Introduction:
What are the odds? What are the odds of an event occurring over another event? Staking a bet has always been a past time that people engage in as fun or for profit. With the advancement of technology and the Web, there has been a surge of online platforms for people to stake their bets. With crypto payments already quickly replacing cash payments, mainly for its speed and transparency in many parts of the world, web3 predictive markets are toppling over traditional betting sites offering superb user experience to its operators. So have you ever thought about building a predictive platform or wondered how to place your bet on web3 without lugged and complicated procedures? The Monaco Protocol, which is suitable as a foundation for web3 betting applications, is the best bet. In this deep dive, you learn:
- What The Monaco Protocol is.
- It's Distinction from other Web2 and Web3 peers.
- How the Protocol can be used to drive better peer-to-peer experiences.
- Current use cases build on the protocol and use cases that can be implemented
What is The Monaco Protocol?
The Monaco Protocol, launched in the Solana mainnet in Q4 2022 and currently running in its devnet, is a liquidity-matching program designed to facilitate decentralized prediction markets [forecasting outcomes and emphasizing predictive analytics]. By utilizing smart contracts, Monaco protocol users can participate in the creation, trading, and settlement of predictions of various outcomes from sports games, market trends, and even election results. As an open-source protocol that is permissionless, it allows third parties and developers within the Solana ecosystem to innovate and build complementary applications and products on the protocol.
Getting Started: As a developer looking to build on The Monaco Protocol, click on the Get Started taking you to the GitHub repository for more technical details. As a trader, you can select one of the several DApps products on the Monaco protocol, connect your Solana wallet (set up one if you do not already have it), deposit funds(tokens) into your connected wallet, and then explore and participate in predictive markets by placing bets on specific outcomes.
Distinction of the Monaco Protocol from its Web2 and Web3 Peers
- Decentralization & Security: Although there are several prediction platforms such as betfair and predictit that offer user experience similar to the Monaco predictive market, there remains the edge of decentralization and peer-to-peer interactions within the protocol, eliminating dependency on a centrally controlled authority, improving its transparency, and reducing the risk of manipulation.
- Speed and Low Fees: The Monaco Protocol leveraging the power of the Solana blockchain with a Transaction Per Second (TPS) of 50,000/s enables its users to enjoy the required speed for exchange and its low gas fees (0.000005 SOL) for each transaction, making you pay less than your bet is worth.
- Tokens and Points: The Monaco Protocol offers a token incentive system that encourages user engagement through staking and rewards for creating, trading, or settling predictions. Its points system (The Monaco Protocol Earners Program) rewards contributors to the Monaco Ecosystem. These Points are earned by participating in trade in the Monaco system. For every USDC traded on the ecosystem, makers (liquidity providers) earn six points, traders (bettors) earn four points, and DApps earn two points. These points provide access to every likely reward and benefit of the Monaco Protocol.
How can the Monaco Protocol be Used to Drive Better Peer-To-Peer Experiences?
Peer-to-peer computing (a transaction between a buyer and seller) is the basis of Web3, as it offers decentralization, aiding the elimination of intermediaries, improving cost savings, and improving security. The Monaco Protocol already has the stated advantage, but can further improve its peer-to-peer experience by reducing complexity, increasing reliability, and offering valuable insight that moves value between peers.
- Detailed Predictive Market Signals: With incorporation of highly reliable predictive market signals within the ecosystem is more reliable than anywhere else will make traders make more informed decisions that will enhance the quality of peer-to-peer interactions.
- Community-driven decision-making: The incorporation of a governance system in which users can actively participate in decision-making will foster a sense of ownership and partnership.
What are the current use cases of the Monaco Protocol?
The benefits of the Monaco protocol include, but are not limited to, best-price matching, single-outcome binary markets, in-play betting with betting delay, Partial Matching and Order cancellation on unmatched accounts. All these aim to create a flexible and fair predictive market for users. The Monaco Protocol has some of the best DApps that are currently running in its ecosystem.
is the world's first decentralized sports betting protocol built by the creators of Fan Duel. It serves as a peer-to-peer non-custodial sports betting exchange. This means that users are not betting against the system, but against each other. Like a stock exchange market with buyers and sellers but instead now on the betting market the buyers are “backers” and the sellers are “layers” and When a betting market is matched, the backer will predict that an event will happen (say a team wins) and the layer predict that an event will not happen (the team loses) then both of them agree on a price (the odds) that the event will or will not happen. Place your money(token) to cover your bet’s position. If you choose that an event will happen and it happens, you win the odd(say 3.0) × your money.
This is a decentralized betting aggregation sports betting protocol with streamlined functionality and comprehensive features for both seasoned bettors and newbies that uses the liquidity of the Monaco Protocol, giving you total control over your funds while you bet at the highest odds.
Functions as an AI prediction market where you can bet on the future of anything you want (from sports to pop culture), and the AI will resolve and settle the market.
- Disbet: Disbet is a Discord bot that enables sports bettors to bet on the Monaco Protocol directly within the Discord server. It brings real-time game odds into the chat, allowing you to quickly choose your bet outcome and the risk amount.
Which Use Case Would I Like To See On the Monaco Protocol?
- NFT Markets and Airdrops: Collaboration between the Monaco and NFT markets and airdrops will boost cryptocurrency market trends and artist acceptance. People can guess what might happen with special digital art or how much drops could be worth later. This will help art fans, artists, and crypto enthusiasts by giving them ideas about what might happen in the digital world. This would further cement the Monaco Protocol to have a decentralized web3 betting ecosystem.
Conclusion:
The Monaco Predictive Market specializes in betting applications revolutionizing peer-to-peer experiences within the web3 network, offering users a platform to engage in decentralized, high-profit, and transparent predictions.
References:
Monaco Blog
Monaco Doc
Monaco Twitter
Patlid.com
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