Implementing a wild bet on IC

Developers
1

I am assuming that implementing a smart canister that mimics this : https://twitter.com/balajis/status/1636827051419389952?s=20

Is currently NOT directly possible on IC.

The TLDR; version is that balajis bets that 1 btc will be worth 1m usd in 90 days or less. He is willing to put 1m USDC against a counterparty of 1 BTC. If 1 BTC >= 1M USD in 90 days, @balajis gets 1m+1usd; otherwise the counter party does.

Most of the infrastructure is already in place for IC EXCEPT for accepting USDC and intergrating Oracles.

  1. BTC Integration is already in place. The Smart Canister can hold BTC.
  2. Timer functionality can trigger price checks in future.

Q1. Has anyone figured out how to model cycles (closest in IC to a stable coin) in USDC terms. Is this even feasible?
Q2. Has anyone integrated Oracles(ala chainlink etc) into the mix?
Q3. Any other question that might preclude this implementation?

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2

Hey @mparikh,

you can implement the bet on the IC.

You can have a canister controlling a BTC address and an Ethereum address using threshold ECDSA. This allows the canister to sign Bitcoin transactions as well as Ethereum transactions. In particular, the latter allows signing an ERC-20 transfer such as USDC. This allows the canister to execute the payout to the participants after the bet has ended.

The canister can decide who has won by consulting the exchange rate canister acting as an oracle for the exchange rate between BTC and USD(C).

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