Platform Architecture

BetBTC is a decentralized betting platform leveraging blockchain technology to offer a secure, transparent, and efficient betting experience. This document details the technical architecture of BetBTC, focusing on the integration of the Internet Computer Protocol (ICP) and Chain Key Bitcoin (ckBTC), which together facilitate advanced functionalities in betting and predictive analysis.

Internet Computer Protocol (ICP)

ICP is designed to extend the functionality of the public internet from a network that connects billions of devices to a public computing platform. It is foundational to BetBTC, providing the infrastructure for executing smart contracts and securely managing digital assets.

Canisters

Canisters are autonomous, scalable code units on ICP that serve both as smart contracts and as software containers. They:

• Manage state changes and user interactions.

• Execute in parallel, enhancing transaction throughput and efficiency.

Chain Key Bitcoin (ckBTC)

ckBTC is a blockchain-based representation of Bitcoin that operates on the ICP framework. It ensures:

• Enhanced security for transactions.

• Seamless integration of Bitcoin liquidity into decentralized applications.

Price Calculation and Data Mechanism

Bonding Curves

Bonding curves are used to manage token supply and pricing in a decentralized manner. They:

• Provide automated market-making mechanisms.

• Adjust the price of tokens based on supply and demand dynamics.

Decentralized Oracles

Decentralized oracles are crucial for incorporating real-world data into the blockchain. They:

• Fetch external data through HTTP outcalls.

• Ensure data consistency and reliability, crucial for maintaining idempotency in transaction processing.

Scalability

Chain Key Technology

ICP's unique Chain Key Technology divides the processing workload across multiple subnet blockchains, which:

• Increases transaction speeds to near-instant levels (1-2 seconds).

• Significantly reduces transaction fees, facilitating microtransactions.

Subnet Architecture

The subnet architecture helps scale the network by:

• Distributing the data load across multiple nodes.

• Ensuring high availability and fault tolerance.

Security

End-to-End Encryption

BetBTC employs end-to-end encryption to protect user data and transaction details from unauthorized access. This encryption:

• Secures data in transit and at rest.

• Is integral to maintaining user privacy and security.

Consensus Mechanism

The platform uses a robust consensus mechanism to:

• Validate transactions and ensure ledger integrity.

• Prevent double-spending and other fraudulent activities.

Immutable Ledger

Blockchain technology ensures that once data is entered into the ledger, it cannot be altered, providing:

• A transparent audit trail for all transactions.

• An immutable record that enhances trust among users.