🛠️How would it work?
Buckle up, time to take a look under the hood (non-technical)
Last updated
Buckle up, time to take a look under the hood (non-technical)
Last updated
Compared to more traditional platforms, the Wega platform takes a different approach to collateral for betting games. Instead of using fiat or cryptocurrencies, Wega uses NFTs as the means of collateral. Players deposit their NFTs into the Dapp and receive fractionalized NFT LP (liquidity provider) tokens also known as Wega Reserve NFT tokens (WR-NFT), which they can then use as game-betting chips. This creates a unique experience similar to a casino, where users deposit digital assets in exchange for generalized betting chips instead of buying chips with fiat currencies.
Like many Dapps using smart contracts, anyone can connect to the Wega gaming platform with their Web3 wallet. Hereafter, they can deposit their NFT and choose if they want to play with their entire NFT or decide to use the Wega fractionalizer to divide their NFT into fractions. Once you are ready, you can decide what game you want to play and who your opponent will be. As soon as the game is finished, the winning side can claim the opponent's NFT or NFT fractions. The losing side then naturally loses their collateralised or fractionalized NFT.
Whether you have divided your NFT into fractions or won fractions from a player, Wega offers you the possibility to exchange these into either an NFT or any other digital asset. Simply exchange your winnings in the Wega marketplace (loot store) or via the Wega exchange, with LP providers that collect Wega NFT fractions for other digital assets.
As one can already see, the Wega platform consists of a wide array of technical components to ensure a simple and seamless Wega player experience. The above-mentioned flow is how the final state of Wega will operate. However, there are different components that have to be built to ensure this seamless integration. We want to dive deeper to provide a detailed explanation of each component. The Wega platform comprises the following essential technical components:
NFT escrow
NFT escrow + betting
NFT fractionalization
NFT redeem option
Online P2P Games
Wega badge contract
NFT escrow
The NFT escrow mechanism allows a player to safely trade their NFT for another NFT they desire. The protocol functions as a third-party guarantee to ensure both parties are protected in the case of a trade. This basic function is the backbone of our protocol and will allow us to be able to expand and offer the service of NFT-for-NFT betting down the line.
NFT escrow + betting
The NFT-for-NFT betting system adds an exciting dimension to the world of digital assets, offering users a secure and engaging way to use their NFTs for betting against one another. Building upon the foundation of the NFT escrow mechanism, the Wega protocol ensures a safe and transparent betting environment, where participants can confidently know what to expect when putting up their NFTs.
and The Wega fractionalizer & lock/swap mechanism allows users to lock up their NFTs in a vault for WR-NFT tokens, which can be used as collateral for betting. After depositing the NFT in the Wega Vault contract, the user is rewarded with WR-NFT tokens based on our predetermined formula. These tokens can be used in exchange for the locked NFT, and other digital assets or to claim another NFT from the Wega marketplace. This feature is ideal for NFT collectors who want to participate in betting while still keeping ownership of their digital assets.
The beauty of the WEGA vault design lies in its locking system, where only the original owner can redeem that NFT. Each NFT that is locked into the system is subject to a predetermined time period. If the locking period has expired, the original owner can either extend the lock period by paying a fee or keep the WR-NFT tokens and release the NFT to our reserve. Here it becomes publicly available in the Wega loot store and purchasable by any other player holding WR-NFT. The length and amount of extensions will be based on certain criteria.
The Wega platform uses a selection of online open-source P2P games to facilitate betting. We are committed to providing a fair and unbiased gaming experience for all participants. To achieve this, we have designed a system that ensures random and fair gameplay across all open-source P2P games featured on our platform. By implementing provably fair algorithms, we can guarantee that the game outcomes are genuinely random and cannot be manipulated by any party. Additionally, we employ transparent smart contracts to manage and secure the entire betting process, from placing wagers to distributing rewards. These games are a mixture of chance and skills. Eventually, the idea is to incorporate more games based on community feedback. Some games that Wega is planning to incorporate into the platform are:
To record the experience of each user playing Wega platform games and incorporate a play-to-own model, Wega created a robust badge system. Badges are non-transferable NFTs that players are assigned when they complete certain requirements. The badges grant players access to the governance rooms on the Wega platform, and certain badges give players the opportunity to gain access to platform rewards.
