⚽7.1 Head to Head Betting Process

The blockchain mediates bets between two players taking opposite sides on upcoming sporting events. The fee for an executed contract is 2% of the payout. 1% goes to the processing Oracle and 1% gets burned. Here is the flow of a head to head bet from start to finish.

1.Step 1 Oracles actively searching for new events inside supported leagues, always trying to build consensus for upcoming events. Consensus for a new event requires a supermajority; Of the 2000 possible Oracle Masternodes, 1500 need to report the same event defined by the Event’s UTC Time, and their unique identifying codes.

2. Step 2 User are able to view the posted events and place bets against existing posted bets or set a new line and matched amount (for a taker or bet partner to fill). Once betting pairs are determined to be complementary, a smart contract can be created and initiated on the Winc blockchain

3. Step 3 Now that a smart contract is initiated, the development and burn portion of the fees within that bet contract are distributed and burned. (48% destroyed, 2% to Winc development fund) The Oracle Masternodes create transactions dependent on the two opposing bets predicted outcome.

4.Step 4 After the event concludes, the Oracle network relies again on supermajority consensus to determine the outcome of the event. This posting allows the contract to be signaled for resolution.

5. Step 5 Once the bet has been signalled for resolution the winning bets are processed and paid out accordingly. All non-resolved events in the issue of a tie or event never occurring the contract is resolved via the Oracle masternode network and both sides receive their bet back minus the fee. Once the smart contract is resolved the oracle who processes the bet receives their portion of the