Recapitulation of WAGERRCOIN PROJECT AMA event held at AMA LOVERS CLUB.
Date: Friday, 19th March, 2021
Time: 13:00 UTC
The WAGERRCOIN PROJECT team was represented by @Supersimplestuff who judiciously shared with us detailed knowledge and information about WAGERRCOIN PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on WAGERRCOIN project?
ANS: Sure I go by super simplestuff - I have a background in software and wealth management. I stumbled across wagerr in 2017 when they were doing the ICO. I loved the concept and did a lot of work in understanding it. After some time the team asked me to help out a bit which I have done now for a couple of years. So I’ve gone from an investor to working.
The team is pretty diverse, we are at about 20 people covering development, betting, socials etc.
Most of the team remains anonymous given the nature of the project. However some of the team a very experienced. David the founder has been around blockchain since the very early days. And our head of betting is a veteran, consulting to some of the best sportsbooks in the world.
We tend to tell people to look at the product - because at the end of the day that’s what matters. We’ve certainly delivered on that front.
Q2: So wagerr started way back in 2017? Or before then?
ANS: Well the idea was around before but the ICO was in 2017. The idea was born from many of the scam forks that occurred around 2014/15 and the team looking for an idea where blockchain could be really valuable. It turns out blockchain and gambling (sports betting) are incredibly well suited.
Q3: Can you introduce WAGERRCOIN project, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Sure thats a big question.
Wagerr is a blockchain custom built for sports betting. As a blockchain, wagerr can offer features and benefits that do not exist anywhere else.
If you think about sportsbooks they are effectively trusted middle man. They charge high fees, they can fraud players. If you win against them they limit your bets or cut you off and this all happens in regulated jurisdictions. In unregulated jurisdictions it’s worse, often users get exit scammed. Where bookies just disappear overnight
Wagerr as a blockchain can solve this. Wagerr allows users to ALWAYS hold their own funds. They bet not against a company but the blockchain itself. Therefore all bets are accepted and are always paid out. Thus providing certainty for the user. Wagerr also introduces no betting limits (a world first) guaranteed payouts with large betting limits is incredibly valuable.
No company in the traditional world can offer what wagerr does because it Requires a blockchain. That’s what makes wagerr unique and valuable.
Q4: How wide is the varieties of sports covered?
ANS: Right now with have the major sports. We are continually expanding though. We even think we can move into financial markets too. The opportunity is very big.
You can see the events on our explorer. Explorer.wagerr.com
Q5: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Well the biggest milestone bar any is the fact we have a fully functioning sports book occurring all on chain. No one else has done this. The second part is our latest update which introduced the web wallet wagerr.com/sportsbook which has made this accessible to the world. It takes 3 clicks to create account. I’m sure people can do it right now.
The next step is looking to redo our codebase to incorporate DASH’s instasend. This will allow us to really open up the things we can do. More sports, more bet types, casino games a lot of things will open up. We are hoping to have something towards the end of the year there.
In the mean time we will be doing ‘field events’ which will allow us to have things like golf, nascar, horse racing etc.
Q6: So you have some sportbook onboarding, do you want talk about those sportbooks?
ANS: Sure. Let me just give some context here
And this is really the thing that sets wagerr apart from any other project in this space
A sportsbook is a business, they provide odds to people to bet. But they don’t have an endless amount of money behind them. So if someone wants to have a very big bet say on the soccer World Cup final. The sports book will in majority of cases not accept that bet because if they lose they can’t afford to pay it out. So they will either reject the bet or limit that bet to a certain size. This is very common in the industry
This is where wagerr can step in
When you bet on wagerr you bet with WGR. When you place the bet the WGR is burned. Then if you win the blockchain Mints new WGR to pay out bets. That’s how it can guarantee payouts. But it also means people can bet in very large amounts.
Now this sportsbook can actually service their customer that wanted to place a big bet.
Let’s say they wanted to put on a million dollar bet. The sportsbook can accept that bet then turn around to wagerr and place the same bet (or less depending how much risk they want to take) on wagerr.
