This sounds like a great way to prevent cheaters and keep the game fair and safe for everyone.
Proposal for Chess Betting Matches with Smart Contract Integration
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Its usable on any platform not just “chess”
Jan 13, 2025
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#7
What you have proposed is still light on key details.
- You list many payment methods, however, a smart contract only applies to digital assets.
- This requires use of an oracle (i.e. off-chain process to verify results of the game).
- This does not address cheating or fraud in any way.
I am currently developing a smart contract system to facilitate fair and secure betting on chess matches. Here’s how the process will work:
BETTING AMOUNT
Each game will have a set wager, starting at $5 per match. Payment methods can include CashApp, PayPal, or cryptocurrency, based on mutual agreement.
Smart Contract Integration:
The smart contract will serve as an escrow, securely holding the wager amount from both players.
Upon the match’s conclusion, the contract will release the funds to the verified winner.
MATCH VERIFICATION:
All matches will be recorded for transparency and accountability. I will record the match on my side, and you are welcome to do the same.
Both recordings will include date and time stamps for added authenticity.
Access to the Escrow Wallet:
Both players will have visibility of the escrow wallet to confirm that funds have been deposited.
The smart contract will release the funds automatically after verifying the winner based on the provided recordings and agreed-upon terms.
This system is designed to ensure fairness, transparency, and security for both participants. Let me know if you’re interested, and we can discuss further details.
OVER VIEW OF THE PROCESS
The goal of this system is to create a fair and transparent method for wagering on chess matches, utilizing a smart contract for automated and secure transactions. Here’s how it works step by step:
STEP 1: Agreement on Wager and Terms
Before the game begins, both players agree on:
The wager amount (e.g., $5 per match).
The payment method (e.g., CashApp, PayPal, or cryptocurrency).
The rules of verification (e.g., reviewing match recordings to confirm the winner).
STEP 2: Deposit Wager into Escrow
A smart contract is used as an escrow to hold the wager securely:
Both players send their wager amount to the smart contract wallet.
The wallet ensures that funds are locked and can only be released under the agreed-upon conditions.
Both players can view the wallet to confirm the funds are deposited.
STEP 3: Play the Chess Match
Players will compete on a chess platform of their choice (e.g., Chess.com or Lichess).
The match must be recorded for proof:
I will record the game from my side, and you are encouraged to do the same.
The recording will include the match, along with the date and time stamps, to ensure legitimacy.
STEP 4: Submit and Verify Results
After the match, both players review the recordings to confirm the winner.
Once the winner is verified:
The winning player’s address is provided to the smart contract.
STEP 5: Automated Release of Funds
The smart contract verifies the winner’s address and releases the total wager amount to the winner automatically.
This ensures that the payout process is fair, secure, and free of manual interference.
WHY USE A SMART CONTRACT?
SECURITY: Neither player can access the funds until a winner is confirmed.
TRANSPARENCY: Both players have visibility into the wallet and the transaction process.
AUTOMATION: The smart contract automatically executes the payout without the need for a third party.
RECORDING AND PROOF
Recordings act as proof in case of disputes or discrepancies.
Including date and time stamps ensures that the match cannot be falsified or manipulated.
BENEFITS OF THE SYSTEM
Prevents cheating or disputes over results.
Ensures that both players are treated fairly with funds securely held and released.
Provides a clear and transparent process for friendly wagers.