Wagerr (WGR) Sports Betting on the Blockchain
Wagerr is introducing its WGR tokens, based on the Ethereum Blockchain ERC20 tokens, through its Initial Coin Offering starting June 1, 2017. The company aims to become an online book-making site with more transparency and lower fees than the average legitimate or illegitimate bookmaker. The platform is being built with measures in place to guarantee the fairness of the betting and value of the WGR coin.
As Wagerr states (on their website – link in Resources section below), it is the ultimate source of “Trustless Betting”:
“Wagerr uses distributed blockchain technology to execute betting contracts. It escrows stakes, verifies results, and pays out winners. By eliminating central authorities, Wagerr solves the most pernicious problems in the industry. Reducing corruption and risk results in predictable operation. You can bet on Wagerr.”
Wagerr Economics – Keeping the Value of WGR Rising
The WGR Token will be the “money” used to make bets on the site. After the initial offering, Wagerr anticipates minting one million tokens per year. The company is focused on keeping the value of the token stable. The problem is, that as the value of the token moves in the marketplace, stability in betting amounts and value are hard to stabilize. Therefor they have come up with a unique strategy.
The average commission that Wagerr takes on a bet is between 2% and 6%. The system is set to destroy WGR tokens per bet that is equivalent to 48% of the fees generated. Assuming the price if the WGR token is unchanged over a given period of time, the more wagered in terms of real dollars, the more tokens are burned. This ratio changes as the price of the token does. Let’s look at an example:
Here are the various results of how many WGR tokens are burned given three possibilities related to the market price of XGR:
| Bets Per Month | Average Bet | Price of WGR | Total Yearly Bets | WGR Destroyed Yearly | WGR Minted Yearly |
|---|---|---|---|---|---|
| 50,000 | $50 | $0.05 | $30,000,000 | 1,500,000 | 1,000,000 |
| 50,000 | $50 | $0.25 | $30,000,000 | 300,000 | 1,000,000 |
| 50,000 | $50 | $0.5 | $30,000,000 | 150,000 | 1,000,000 |
As you can see, as the value of the WGR goes up, fewer tokens are burned as the affect of the wagering relative to the WGR price is minor. As opposed to when the WGR rate is low, more tokens are burned to keep the number of tokens lower and help steady the market price of WGR. Wagerr calls this the “Value Coupling”.
Wagerr Timeline
The company has posted a timeline on their site (link to roadmap below) with the following expectations:
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Late Q3 2017 – Testnet Release
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Q4 2017 – Head to Head Betting
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Q4 2017 Event Chat Add-on
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Q1 2018 Multi-User Betting
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Late Q1 2018 Challenge/Rematch Add-on
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Q2 2018 Direct Chain Betting
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Q2 2018 Dynamic Odds Balancing
Wagerr Initial Coin Offering
The ICO will begin on June 1, 2017 and run through June 25, 2017. The coins are being released in rounds with each round earning additional bonuses as the ones after them close. So the earlier you come the more of a bonus you will earn. The first round consists of 17,000,000 tokens and the total for the first 10 rounds is 85,000,000 WGR. If Round 10 sells out by June 14, additional rounds will be offered and bonuses will continue to accumulate 1% per round. The purchase price per WGR is $0.05.
Wagerr ICO Milestones
With the completion of various of the Rounds, Wagerr projects the following capabilities:
- Round 1 – Issue tokens and build Head to Head bet matching.
- Round 3 – Multi User Betting
- Round 5 – Direct on Chain Betting
- Round 8 – Fantasy Betting
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