šKey On-Chain Definitions
SGE blockchain application specification and main concepts explanation
Bet
In the SGE Network chain, a bet is an entity that represents the details of a wager being placed on the system by the bettor. A bet is placed when a user wager tokens on particular odds of an event.
A bet is defined by:
Bet Fee: If in force, tokens may be deducted from the total number of wagered tokens as a bet fee. The purpose of deducting the betting fee from the wagered amount is to facilitate the expenses of the background operations that take place to complete an entire bet life cycle.
Bet Amount: This is the remaining number of tokens after the deduction of the betting fee from the total wagered amount. This is the amount for which the wager is actually placed.
Payout: This is the number of tokens to be given back to the bettor if he wins the bet. For detailed calculations, have a look at
Payout Profit: This is the pure winning amount of a bet that represents the profit portion of the payout only.
Max Loss Multiplier: This is a coefficient that is being used while calculating the available liquidity to be assigned for a bet to be fulfilled. In other words, this is the worst-case multiplier for a house that all of the bets get winner and the house should pay for all of them. This is different for each odds of a market.
Market
A market is a registered sporting event that takes place in the real world and has been added to the blockchain from an authentic source.
Bet Odds
Every Market has multiple odds on which the user can bet. For example, in a match between two teams and a 3-way result bet, the odds can be for Team A to win, Team B to win, or a draw. These odds determine the value of the payout to the user if he wins the bet.
House
The house is a representation of a betting house that is responsible for paying out the winner's profit. this module takes care of guaranteeing the final payment of the odds and prevents the SR pool module account to be bankrupt. Users can participate in the market as a house and get rewards according to their deposit amounts.
Order Book
The order book is responsible for the management of the participation of depositors of a market and the payout of the bettor's winning amount from the participant's deposited amounts. All of the calculations regarding participation and payouts are taking place in this module.
OVM
The OVM module is responsible for the validation and unmarshalling of the JWT tickets used by the blockchain modules. The trusted public keys are stored in the OVM module parameters and can be replaced with a proposal and voting mechanism.
Ticket
A ticket or a JWT ticket is used as an origin verification mechanism for pushing data to the blockchain. It is used to verify that any transaction made to the blockchain, such as a market addition, bet placement, etc, contains data from an authentic source. A ticket has an issued timestamp and an expiry timestamp, between which the ticket will be valid and can be used to make the transactions in the system. For more details on the ticket, visit the Guide/JWT ticket.
Payload
In the SGE Network chain, a payload is JSON data that contains the details of an entity. A payload can be useful for making transactions. The transactions related to the market, bet, and, the house modules require a JWT ticket. The creation of a JWT ticket requires JSON data related to the transaction, which we call a payload. Apart from the data required for the transaction, every payload should have fields named, iatmeans issue timestamp, and, extmeans expiry timestamp. The payloads, if required, are stated in the CLI section of each module.
UID
It is the unique identifier of an entity in the blockchain. The entities which can be uniquely identified by a UID are:
Bet
Market
Odds
Order Books
The format of UUID (or unique universal identifier) accepted in the blockchain is the format of a UUID. UUIDs are a sequence of digits equal to 128 bits. It accepts hexadecimal digits, i.e., 0-9 and a-f. The hexadecimal digits are grouped as 32 hexadecimal characters with four hyphens:
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