Blockchain-Based Token System for Competitive Sports Wagering and Performance-Based Rewards

A method for executing blockchain-based wagering in a competitive sports environment, comprising:

• registering a plurality of user wallets on a decentralized blockchain network;
• deploying, by a smart contract execution engine, a wager-specific smart contract associated with a sporting event;
• locking, by the wager-specific smart contract, a quantity of a native token from at least two participants in an escrow state on the decentralized blockchain network prior to commencement of the sporting event;
• receiving, by an oracle subsystem, match outcome data from at least one of an external data source or authorized input;
• validating, by the oracle subsystem, the match outcome data;
• transmitting, by the oracle subsystem, verified match outcome data to the smart contract execution engine;
• executing, by the smart contract execution engine, a settlement operation in response to the verified match outcome data;
• and
• automatically transferring, by the smart contract execution engine, the escrowed native token to a winning participant and recording the transfer on a distributed ledger of the decentralized blockchain network.

A non-transitory computer-readable medium storing instructions that, when executed by one or more processors, cause a system to perform a method comprising:

• deploying a wager-specific smart contract on a decentralized blockchain network;
• locking a quantity of a native token from at least two participants in an escrow state associated with a sporting event;
• receiving and validating match outcome data using an oracle subsystem;
• transmitting verified match outcome data to a smart contract execution engine;
• executing a settlement operation based on the verified match outcome data;
• and
• automatically transferring the escrowed native token to a winning participant and recording the transfer on a distributed ledger of the decentralized blockchain network.