Make a blockchain based betting system

by Deep Bodra   Last Updated October 19, 2019 19:27 PM - source

I am a beginner in the field of Blockchain. I have read few chapters from the books Blockchain Blueprint for a new economy and Mastering Bitcoin.

I think I have had enough theoretical knowledge and now want to gain practical knowledge by making a project for Blockchain Based Betting System (to allow the users to predict the prices of cryptocurrency). I searched for some guidelines on implementing it, but couldn't find any pertinent articles. I have questions regarding how this system would work.

  1. Should the system have any traditional username/password based authentication?

I think it should not be required as anyone with a private key and with enough funds should be able to bet

  1. What will the blockchain store in this case?

I think I need to store the response(bet value) of each and every user.

  1. How do I make sure that a user does not bet more than once for a round(I am thinking of having one round of betting every x minutes)

  1. After a round is over how do I collect money from the users and split it equally across the winners? Where should the number of users for a particular round be stored?

  1. I want to have a functionality where the admin can manually ask prediction questions and also manually specify the correct answer just before a round gets over. How do I achieve this?

  1. Does this application make use of smart contracts? If yes how?

I know these are very newbie questions. I would have no problems in making this website without blockchains. But using blockchains seems like a difficult task. I am not asking for the code, I want to code it myself but can't figure out the logic and what to start with.

Any help would be greatly appreciated! Any suggestions regarding the update in questions/tags is also appreciated! Do upvote this question if it makes sense. Thank you!

Tags : blockchain

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