The World Cup 18 is for many people the event of the year. Now you can also bet on the results with IOTA. The FIFA World Cup 18 competition platform https://cupiota.com has just been completed. The operators saw this as a natural application for the tangle and took it as a chance to get to know the topology in depth.
Each individual match result has a dedicated wager address. Winnings are payed automatically to the active IOTA receiving address by following the individual transfer’s remainder address up the tangle. This makes the application super easy for the users, no registration, no donation.
The operators said they tested the payouts in great depth which caused some delay but they are glad that they made it before the world cup’s final match. There are already bets with 0,5 MIOTA possible.
How can user bet?
User can anonymously place a bet by transfering IOTA tokens to a distinct betting address on the Tangle by using the Trinity Wallet. The bet is then uniquely associated with the sending address. But user cannot bet from exchanges since there is not a unique receiving address.
- Betting is against the loosing bidders, not the operators. The odds are dynamic and change with the pots‘ size. It is very interesting to look at the odds even if you do not bet.
- Bidding for each match closes with kick off time, the address disappears 10 minutes prior. The transaction’s timestamp is relevant.
- Winnings are transfered back to the IOTA account by tracing the active IOTA receiving address. The operators do this by following the remainder address up the Tangle.
- The operators take a fee of 2% of the pot for infrastructure and efforts.
How do user receive winnings?
If the trinity wallet is used and a remainder is left in the wallet, there is nothing to do but wait. Each transaction gets wrapped in a bundle which adds additional logic to the transaction. The key for the payout system is the very last transaction uniquely identified by its index inside the bundle, called the remainder address. The unspent amount (input minus transaction amount) is transferred to that address, the operators promised.