WannaBet is an onchain peer-to-peer betting tool that aims to improve upon the trust and logistics prevalent in informal offchain betting among individuals.
Key features include:
- Smart Contract Escrow: Funds are held in a non-custodial smart contract, rather than a wallet controlled by an individual
- Onchain Bet Terms: All bet details, including description, amount, proposer, recipient, and arbitrator, are stored on the blockchain, ensuring transparency and immutability
- Designated Judge: A third-party judge can be used as the source of truth for the outcome of the bet. The smart contract is configured in a way where the judge can only release funds to the proposer, acceptor, or in a tie
- User-Friendly Interface: A way to interact with the smart contracts and view others bets
The betting process on WannaBet involves three main steps:
- Proposal: A user initiates a bet by specifying the terms, amount, recipient, and judge
- Response: The recipient can accept or decline the bet within a specified timeframe
- Settlement: The designated judge determines the outcome and releases funds to the winner
