A Protocol for Sports Betting
We introduce a protocol for sports wagering of any ERC20 token using the Ethereum blockchain and InterPlanetary File System (IPFS). The resolution of wagers and the provision of event data is crowd-sourced by a decentralized network of oracles incentivised to provide low-latency and accurate sports data. The FansUnite Protocol will serve as the building blocks for decentralized applications (DApps) that span traditional bookmaking, betting exchanges, and a variety of other services reliant on sports data. These DApps will be free to charge fees, utilise their own tokens for betting, and be able to set market prices based on full market information transparently available on the blockchain. The FansUnite protocol will provide the infrastructure to allow for parties to engage in sports wagering in a completely trust-less and distributed fashion without the need for traditional intermediaries.
The FansUnite Protocol will consist of a public library of smart contracts, standardised data structures for team and event information, and a token economy designed to incentivise the provisioning of fast and accurate sports data by a decentralized network of oracles.