A strong 2nd tier network ensures distributed consensus and reliable operation. Each betting type has its own unique type of transaction, and by having bets take place on the second tier of the network this allows us to ensure scale when it comes to creating consensus for determining winners and losers.
Wagerr uses a new type of smart contract called Application Specific Smart Contracts (ASSC). ASSCs are single purpose blockchain smart contracts that only accept fixed parameters. The advantage is that they are collateralized by an Oracle Masternode network, and quickly verified via consensus. This allows Wagerr to ensure the highest level of function without sacrificing network security or the immutable nature of Wagerr itself.
For Direct on Chain betting, Wagerr incentivizes betting on the other side when one side gets overweighted. This feature allows the Wagerr chain to ensure that it exposes the network to the smallest amount of payout liability. This creates many arbitrage betting opportunities (simultaneously placing bets on all possible outcomes) that in turn encourages outside sportsbooks to use and adopt Wagerr.
Strong earnings incentivize major investors to hold a significant portion of coins, resulting in market stability. Not only do Oracles receive a portion of the block rewards, they earn a significant 50% of betting contract fees for meeting the unique requirements consensus agents — that is, forming collateralized contracts, and gathering and verifying sporting game data.
Oracle Masternodes primary function is to regularly post new upcoming events in the sporting world so users can bet on their outcomes. Once events are finished, Oracles post the outcomes to allow for all bets to be resolved. Oracles can use three types of means to collect and post data; 1) a paid sport betting API, 2) a sporting site scrape script, and 3) manual entry. All data is converted to a submission format that allows consensus to be determined once posted.
Voting and Governance are important functions of Oracle Masternodes. These mechanisms safeguard the network from bad actors and help demote consistently inaccurate Oracles. Voting will also allow proposals for future features or functions to be added to the Wagerr ecosystem. Oracles will even be able to propose and vote on major fixes or proposed economic changes like increasing the maximum Oracle count or raising or lowering block rewards.
Oracles act as consensus agents that retrieve real world sporting event data and record the outcomes on the blockchain. This is then used to by the network to determine winning bets. They also act as Masternodes in that they exclusively forge betting smart contracts backed by their collateral. They form a strong second tier network backbone that efficiently processes bets and events.
Oracles not only collect 50% of the betting fees for their work, but also win a portion of the fixed periodic block award. What’s more, the Wagerr tokens earned can increase in value as the Wagerr economy grows. Their status is so prestigious, that the number of Oracle Masternodes is limited to only 2000. This ensures fair compensation for their unique requirements.