🎛️The V1 Contract Centralization

Our first version of the contract relies on a multisig to approve event grading. As we evolve we will continue to make the protocol more decentralized and censorship-resistant.

In the interest of transparency, we will outline exactly how this contract works so everyone can understand the risks associated with interacting with the contract and or interface.

Multisig

Seven addresses are labeled as admins of the contract (the Admin Role Contract). The admins are the only people who have the right to upgrade the smart contract.

In order for a game to be graded, 3 of 6 admins must enter the same winner of a pool.

If there is a substantial error in the contract, the pool can be refunded. Check out the rules for more information on sport-specific refund rules. An example would be a golf event being rained out before it begins. A user will have to claim their funds back in the case of a refund. It cannot be automatically distributed.

An admin can either enter a score or refund all money from the contract, but cannot remove the money in the contract or direct it elsewhere.

Database

In the interest of keeping gas costs low, a database is currently used to calculate commission off-chain and display this information to the user. Currently, the smart contract only calls the calculate commission function when the admins request to do so.

This information is publicly available on-chain and can be audited by anyone. A database is used to store which events are available to bet on. If the database was compromised the UI would not work. If the UI is compromised users could still interact with the contract.

We will continue to abstract away the database in future versions but we believe it enhances the user experience to be able to see the commission earned on each bet.