First Blockchain decentralized application to hedging risk on the Stock Exchange when the markets are closed.
STOCKS.BET is the ultimate combination of betting, blockchain technology, cryptocurrencies and stocks. It is an Ethereum Smart Contract based DApp for betting on the price of listed stocks (like Apple, Microsoft and other) and win from everyone who bets against you. STOCKS.BET is an interesting tool for all traders who like to bet on the price movement of Stocks. Users bet with ETH on one of the listed stocks to have the highest gain in first minute of trade. All bets are placed in the blockchain, allowing users to see the total number of bets, the total bet amount for each stock, and the Payoff odds deriving from them. This allows users who follow the crowd to pick a winner easily. However, the Payoff-odds can also be used to bet on an underdog for very large wins. Compared to mainstream betting sites and centralized exchanges, STOCKS.BET holds many advantages as it does not require users to signup and deposit funds to an entity.
This product unites the crypto and stock exchange market.
As the development is open source and the funds are secured by the Ethereum Smart contracts, STOCKS.BET enables a completely trustless peer-to-peer betting environment. The prices are pulled from AlphaVantage.co API using Oraclize and it is done in a way to avoid manipulation. With a user-friendly interface, STOCKS.BET is a groundbreaking platform and has the potential to attract a large set of the trading population in the crypto and stock exchange market.
The platform’s tokens named STBT. They are issued to the crowdsale contributors. STBT token holders will earn all of the profits generated by STOCKS.BET directly in the form of ETH. STOCKS.BET profits are generated from the takeout, a small cut taken from the betting pool of all stock's rallies before paying out the winner. The current takeout rate is 5% which is minimal compared to the usual 15%-25% in standard betting.
Application based on the deployed open source Ethereum smart contract for betting on the price of NASDAQ listed stocks.
This contract control the funds, calculate the best performing stocks and prepare reward for the winning users to collect.
Price fetched from https://www.alphavantage.co API through Oraclize.it at the beginning (16:30 NY) and end of the bet period (10:00 NY).
Bettors place bet on stocks that performs the best among all the other competing ones in a specific time period. Bets are placed and rewards are claimed using Metamask plugin for Chrome / Firefox / Opera / Brave.
Being completely secured by the Blockchain, no one has control over the stocks rally or user funds once a contract is deployed and a rally is announced.
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