, fake matches and some other unpleasant moments. The main problem is that people run the system, and their primary goal is their enrichment. A decentralized, blockchain-based network turned out to be a solution to all of these problems. The Wagerr platform is the result of an attempt to provide such a system. According to the developers, Wagerr has some fundamental differences from the classic bookmakers.
For example, the Wagerr platform rejects the unspoken “House always wins” rule (the betting institution is always a winner). Bookmakers earn through commissions from the winning bets (dishonest bookmakers get money from fake matches, but it is punishable by law). In the Wagerr system, the commission is paid to the network's participants for the use of machine resources by a distributed network, and the size of the commission is much lower than in existing offices. At the same time, there is no specific bookmaker receiving commissions in the system.
Another advantage of Wagerr is the additional earning opportunity for its users. The users that keep records of the ongoing matches, similarly to bookkeepers and make predictions based on the information are called "Oracles". The Wagerr platform allows the following scenario to happen: the Wagerr user puts his/her forecast with the help of a smart contract (betting a certain amount), and other users place bets on the basis of the contract; if you win, the Oracle receives a percentage of the rates, and if you lose the oracle loses his/her deposit. Users evaluate the reliability of oracle's forecasts, and his reputation is built on its basis. But there are additional options in Wagerr that work in a different scenario from the classic bookmakers. The Wagerr wallet is explicitly configured to work with the betting-based system. In addition to the standard features of the cryptocurrency e-wallet, Wagerr offers a set of options related to sports (notifications about interesting competitions, forecasts tracking, automatic bets on selected matches), or bets with a specific player (the possibility of betting with a particular participant of the system on the basis of the concluded smart contract). The classic option to lock a certain amount of Wagerr tokens to use them as an investment is also provided within the Wagerr wallet. Blocking is available to any participant of the system (ordinary users, investors, and Oracles).
The betting system is based on smart-contract technology. The platform guarantees a prize winner in the dispute, without the intervention of third parties. In particular, Wagerr guarantees the impossibility of manipulating the results of the competition on the part of the bookkeeper.
Wagerr is a unique project in several aspects, both conceptual and technical.
The Wagerr network is comprised of standard wallets and Oracle Masternodes making it a two-tiered platform.
The standard Wagerr wallets are based on the Proof of Stake consensus algorithm and represent the first layer of the network. This layer allows the network’s participants to earn rewards for block formation, support the security of the network and contribute to the maintenance of the full copy of the Wagerr’s blockchain.
The second layer of the network is the Oracle Masternode intranet. This layer is the main power behind the network’s consensus and allows it to forge betting contracts, retrieve and collect data and to validate the results of various bets. This layer is also a place where most part of the decentralized governance takes place.
Token and the Wagerr price generation
Wagerr coin (WGR) price and market performance online via COIN360:
The Wagerr coin (WGR) is a Proof-of-Stake cryptocurrency initially established on the Waves platform and later moved on its own mainnet. It is designed for the usage as a utility token within the Wagerr platform. One of the main features of the coin is its adaptive price generation system.
Here is the price generation system as described in the Wagerr whitepaper:
■ High priced WGR = declining burn rate (market stabilization)
● Stable price helps bettors predict potential winnings ● Higher prices are always a win
■ Low priced WGR = accelerating burn rate (mitigates inflation)
● Self-balancing system ● Price declines are temporary
The Wagerr ICO started on June 1st, 2017 and ended on June 25th, 2017. The team managed to raise over 10 million USD by selling 8,500,000 WGR tokens.
The coin is not minable but and works with Proof-of-Stake. Users are rewarded for their contributions to the transaction validation within the Wagerr platform.
The Wagerr coin can be bought and exchange on the following platforms.