Moonshot : Trading For Everyone – Biconomy
We started Biconomy with the primary motive of bringing mass adoption to blockchain-powered applications. We are doing this by providing relayer infrastructure for all types of transactions (mainly meta transactions) and we want to show one of its use cases by building a gaming application that will use the relayer infrastructure.
We believe one of the major industries that will fully utilise blockchain technology is the gaming industry. Blockchain provides an immense opportunity for game developers to come up with interesting models that can both be more rewarding and electrifying, for themselves and their community of gamers.
With our vision in mind, we are thrilled to launch our first in-house application, Moonshot.
Moonshot is a gamified non-custodial exchange where users with/without any prior trading experience can head start their crypto trading journey (Basically, a simpler decentralized approach to options trading), which was inspired by the existing game yolorekt.
Context: Moonshot is an option trading platform where you can predict the price movement of a particular coin in a defined time period. The losers funds are proportionally distributed among the winners. The first token we will be listing on the platform will be one of our earliest partners since we started Biconomy, Matic Network!
We are listing Matic for a few reasons:
- The platform is actually built on Matic’s layer 2 solution
- We quickly realized that user experience on Matic Network is arguably better than any other layer 2 solutions out there
- The relentless work ethic of the team gives us confidence
- Our relayer infra is compatible with Matic, with the additional benefit of cheaper meta transactions
We felt it’s a perfect match to start the platform with the Matic token itself.
So how does the game work?
Gameplay: Each game lasts for about 2 minutes and is divided into four halves
- First 15 seconds the average price of Matic token is spotted from Binance. Let’s say the average price of Matic in those 15 seconds is $1.
- Next 30 seconds you can place bets by simply pressing the Up or Down button. If you think the price will rise above $1 press up and if you think the price will be less than $1 press down.
- In the next 30 seconds, the average price is spotted again from Binance. This is the final price called result price on which winners and losers are decided.
- When the last phase starts, Let’s assume the price is $1.10 now. Those who chose up wins and prize money is transferred to their accounts. This phase lasts for 30 seconds before the next game starts.
This is where Biconomy’s relayer infrastructure comes in. Regardless of the fact that the entire game is on-chain, our solution abstracts blockchain complexities away. Forget about gas fees, user signing transactions, and private key management.
Here’s what happens
- User registers for the game using their email ID (thanks to Portis) and a smart contract wallet are created for the user.
- The user would need to fund their contract wallet account with Matic tokens.
- Once funded, and initiates first interaction with the game (up or down)
- The interaction generates a signed message from the user from the client-side, which goes to the Biconomy relayer
- The transaction is relayed via the relay network onto the Biconomy Relay Hub contract (an open contract issued on-chain that acts as a gateway for all meta transactions originated by Biconomy’s relayers)
- The application/DApp (in this case the Moonshot game) pays the gas fee associated with each transaction
- From the relay hub contract, the transaction is passed through the contract wallet before it hits the DApp’s contract
- The final result is that the transaction is executed at no cost to the end-user
Although this implementation revolves around the creation of a contract wallet, we are building future implementations that can bypass the contract wallet creation and be compatible with existing contract wallets.
Now that the technical stuff is over.
Stay tuned for the game link !!
Telegram Channel: https://t.me/biconomy
Website: https://biconomy.io
Twitter: https://twitter.com/biconomy
Email: support@biconomy.io
Published at Tue, 04 Feb 2020 11:33:06 +0000
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