Every spring, the college elites compete in one of America’s most famous annual sporting events: a single elimination tournament mostly played during March, informally known as March Madness or the Big Dance. The single elimination tournament currently features 68 college basketball teams from the NCAA Division I Men’s Basketball Tournament (32 Division I conferences and 36 teams that are awarded at-large berths).
It has become a tradition for many to wager on bracket predictions, hoping to win prestige, prizes, and/or 15 minutes of fame for completing the perfect bracket. In 2015, Warren Buffett and Quicken Loans offered a $1 billion prize for anyone able to accomplish this impressive feat.
According to Forbes, you have a 1 in 9,223,372,036,854,775,808 chance of completing a “perfect bracket.” To say the least, you have better odds of dating a supermodel, winning the Powerball jackpot, or getting struck by lightning – maybe even on the same day! Now, those lucky enough to be technically proficient and competitively inclined have the ability to participate in the bracket using the blockchain.
Ethereum Bracket Challenge
The Ethereum Bracket Challenge allows for a user to enter a fully decentralized March Madness bracket pool that runs on the Ethereum network. In order to get started, all you need is an Ethereum client, such as MetaMask or Mist, an IPFS gateway, and some Ether. All willing participants will have to enter their brackets before 12:00 PM ET on March 16, 2017, or when the number of submissions reaches 1000.
Once the tournament ends, the creator of the pool will submit the results for the scoring period. During this time, all participants will have the option to reveal their brackets. The highest scoring bracket wins and the pot will be evenly split in the event of ties. Brackets are scored in respect to the number of games that a participant correctly predicts and prediction scores vary by round. First four and first round games score one point; second round games score two points; sweet sixteen games score four points; elite eight games score eight points; final four games score 16 points; and the national championship game scores a whopping 32 points.