For as long as sports have had popular appeal, there have been bets placed on their outcomes. With the advent of the internet, there has been a significant trend towards placing bets online, but the industry has long been plagued by a host of problems. These issues include hefty user fees, centralized oversight, bad user experience, and much more. Vanilla Network, in partnership with Polygon network, is taking steps to monetize gambling by applying blockchain technology to the age-old industry of bookmaking.
Vanilla Network Overview
The premise of Vanilla Network is that its cryptocurrency tokens ( $VNLA ) are intended to be deflationary while being used for online betting and gambling. The centerpiece of the operation is an upcoming Vanilla app that will allow for head-to-head betting using Vanilla tokens.
The network is set up in such a way that using the tokens for this purpose will incur no transaction fees for the user. Instead, each time a transaction is carried out with vanilla tokens, 5% will be burned with 2.5% being returned to stakeholders and the other 2.5% being destroyed. This will result in stakeholders being rewarded with a return in vanilla tokens even if they lose a bet, which could become more valuable as the tokens are destroyed.
Vanilla Network promises to offer an easy-to-use experience for those wishing to gamble on their platform by avoiding any upfront fees for placing bets. Users can rely on the deflation of the tokens, which should happen quite rapidly as users make bets in hopes of winning big.
According to the companies website, the platform offers:
- Head-To-Head bets
- Blockchain Poker
- Staking Pools
How The Gambling Platform Works
Another highly innovative and elegant aspect of Vanilla Network is how the odds are determined for an individual scenario or match-up. Traditionally, gambling has relied on centralized bookmakers to determine betting odds, typically resulting in the house taking a significant cut. Vanilla Network avoids this issue by having odds determined by users. Users will place their bets and odds will be determined by the amount bet on each outcome.
If an outcome is generally considered less likely to happen, the users will most likely bet less on that outcome and the odds. This creates an environment where there should be no loss in profits for users since there is no fee or cut charged by the house. Additionally, Vanilla Network avoids the overhead associated with bookmaking.
Unlike centralized platforms, Vanilla Network’s decentralized infrastructure is giving control back to the user. The ultimate goal is to create an experience “where the house never wins.” This is facilitated by returning all rewards to the platform stakeholders. With the gambling industry being a 60 billion dollar market, Vanilla Network has the opportunity to gain significant market share by attracting gamblers that have an interest in blockchain technology and digital assets.
The new ideas and mechanisms being pioneered by Vanilla Network have the potential to revolutionize the whole online gambling industry. Because blockchain promises to be a safe and secure way to carry out transactions, decentralization may be possible in an industry that has always relied on highly centralized bookmakers. If successful, Vanilla Network may represent the first step for betting and gambling enthusiasts to take back control and create a user-focused experience.
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