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Peerless on-chain betting
Peerless direct chain betting is one of the biggest innovations Wagerr has brought to the market. Peerless direct chain betting means a user can make a bet directly with the blockchain rather than finding a counter-party like you would on a betting exchange or you would with a traditional sportsbook where a company is the counter-party to the bet.
On Wagerr, the blockchain acts as the counter-party. When a bet is placed, the WGR used to make the bet is 'burned' (removed from supply)
- If the bet loses there is a permanent loss of WGR from the supply.
- If the bet wins, the blockchain will issue (mint) new WGR to payout the liability.
The fact that the blockchain is capable of issuing its own currency means that Wagerr is capable of paying out all bets and thus the user has no counter-party risk.
Additionally, the blockchain is capable of accepting very large bets because of this. In fact Wagerr does not restrict bettors at all. The user can bet in 10k WGR bets (currently) but is able to make as many bets as they wish.
There is a limited supply of WGR coins on the market. This makes WGR act somewhat like a commodity. Increased demand pushing the price of WGR up and an oversupply of WGR pushing the price of WGR down. You can read more about this in tokenomics