From Social Betting to Collective Knowledge — Part 2: Play Your Way, Earn Your Way

Get to know different ways to enjoy social betting with Bettery and earn more on the way!

This is the series of articles that explains Bettery’s vision along with how we plan to achieve it. The first article is about the purpose of Bettery: to let everyone realize the value of their opinions that are shaped by unique life experiences. In this second article, we will explain how Bettery events work, the different roles a user can take on our platform based on their preference, and Bettery’s reputation system — all of which work together to enable the creation of collective knowledge. In the last article, we’ll be talking about Bettery’s tokenomic model that makes it possible to assign value to opinions fairly depending on each person’s level of “expertise”.

How Bettery Works: Events

Bettery is a social pool betting platform for friends and online communities to have fun on what matters to them. Through betting events, collective social knowledge is created:

• When the event is to settle friendly discourses or challenge your friends, the participants “record” their individual knowledge and skills on the Blockchain, gaining Reputations and other cool achievements that indicate your level of expertise. Blockchain, a fancy term nowadays, simply means a specific type of digital data storage where information is recorded in a way that makes it difficult or impossible to change or hack into, while the information itself and how it is used remain transparent. Unlike, say, Facebook where you never know why you see that specific piece of content that you never follow on your timeline, but know they earn when you see that content. Transparency of information is the key here, as it eliminates the need for “trust”. All your recorded knowledge can be verified on Blockchain — a diploma isn’t required!
• When businesses, influencers, and advertisers create events, users earn from expressing their opinions which are supported by their knowledge that has been trustlessly validated throughout previous bets made with friends and others.

Betterians create or join the type of event that best fit their interests:

• Chill with friends in private Friends events where you bet with the promise of pizza or a favor.
• Engage with your online communities who share your interest in Regular events.
• Grow your own community in Premium events with attractive rewards for participants.
• Make better business decisions by collecting user insights from Pro events.

Types of Events on Bettery platform: For friends, social media communities, influencers, and businesses.

Here’s a breakdown of the differences between different types of events (to learn more about BET and BTY tokens, check out our Tokenomy article):

The mechanic differences between types of Events on the Bettery platform: how to join, visibility, rewards.

In the previous article, we discussed how each of us as individuals possesses invaluable knowledge shaped by unique life experiences that don’t necessarily translate to professional, job-related skills. They’re “priceless” as in their value are beyond any possible estimation and also because they, sadly, can’t be used to generate income for you right now since there aren’t any tools or platforms out there so far to enable this. This is why we created Bettery: to let everyone earn from their opinions shaped by personal life knowledge and experiences, and for businesses or anyone interested to gain invaluable insights into whatever they need.

Built on the foundational pillars of Speed and Simplicity, Recreational Skill Gaming, Social Competition, and most importantly, Inclusivity. It is our vision to enable collective knowledge through social betting, but we understand that making bets alone cannot ensure the real creation of collective knowledge. As it is a gaming activity involving a sizeable online community of strangers united on common interests, there need to be impartial individuals that only speak the final truth, unable to be swayed to one result or another. Also, each of us has different motivations that affect our preferred behavior. We don’t always want to bet on, host, or confirm the results of an event. Sometimes, some of us just have a cool idea for a topic question but we don’t really care about being part of the event it’s featured, yet we still want to earn from our clever ideas.

Taking all of this into consideration, our team has built the Bettery role system as follow (and refer to this article for more info on BET and BTY):

Bettery user roles that power the creation of collective knowledge through betting Events.

• Host — Create an event and attract Players and Experts to join. Hosts can create events for Friends that are private, or Regular events that are for a public online community. They can also create Premium and Pro events by spending money (BTY Tokens) to engage high-profile users. In Regular and Premium events, Hosts can earn BET Tokens based on how “engaging” their event is, aka how many users it attracts.

What Hosts can do:

• Create multiple rooms, each of which can be Public for Social Media (Regular, Premium, and Pro Events) or Private for Friends Events.
• Create multiple events: Friends, Regular, Premium, and Pro.
• Join own events as Player OR as Expert.
• Deposit money (BTY Tokens) into their account to host Premium and Pro events.
• Set minimum Player and Expert reputation requirements for Pro events.
• Add/Remove users into their Private Room and Remove users from their Public Room.
• Comment on events and react to other users’ comments.

What Hosts CAN’T do:

• Delete/cancel an event after its betting time is started.
• Edit the event details (topic, answers, date/time, etc.) after it’s created.
• Become Player and Expert in the same Event (except for the “Validated by Players” type of validation, see Expert section below for more details).
• Remove users from an on-going event. Users who already joined an event but got kicked out of the room will be auto-removed once the event is over with their betting/validating record for that event still being valid and counted towards their earnings/losses/reputation.

Are you the type who always kick starts discussions in your friend groups? Be the Host and create engaging Events for others to bet and talk about!

