Runs On Radix Q&A: DELPHIBETS | The Radix Blog | Radix DLT
In the fast-paced world of DeFi, DELPHIBETS emerges as the first Prediction Protocol built on Radix. This protocol is set to improve what is currently on offer by creating a user-centric, and seamless experience.
This article will delve into the details of what DELPHIBETS is, what it allows users to do, and the specific problems it solves in the prediction market.
What is DELPHIBETS?
DELPHIBETS is a decentralized prediction protocol that enables users to predict on a wide range of future events, such as elections, sporting events, and even what planet humans will land on next.
Unlike traditional, centralized betting platforms *DELPHIBETS offers a democratized betting environment. It employs complex automated market maker (AMM) and parimutuel mechanisms, along with Peer-2-Peer (P2P) betting, to ensure a dynamic, responsive, and frictionless user experience.
What Can Users Do on DELPHIBETS?
Users can engage in Peer-to-Peer betting, where they can directly interact with others looking to take the opposing view. Peer-to-peer betting allows everyone to set their own conditions and odds.
Types of Pool-Based Betting on DELPHIBETS
Parimutuel Pool Bets: In this variant, all bets are pooled together, and the odds are set based on the total wagers placed on each possible outcome. Once the event concludes, the winnings are distributed among those who bet on the winning outcome. This approach aligns closely with traditional pool-based betting systems but offers the added benefit of a decentralized, transparent platform.
Uniswap-like AMM Approach: Taking a page from automated market makers like Uniswap, DELPHIBETS introduces a more dynamic form of pool-based betting. In this model, outcome shares are minted and can be redeemed by bettors who wager on the winning outcome. What’s more, users have the flexibility to trade in and out of positions even while the event is ongoing. The share price dynamically represents the market’s probability estimate. Additionally, liquidity providers are compensated and impermanent loss mitigated for providing AMM liquidity.
The Community Aspect
The pool-based betting system on DELPHIBETS fosters a community where bettors are pitted against each other rather than against the house. This setup enhances transparency and engagement, making each wager not just an opportunity to win but also a social experience.
The Dynamic Element
Unlike traditional betting platforms where odds are fixed, DELPHIBETS introduces a dynamic element where the odds can fluctuate based on the size of the pool and the number of winners. This absence of fixed odds can lead to substantial winnings, especially in events with unexpected outcomes.
The protocol incorporates socializing features that allow users to interact by means of a social network. This adds a layer of community engagement that goes beyond mere transactional interactions. It’s about cultivating a digital space where connectivity flourishes, insights can be shared, and collective wisdom thrives.
One of the standout features is the immediate claim mechanism. Smart contracts make any winnings immediately claimable.
The Team: A Melting Pot of Expertise
The DELPHIBETS team is a diverse group of professionals united by a common mission—to redefine the world of decentralized prediction markets.
Martin, the Project Manager, brings to the table a rich background in finance and entrepreneurship.
Jonas, responsible for Marketing, leverages his expertise in behavioral analysis to build a robust community and fruitful partnerships.
Laurent, with a remarkable track record in digital marketing, spearheads DELPHIBETS’ social media and public relations strategies.
Chris and Felix, the Scrypto Development experts, focus on automating complex mechanisms within the platform.
Marc, the UX & Interface Design lead, is committed to delivering an unparalleled user experience.
The team is further strengthened by advisors like Florian Pieper and Marco, who offer invaluable insights into backend development and strategic decision-making and the community moderators Jonathan and Marco, both of whom have extensive knowledge about Radix and are highly committed beyond the boundaries of DELPHIBETS.
The Inception of DELPHIBETS
The concept of DELPHIBETS was born within the German Radix Telegram community. What began as casual entertainment among community members soon evolved into a serious, DeFi venture. The team’s collective experience and expertise have been instrumental in designing an innovative platform that addresses the limitations of existing prediction market providers.
Radix offers a host of advantages that make it the ideal platform for DELPHIBETS. Its linear scalability, low transaction fees, and atomic composability ensure that DELPHIBETS can offer a robust, efficient, and cost-effective service to its users.
Ethereum has been a bottleneck as gas fees were disproportionately high depending on network usage. Besides the insecurity and complexity of EVM, Ethereum thwarts rapid interactions on prediction markets, minimizes wagers, and discourages small-stake wagering for entertainment. Radix instead focuses on the needs of developers and prioritizes their comfort. Scrypto as a developer-friendly programming language reflects DELPHIBETS’ commitment to utilize the best resources to provide an accessible, engaging and effortless experience for bettors and bet creators alike.
The Radix built-in transaction manifest stands out as a powerful tool that other networks and wallets have been failing to provide. With dApps on Radix, users can access, create, and approve transactions from right within their wallet in just a few clicks, confident that it will do exactly what they have asked it to. Transactions become human-readable so that users as well as developers can understand what they are signing. This facilitates clear, concise, and complex communication between smart contracts, enhancing the DELPHIBETS protocol’s efficiency, robustness, and interoperability.
All information about DELPHIBETS was provided by the DELPHIBETS team and has not been verified by Radix Publishing, RDX Works, or their associated companies.
*The functionalities of the DELPHIBETS protocol will be rolled out in a staged manner. The initial release, known as DELPHIBETS V1, was released in November and offers peer-to-peer (P2P) betting focussed on Radix Altcoins. Subsequent functionalities and features, including the advanced pool-based betting options, will be released gradually over time.