Three Phase Rollout
Last updated
Last updated
The three phase rollout plan for OpenBook is similar in structure to most video games that come out these days. The first phase will be our OpenBook Alpha. This phase was designed to be completed in the course of a single college semester, so this can also be considered the prototype phase. The second phase will be the primary release and deployment phase. Here we will finalize, complete audits, host the website, and deploy contracts to Polygon mainnet. The final phase is the ultimate vision for the OpenBook protocol, the OpenBook DAO. Once the protocol has grown to a self-sufficient size, it can be tokenized and moved to a decentralized governance model, completing its move to a fully Web3-based model.
In the first phase, a proof of concept and workable model will be made by the end of April 2022. The first time the founders met as a team was late February 2022, so for all intents and purposes this phase is a proof of concept and prototype. Given the massive time constraints, we shot for an optimal functional prototype to begin. This prototype utilizes a local mainnet fork to stay as close to deployment conditions as possible without sinking real money into testing on the Polygon maninnet. The features of this prototype that were most important to ensure got implemented in Phase 1 are as follows:
Deployment of a suite of smart contracts that facilitate all of the following features based our unique singular liquidity pool model
Webpage User Interface for all following features
Feature 1: Capability for a Bettor to make bets, including
Payment of DAI from Bettor to OpenBook
Minting of receipt ERC-1155 token from OpenBook to Bettor
Feature 2: Capability for a Bettor to withdraw winnings, including
Transfer of winning receipt ERC-1155 token from Bettor to OpenBook and subsequent release of bet winnings
Feature 3: Capability for a Bookie to add liquidity to the pool, including
Minting of receipt ERC-1155 Stake tokens from OpenBook to Bookie containing common liquidity provision metadata
Feature 4: Capability for a Bookie to remove profit and initial liquidity from the pool at will, including
Transfer of ERC-1155 Stake tokens from Bookie to OpenBook and subsequent release of the portion of liquidity and profit associated with those tokens.
Feature 5: Fetch odds from an external provider
Phase 2 will begin following the completion of Phase 1 and the subsequent collaboration with external angel investors, centralized bookies, and/or data providers. This phase is all about the optimization of our model’s functionality, safety, security, speed, and completeness to ensure the best possible launch on the Polygon mainnet. In this phase, more sports and individual matches will be supported, external security audits will be done, and a litany of additional features and improvements are in plans for development. The target for this phase’s completion is Q3-Q4 2022. Here are some of the ideas that we currently have planned for this phase:
Collaborate with additional third-parties or centralized sports books to serve as odds and/or match providers for v1.
Add more sports, more bets, and more bet types
Audit the entire OpenBook sportsbook protocol suite of contracts for security
Begin marketing for OpenBook
Deploy smart contracts live to the Polygon main network
Officially launch OpenBook
As already discussed, OpenBook v1 will have aspects of centralization in order to grow. We aim to remove these aspects of centralization as soon after the v1 launch as possible. To do this, our third and final phase will be making the switch to a decentralized system governed by a decentralized autonomous organization or DAO. Phase 3 and the OpenBook DAO are the long term vision for this project. OpenBook is designed with the vision for users to sustain and benefit from the protocol because they have partial ownership of it. With the uncertain times ahead and the wild dynamism of the Web3 world, we don’t have a timeline projection for this phase at the time of writing this document. However, here is a short non-exhaustive list of steps towards this phase:
Initialize the voting mechanism to set commissions and all other factors of OpenBook
Integrate the knowledge of advisors, investors, and the community to optimize OpenBook
Improve communication channels between all parties OpenBook operates in unison with
Launch $OBSB (ticker placeholder)OpenBook sportsbook governance token and the OpenBook DAO