This means the sportsbook has lowered their risk as well as serviced a happy customer
Really wagerr is a risk management tool for sportsbooks
We have recently on boarded a sportsbook to start using wagerr. It has taken a little longer because there are some details of their operations that they need to work through. But I will say they are very excited about it and they are also bringing some exciting products to market which will include WGR. I’m looking forward to sharing more when we can.
We are pretty confident that if just one sportsbook finds value in wagerr they all will and we are starting a few more conversations. The upside here is that if sportsbooks start adopting wagerr as risk management tool. The betting volume on wagerr will explode to the benefit of holders and masternodes in the ecosystem.
Q7: Can you briefly discuss your partnership activities so far?
ANS: So far we have been solely focused on getting our development to a certain level. So I will say that we are not like your typical crypto project that launch a new partnership every week.
But we have a couple. Obviously our exchange partners and fiat gateway partners have been great. We have recently partnered with Zed.run a NFT platform that breeds and races digital horses. We will be allowing betting via our platform on their races, so that will be fun. We also consider the sportsbook we are working with a partnership but are yet to announce details.
Finally there are a few conversations in the works at the moment which are very exciting. Way too early to give details but i am very much liking where things are headed. We are on the right track and talking to the right people is probably the right way to put it
Q8: Can you give an overview of your Tokenomics, and the UTILITY of the WAGERRCOIN token?
ANS: Sure. WGR is the native currency of the blockchain. The blockchains sole purpose is to accept bets and payout bets. WGR is required to make those bets
As i said before WGR is burned when people lose and minted when they win. The idea is that overall more people lose than win because of the house edge and so more WGR is burned than minted. Creating a scarce WGR.
We also have masternodes that help keep the network secure and act as oracles to the system for results of sporting events etc. they earn a clip of the betting fees on the platform.
This is a nice image that shows the incentives playing out
Ultimately the house edge is redistributed back to the users of the platform. It’s great because the users of the platform own the platform.
2nd Segment: LIVE Questions
Q1: HELLO 👋
🙋♀ It says, To bet on Wagerr, we must use the WGR cryptocurrency ONLY. So may we ask why we cannot use Bitcoin or other cryptocurrencies? Also can you explain why you said there's good reasons for this?
ANS: Wagerr is a blockchain. No one is holding your funds when you bet with wagerr. So if we were to allow people to bet with BTC someone would need to hold it I.e you would have to deposit it somewhere. This is not the wagerr model. As I discussed likely you will see sportsbooks pop up that allow you to use BTC but they will use wagerr in the background.
Also if we introduced BTC betting we could not offer no limit betting which is one of the innovations we have brought to market.
Q2: Owning a Wagerr Oracle is like "Being the House" or owning a sportsbook, what's the meaning of this? how does this fees system involve the Oracles?
ANS: When a user makes a bet a small proportion of their win is given to the masternodes as a betting fee. While the fee is very small across a very large amount of bets and large bet sizes these fees will add up. So the oracle is like owning the sportsbook as you benefit from the success of the betting platform.
Q3: Currently, there are so many sports betting platform products on the market, how do users trust Wagerr? What is the privacy that Waggerr will focus on for its users here?
ANS: Wagerr is completely transparent. Unlike anything else it runs all on chain. You can verify every bet and transaction at explorer.wagerr.com you don’t need a regulator to enforce rules on wagerr as the blockchain does it all for us. That’s what makes wagerr stand it.
Q4: Due to the rise in Ethereum's transaction fees, has the team thought about switching to another blockchain?（Which cross-chain solutions $Wagerr will use? WAGERR Why choose to build on Ethereum first?)
ANS: Wagerr has built its own blockchain. We are not on ethereum. This means wagerr has incredibly low fees and in general can just customise the blockchain to what makes sense for our use case. Applications built on top of something like ethereum do not have that benefit. Which is showing as you say because fees have killed most use cases in. Betting on ethereum.
Please all check out wagerr.com
We have a HUGE giveaway going on now. It’s free to enter and people can win 1 BTC and 1 million WGR.
Go and get it!
Crypto is full of interesting ideas. Very few have been validated by traditional industries. Ours recently has been. The next question is how much it will be adopted. Watch our betting volume closely. That will be the sign that we are making moves. The futures bright for wagerr and crypto!
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