Revamping the online gambling industry as a whole will prove to be a major challenge. Wagerr thinks it can do exactly that, by bypassing the need for regulatory bodies and introducing direct user-to-user betting. The Wagerr Coin is also of great interest in this regard, as it will be the main currency for this decentralized ecosystem.
What is Wagerr Exactly?
Wagerr positions itself as a decentralized sportsbook which lets people bet on sports in a completely different way. Instead of relying on centralized infrastructures subject to regulation all over the world, Wagerr cuts out the middleman and introduces user-to-user betting. Achieving this degree of trustlessness is possible thanks to some of the most innovative technologies out there.
Under the Hood
Speaking of technologies, Wagerr uses distributed blockchain technology to automatically execute betting contracts. It also escrows all stakes, publicly verifies the results in real time, and pays out winners in a decentralized manner without suffering from any trust issues. As a result, there is no need for any central authority along the way, which further reduces the overall risk associated with this betting venture.
Ultimately, Wagerr hopes to solidify its technology as a way to reduce corruption and risk results in predictable operations. It is obviously quite an ambitious goal, but with the use of proper technology and a solid team of developers and other contributors, achieving this goal is not impossible whatsoever.
The Wagerr Coin Explained
As one would expect from any new ecosystem using blockchain technology, Wagerr has its own currency known as Wagerr Coin. It is used to complete bets across the ecosystem, complete payments, and pay for fees.
Moreover, Wagerr destroys almost half of all fees in order to diminish the overall coin supply. With growing demand for the coins and fewer of them to go around, one should expect the value of Wagerr Coin to go up over time. Considering a lot of people will keep their coins for an extended period of time, it is certainly possible the overall supply will start dwindling a lot sooner than one would expect.
The Future of Wagerr
It is evident there is still a lot of work to be done before Wagerr can become a big project. Right now, the group has launched the main net and is still actively collecting feedback as we speak. Later this year, we will see support for eSports – which is always interesting – as well as an option to keep tabs on previous betting partners and invite them for future rematches. In-wallet currency interchange will also be introduced at some point to make this platform even more convenient.