• Player — Bet on events to prove their superiority as “Pro Bettors” and win BET Tokens or whatever their friend promise from events which require a high reputation from a favorable winning record. Since events on Bettery are pool betting, the prize pool for winning Players, Host, and Experts are taken from the losing Players’ total bet. When you first signup for a Bettery account, you receive 10 BET Tokens as a welcome gift which you can use to start betting in events and earn more. Losers also receive some BET from events via Minted Tokens (more about this in our Tokenomy article), so your BET balance will never be zero, but your reputation can be negative if you lose enough.

What Players can do:

• Bet on multiple events using BET.
• Bet on Pro events if they meet the reputation requirement.
• Join any Public rooms, or Private Rooms with an invitation.
• Convert BET into BTY tokens 1:1 via one-way conversion and withdraw this BTY.
• Appeal to the event’s result if there is suspicion that Experts aren’t telling the truth.
• Comment on events and react to other users’ comments.

What Players CAN’T do:

• Validate the result of an event they’re betting on (except for the “Validated by Players” type of validation, see Expert section below for more details).
• Bet with BTY (BET Tokens only).
• Retract a bet they already made on an event.

Opinionated and enjoys taking risks? Bet on Events as a Player to prove your superiority to others!

• Expert — Validate the final result of betting events, the truth of what actually happened after Players bet. Experts earn BET and gain more reputation scores from validating Regular, Premium, and Pro events, and whatever promised by the Host in Friends events.

What Experts can do:

• Validate multiple events (except for “Pro” events that have no Experts)
• Join any Public rooms, or Private Rooms with an invitation.
• Convert BET into BTY tokens 1:1 via one-way conversion and withdraw this BTY.
• Comment on events and react to other users’ comments.

What Experts CAN’T do:

• Edit their submitted result validation of an event

Prefer not to take risks and simply deliver the final truth to your arguing friends? Validate Event results as an impartial Expert and stay drama-free.

There is also a valid question of how many experts are sufficient to confirm true event outcome fairly. Logically, more popular events (read: has lots of Players) should need more Experts to minimize the chance of incorrect validation due to mistake or cheating, since this would lead to the Appealing stage that keeps everyone (including right Experts) anxiously waiting for the final, correct resolution. However, restricting the Host’s freedom to customize their own Event is also not something we want to do. Therefore, we offer two modes for the Host to choose from:

1. Host can set a fixed number of Experts required to attend. The Event will be canceled and refunded (with no fees taken, Players receive 100% of their bets back) if the required number of Experts didn’t validate within 72 hours after betting time ends. Before joining an Event, Players will be informed if the Host decided to go with a fixed number of Experts.
2. Automatic setting by Bettery. We evaluate different models and so far, the one below fits the best. Your further feedback and suggestions are welcomed, of course!

Here’s our formula to determine the perfect number of Experts for every Event based on its Player pool size:

Experts = Players / (Players⁰.⁵ + 2 — 2⁰.⁵), rounded to the next odd number.

In graph form, it should look like this. The horizontal axis is the number of Players, the vertical axis is the number of Experts required:

For Events with sub-200 Players.

For Events with thousands of Players.

In table form with specific ranges of Player pool size:

There are also different ways for Events to be validated depending on their type. In some cases, Events can be even validated by Players, without compromising the results!

Different ways to validate different types of Events.

Here is some early info on upcoming user roles to be implemented on Bettery:

• Advisor — Give creative topic ideas for Hosts to create events and get paid. This Role will be clarified in detail later, while more info about rewards for Advisors is in the third article about Bettery tokenomy,
• Moderator — Report inappropriate behavior in a Room/Event. This Role will be clarified in detail later. while more info about rewards for Moderators is also in the Bettery tokenomy article.

How Bettery Works: User Reputation

To fuel the creation of collective knowledge and empower everyone to earn from their opinions and creativity, Bettery uses a comprehensive Reputation system that promotes everyone to take part in events as any role they like — Host, Player, Expert, Advisor — and increasingly get more value out of their participation in events and “expertise” in each role. Every Host, Player, Advisor, or Expert who performs their key action well — hosting successfully, winning bets, suggesting topics for Hosts to create events out of, and validating correctly — will increase their Reputation score in that role which will let them join Pro events to earn lots of tokens. Since events on Bettery can be characterized as “skill-based”, not reliant on random number generator like in a casino (where the casino always wins, not you), your reputation is going up along with your skills development. Upon signing up, user Player, Expert, Host, and Advisor Reputations are set to 1, and from this default value, it can go up or down depending on the user actions.

Here’s a quick chart on how Reputation score is gained, lost, and sustained for each role:

How Reputation is gained or lost for each role and how to “rank up” your Reputation level.

At this point you’re probably super curious about money — those BET and BTY Tokens we mentioned. Check out our third article on Bettery Tokenomy to find out!