What is Challenge Pool?
Challenge Pool is a peer-to-peer betting platform where users wager or compete directly against friends, peers, colleagues, and even strangers on the outcome of random topics through predicting and staking. These random topics are real-world events such as the outcome of sports events, competitions, and even the prices of assets just to name a few.
Every challenge pool has a topic, monetary commitment or stake, and a maturity date. Once the collection matures, oracles provide the real-time data of the outcome of the event and the smart contract distributes the rewards in a fully automated and transparent way using predetermined rules.
Challenge Pool presents a decentralized, user-friendly, and fun way to challenge anyone on a random topic, on your own terms & earn rewards without hassling anyone on your winnings.
The Value Challenge Pool Unlocks.
The global sports betting industry reached a market size of 242 billion U.S. dollars in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030. Traditional betting platforms are centralized, lack transparency, and often favor the house. They often have high fees, are unreliable, and could have slow payouts making them wait days or weeks to receive their winnings.
So How Does It Work?
Let’s assume a pool is created on the scoreline of a game between Manchester United and Liverpool, The pool creator; A, initializes a pool with 1 Eth stake and a score prediction of 1-1. Another person B comes along to the pool, taking an interest in the terms of the pool, also stakes 1 Eth and gives their score prediction of 2-1. Once the pool matures, if there are no winners, all participants get back their stake. If there are winners, then they get back their stake plus the stake of losers which is equally shared among the winners. More to this, if everyone wins in the pool, then they just get back their stake.
Business Model, Governance & Challenge Pool Token (CPT).
Income is generated from charging pool fees of 0.1%. However, these fees can be adjusted through a standard governance process by voting if you hold the native token of the platform: POOL Tokens. Anytime a user joins a pool and locks in a stake, that user will receive our native tokens. A certain percentage of our pool fees are also burned to reduce the supply of the native tokens. More to this, users can stake POOL tokens to farm more tokens. These utilities will strengthen the value of the token in the long term. We have already thought about scaling so we have designed our platform in a way that more Challenge Topics can be added it is open source so any developer can build on top of it. There will be support for easy deployment in order to remove technical know-how limitations and enable developers to set up and maintain their own challenge pools.
Technologies we used include;
- Solidity for smart contract programming
- TheGraph for indexing and displaying data
- Chainlink for smart contract automation and oracle.
- Next.js/React.js for frontend web app.
Weird diagram of how the smart contract is all linked together.
The system is designed in such a way that it can be easily extended to add other Challenge Topics even by third parties.
- https://github.com/paperlessgh/blockXchallenge-contracts - Contracts repo
- https://github.com/paperlessgh/blockXchallenge-subgraphs - Subgraphs repo
- https://github.com/paperlessgh/blockXchallenge-dapp - Dapp repo
- https://github.com/paperlessgh/blockXchallenge - Docs repo
- https://goerli-optimism.etherscan.io/address/0xbD3c5059280BEd54DfE2c50971a912333ff5003C - Topic Registry
- https://goerli-optimism.etherscan.io/address/0xfCc955BEcC20f6AB2E4F2b58A727F19D38BC12e0 - Challenge Pool
- https://goerli-optimism.etherscan.io/address/0x883C3040182979D7723e41aafbA95Bea352EB238 - Pool Manager
- https://goerli-optimism.etherscan.io/address/0xD6f63ED5b7c90A429DbC090FC2960e60B7f9f0a2 - Symbol Feed USD
- https://goerli-optimism.etherscan.io/address/0xdf2219b830d17d9761f7e84de20341921b10f52e - Asset Price
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