Today, we're super excited to share that the Atomic Odds beta is now live! For the first time, Bitcoiners anywhere will have the ability to bet directly against some of the biggest names in Bitcoin. Initially at launch, you'll be able to bet on the US Presidential Election - we plan on adding additional topics and betting categories moving forward.
At launch, for security, we've limited bet sizes to a maximum of 0.015 BTC per counterparty.
The bets are settled entirely in Bitcoin, and the process is powered by Discreet Log Contract (DLC) tech.
This launch follows nearly two months of building and designing the product in close collaboration with some of our favourite Bitcoiners. We also want to thank the Suredbits and CryptoGarage team for all their amazing research and work on discreet log contracts. Y'all are doing Satoshi's work. :)
(Thanks to Jimmy Song, Pierre Rochard, Jason Williams, CK, David Bailey, Tyler Evans, Thib M, Jason Les, Ryan Gentry, Pomp, Rob Furse, Sid Ramesh for your feedback!)
The first Bitcoin-native product from Atomic.Finance
A few weeks ago, we made public our decision to pivot from building on Ethereum to taking a Bitcoin-native approach to building all of our future financial products.
At Atomic.Finance, we're all about building #SoundFinance. We're all about building infrastructure that shares as much of the same assurances as Bitcoin (being verifiable, pseudo-anonymous, borderless, censorship- and seizure-resistant, and of course, maintains Bitcoin's sacred 21M supply cap).
Atomic Odds is the first product built under this #SoundFinance philosophy.
What's got Bitcoiners excited about using Atomic Odds?
- Get a bet set up in a matter of minutes and have it resolved automatically.
Bitcoiners told us that the only great way to engage in P2P bets in the past was by way of a multisig with a 3rd party adjudicator. Doing so was extremely cumbersome — the complexity of a multisig set-up process on top of having to get a 3rd party adjudicator — all while having to coordinate the whole process over Zoom calls.
With Atomic Odds, we've distilled it down to a single simple platform to manage and track all of your ongoing bets. No more needing to agree on a 3rd party adjudicator, set up messy Zoom calls or go through complex multisig set up processes.
2. You remain in full control of the funds you deposit and the bets you make. We never take custody of your bitcoin.
Not you keys, not your coins. As such, we intend to build all of our financial tools with an emphasis on self-custody.
With this initial version, you can deposit funds and enter into bets directly using a non-custodial web wallet. As the user, you will remain in full control of the funds you deposit at all times. We can never touch the BTC you deposit.
3. We used DLC (discreet log contracts) tech to build a very secure and transparent betting experience.
On a high level, DLC's are Bitcoin oracle contracts. They allow two counterparties to deposit funds to the contract. It then utilizes an external entity (also known as an oracle) to publish a signed message that will redistribute the funds within the contract between the two counterparties.
In the context of Atomic Odds, building on DLC's enables 3 distinct advantages for betting:
- Transparency. While the oracle remains a point of trust in the system, DLC's allow you to easily be able to verify all the data the DLC oracle is providing to help resolve your bet. To assist with the verification process, in the coming weeks, we intend to go live with an oracle explorer that will allow users to verify and track all the data that our oracles are providing.
- Privacy. To an outsider scanning the Bitcoin blockchain, your bet wouldn't look any different than any other Bitcoin multisig transaction.
- No more cold feet! By requiring both parties to have funds in escrow at the start of the bet, this ensures that you don't need to trust your counterparty to pay up when the bet resolves. DLC's make sure their word is their bond.
Being transparent about our Business Model
As I discussed in our public investor update published earlier this month, transparency is core to what we do at Atomic.Finance. Transparency is crucial to not only how we build our products and the #SoundFinance ecosystem, but also how we communicate with our users and the wider Bitcoin community.
At launch, our business model will be to charge a 5% fee to the winner of each bet. Building sound finance means building products that are sustainable over the long run. This fee will go a long way towards helping us maintain and improve the platform over time. No Ponzinomics or shitcoinery involved with Atomic Odds — or any future Atomic.Finance products for that matter.
This is just the first iteration of Atomic Odds and here are some of the to-do items on our mind:
- For transparency and auditability, we will be open sourcing our codebase in the next week or so. We're currently using CryptoGarage's DLC library and Liquality's Chain Abstraction Layer – both of which are already open sourced.
- Onboarding even more influencers to the platform. (Sign up here to be an influencer if you're interested.)
- Allowing anyone (and not just influencers) to initiate bets.
- Expanding the types and categories of bets that can be done.
- An Atomic Odds Twitter bot? ;) (Thanks Thib and Sid for the suggestion!)
Let’s get started!
Head over to Atomic Odds to challenge your favourite Bitcoin influencers to a bet today! They've already put their Bitcoin where their mouth is — do you have what it takes to bet against them? 😁
If you're interested in checking out bet offers from specific influencers, hit the links below: