The problem BasedBets-Alpha solves

BasedBets: Revolutionizing Betting with AI and Blockchain

Traditional betting heavily relies on human intuition or basic statistical models, which often fail to account for the vast amount of real-time and multi-dimensional data available today. As the complexity of data increases, humans struggle to process it effectively, leading to decision paralysis, missed opportunities, and suboptimal strategies. In contrast, AI excels in such environments by analyzing real-time data streams, predicting outcomes with high accuracy, and dynamically adjusting strategies based on fluctuating odds. AI-powered betting allows even novices to participate without needing to understand the intricate theories behind betting and odds, making it inclusive and accessible.

Blockchain integration further enhances the process by adding a layer of transparency, security, and trust. With immutable and auditable processes, it ensures fair betting and instant payouts, removing the delays and manual interventions common in fiat systems. Blockchain also eliminates traditional barriers like KYC by enabling wallet-based anonymous registration, safeguarding user privacy.

The combination of AI and blockchain in BasedBets offers unparalleled advantages, including automated and optimized betting strategies, reduced entry barriers, and seamless value transfers. BasedBets provides a secure, efficient, and futuristic betting platform. By harnessing AI’s predictive capabilities and blockchain’s ease of value transfer, BasedBets ensures fairness, transparency, and accessibility for all users.

Use Cases: Sports, eSports, financial markets, and more.

Challenges I ran into

I was confused about what to build for a long time until a Base Represenrtative asked me to build this project yesterday at 7pm, given the time constraints I was only able to build just a basic PoC of the contract and a few other things. I plan to expand on this in future Web3 Hackathons and make it into a full-fledged product
Other challenges i faced were