ChainBet

ChainBet is an on-chain tamper-proof Betting dapp. Using Chainlink VRF, Automation and Data Feeds. It is safe, secure, and transparent. Which follows the Web3 and Chainlink principle "TRUTH > TRUST".

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Inspiration

ChainBet is your Decentralized Betting Buddy. We all know how popular betting applications have become in recent years. Despite the fact that they are an excellent product, the issue of security persists. One way or another it can be seen they are compromised. This is where ChainBet comes in. We've combined the excitement of betting with the security of blockchain.

What it does

ChainBet currently consists of 2 games:

  1. Lottery: Users enter the game/lottery by depositing 0.1 Matic. Random winner will be selected in every 30 minutes. Chainlink VRF is used for selecting Random winner and Chainlink Automation is used for automating the process of selecting winner after every 30 minutes.
  2. CryptoBet:Cryptocurrency values are constantly fluctuating. Users can bet on the price of the cryptocurrency and win money by betting on whether the price will rise or fall. Chainlink Data feed is used to fetch real time price of cryptocurrency and Chainlink automation is used for automating the process of selecting whether the price goes up or down after every 60 minutes. After that the users who bet on the price will go up and will be paid 2X the amount.

How we built it

Again ChainBet currently consists of 2 games:

  1. Lottery: Chainlink VRF is used for selecting Random winner and Chainlink Automation is used for automating the process of selecting winner after every 30 minutes.
  2. CryptoBet: Chainlink Data feed is used to fetch real time price of cryptocurrency and Chainlink automation is used for automating the process of selecting whether the price goes up or down after every 60 minutes.

Solidity is used as smart contract programming language. Hardhat is used as Smart contract Framework. etherJs is used to fetch and interact with Blockchain data. NextJs is used as a Frontend Framework. Quicknode is used as RPC API

Challenges we ran into

The challenges we mainly face is to learn how chainlink services like VRF, Automation and Data Feeds work. Chainlink Docs are amazing are amazing, so easily learn them and implement them in our dapp. The other time consuming act is Frontend development and designing.

Accomplishments that we're proud of

The accomplished we are proud of is we try to solve real-world problem. Betting platform has a great user base, if we tell the betting platform users that they can bet on a platform that is temper-proof and no one can change the result, not even the owners of the dapp. It will help the web3 mission to on-board next 100 million users in web3. Apart from that we are very happy that we learn and implement all major chainlink services like VRF, Data Feeds, and automation.

What we learned

Learn about the whole life cycle of the dapp development.

  1. Starting from the idea creation.
  2. tools and languages to be used
  3. distribution of work load
  4. how to use chainlink services like VRF, Data feeds and automation
  5. Interacting with smart contract from the frontend.

What's next for ChainBet

if we win something in this hackathon. We will try to create a decentralized version of every betting game on our platform. Currently, we only have 2 games but in future, we can add betting on sports events using chainlink external adopters. Also can allow user to bet on election result and so on. Basically will build all betting games in our platform.

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