DoubleDice: Decentralized Pooled Predictions Protocol
If you are a gambling expert, then you’ve probably come across the phrase, “the house always wins.” It means that no matter what happens, casinos are always designed to make profit at the end. If you pay close attention, you’ll realize that most casinos are created with the intent of getting as much money as possible out of you.
However, one project is looking to dethrone casinos and bookies from the centralized role they have occupied for centuries. DoubleDice intends to introduce a decentralized version of gambling, where there is no house.
Is DoubleDice’s “no house” decentralized strategy a winner? Let’s find out!
What is DoubleDice?
DoubleDice markets itself as a “non-custodial pooled prediction markets protocol as a service” business. It intends to create entry into the predictions/gaming space by providing the means for users to create pooled prediction markets or gaming rooms. These gaming rooms or prediction markets are referred to as Virtual Floors (VFs).
The idea is to remove the risk associated with casinos and bookies to create a “no-risk, player only, pooled setup.” Casinos not only make sure that they always win, but they also write the very rules that participants have to play by. However, with DoubleDice, participants can participate in gambling or gaming environments without ever going against the house or casino.
DoubleDice only provides the technology stack (decentralized databases and smart contracts) to enable betting between players. DoubleDice doesn’t offer any products, rooms, or bets. Therefore, every participant can expect fair gambling or play.
How Does DoubleDice Work?
All games on DoubleDice are between players and players alone. For users to gain access to this utility, they’ll need to stake the native token, $DODI. Afterwards, they can simply participate and make predictions within any VF they want.
Users place a bet or bets on one or more possible outcomes of any game. All the money is then collected and put together in a smart contract. When the outcome is finally realized, the smart contract automatically distributes the pool to all the winning players. Simply by utilizing a true-probability based risk-reward.
DoubleDice operates on a transparent, private, and cost-efficient methodology that delivers the best experience for players. It eliminates the capped rewards set up by casinos all while preserving the privacy of its users.
Features of DoubleDice
Some of the features of DoubleDice include:
- Social Gaming/Betting Platform: DoubleDice intends to create the world’s first social gaming and betting platform. It intends to give players access to the collective crowd-wisdom in real time. Demographics reveal that users are nowadays attracted to platforms that make them socially active.
- True-Probability Based Odds: DoubleDice ushers in a new era of fair risk-reward in the betting and gaming industry. Capped casino odds are some of the major pain-points that gamblers often talk about.
- Eliminating the House: In a casino setting, the casino enters into betting contracts with thousands of individual users. However, DoubleDice introduces a new GameFi platform that’s player-centric. Instead of dealing with a centralized house, players are now going against other players.
- No Counterparty Risk: Funds committed by all players are ring-fenced into a smart contract. Therefore, players cannot withdraw or change their position once entered into the contract. The smart contract automatically carries out settlements. Thus, reducing counterparty risk.
- Overhead Elimination: DoubleDice makes use of both blockchain technology and smart contracts to ensure that it automates the entire game betting process after the creation of the contract.
- Self-Sovereignty & No KYC/AML: All players on DoubleDice will have the ability to link their existing wallets to the platform. If they do so, they’ll have the option to transfer funds to the state channel environment. The state-channel environment will serve as the User account. It’ll always be under the users’ control for purposes such as deposits, withdrawals, etc.
- Metaverse gaming rooms: Coming soon. See possible Virtual Floor examples below.
Token and Utility
$DIDO, otherwise known as the DoubleDice token, is the platform’s native utility token. With that said, $DODI is not a hybrid token. It will mostly serve the functionality of utility. For participating in the prediction markets, users will use a stable coin or any other whitelisted ERC20 token.
With that said, some of the utilities that you can gain as a $DODI holder include:
- Staking: Users can participate in virtual service provision for virtual node owners, allowing them to earn a portion of the node fees. Additionally, holders derive utility from the multi-party settlement protocols and proprietary algorithms for true-probability-risk-reward algorithms governing the payouts.
- Governance: As a token holder, you will be able to vote on community proposals and related decisions brought up from time to time. Token holders receive voting rights.
Since inception, the DoubleDice team has been working hard to ensure that they are delivering all they promised in the roadmap. With that said, here’s a quick overview of the project roadmap:
- Summer 2021: Concluded the Seed/Private sale
- September & October 2021: LTX Launchpad competition win plus launchpad 37x subscribed.
- November 2021: Launched the staking program and the Uniswap listing
- Q1 2022: Bets went live for all categories including but not limited to sports, political races, free format, entertainment, etc.
- Q2 & Q3 2022: To complete the metaverse front-end games and logic
- Q3 & Q4 2022: Integrate with the state-channel environment and launch metarooms.
Research shows that most gamblers lose money on a regular basis. Turns out, the house is always turning a great profit from their gambling operations. Unless the players can achieve a high ROI, chances are they will eventually lose all their money.
DoubleDice is providing a transparent alternative where players go against other players with no one having an advantage over the other. Is the project good? Definitely. Only time will tell just how far they’ll go.
If you want to learn more about DoubleDice, feel free to find them through the following platforms: