MagicBet is a no loss betting platform, built on the Ethereum ecosystem. It allows users to bet on real life future events and outcomes without risking their stake.
All stakes accrue interest until the event which is bet on happens. The interest payment is then shared among the winners, and all participants (winners and losers) get their stakes back - thus allowing users to save money in a fun manner.
Users are minted ERC20 tokens equalling the Dai bet, which must be burnt when receiving their stake back (and winnings, if any).
This repo contains the front end client, the smart contracts code can be found under the following link.
Given that NodeJS and npm are installed, clone the repo and then run npm install inside the root directory to install the dependencies.
Now follow the Setup instructions in the Contracts repo (link above), including copying the application binary interface files in the abis/ folder and updating the relevant MBMarketFactory contract address in src/utils/addresses.ts (line 6 for kovan).
Run npm start
Your browser will now open the platform site.
Originally, only a factory contract will be deployed. To deploy a market, click Admin in the navigation bar.
- Event name: self-explanatory
- Realit.io question: this is the string that is passed to the oracle when the market contract is deployed. It is in a specific format, as outlined in the realit.io documentation
- Arbitrator: who ultimately decides the outcome in the case of continued disputes
- Opening: the timestamp when betting opens
- Locking: the timestamp when betting ends
- Resolution: the timestamp of when the event itself occurs, sent to the oracle
- Timeout: sent to the oracle, determines how many seconds the oracle waits for a dispute before finalizing an answer
- Outcomes: this is an array of strings, with each outcome name. This variable is also used to name the ERC20 token for each outcome.
After a market is created, it will be in the WAITING state. The state must be incremented before it will move to the OPEN state, which can be achieved by selecting increment state. Note that this tx will revert if the Opening timestamp is in the future.
The market is Ownable, and only the owner can increment state. The owner is whoever created the market.
Once the market is in the OPEN state, you are free to make bets, by selecting the outcome you wish to bet on and pressing Enter.
To conclude the event, first change the state to LOCKED, again by selecting increment state. This tx will revert if the Locking timestamp is in the future.
At this point, the contract needs to know who won the event. This is achieved by selecting determine winner at which point the contract will ask the Oracle if the event has resolved, and if so, who won. If the event has not yet resolved, the tx will not revert, but it will not change the state, and will have to be called again. If the market has resolved, calling this function will take note of the winner, and move the contract to the WITHDRAW state.
For testing purposes, the oracle can be resolved by visiting Realit.io (for Kovan), selecting the event, and submitting the correct answer. This is only possible if the resolution timestamp is in the past. After submitting a correct answer, you must wait until Timeout seconds have passed, before it is finalized.
Once the contract is in the WITHDRAW state, a withdraw button will appear. Selecting this will always return your original bet, if you bet on the winning outcome it will also send you your share of the accumulated interest.