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Hidden bets: commit-reveal and batches ​

Sometimes it matters that your bet is not visible in advance — so that it cannot be copied or played against. That is what the two-phase hidden bet is for: first you "seal" it (commit), then you reveal it (reveal). Let's go through why this exists and what happens if you do not reveal.

The gist in two paragraphs ​

An ordinary bet is visible on chain immediately — outcome, amount, time. A hidden bet conceals that until the reveal: you put up escrow and commit the bet (pm_commit_bet) without showing which outcome and how much. Later, inside the reveal window, you reveal it (pm_reveal_bet) and it enters the pool like any other bet. Until the reveal nobody knows your position — that is protection against copying, front-running and sniping a large bet.

Privacy comes with responsibility: if you fail to reveal the bet inside the window, a forfeit kicks in — part of the escrow (the penalty) goes into the market's forfeit_pool (to the winners), the rest is refunded. Hidden bets only work on markets where batch mode is enabled (allow_batch) and require a minimum escrow (pm_min_batch_bet).

How it works step by step ​

Commit. pm_commit_bet: you put up escrow (≥ pm_min_batch_bet, on the order of 1 VIZ) and commit the bet in sealed form. The chain shows that you staked something, but not the outcome or the amount. The escrow is debited.

The reveal window. You get a limited window (the epoch + pm_reveal_window_blocks, on the order of minutes). You must reveal within it.

Reveal. pm_reveal_bet: you disclose the outcome and the amount, the bet enters the pool at the current price — from there on it is an ordinary bet. To reveal, the client needs the commit_id of your commit (get_account_commits).

No reveal → forfeit. Miss the window and the forfeit is automatic: the penalty (a fraction of the escrow, set by no_reveal_fee_percent) goes into the market's forfeit_pool, the remainder is refunded. That is the price for taking a slot and not completing the bet.

Why this exists ​

  • Privacy of intent. A large player does not want their bet copied or played against before it enters the pool.
  • Anti-sniping. The hidden phase makes it harder to peek at and front-run other people's bets.
  • Batches. Commits are collected and revealed in batches — a mode for a fairer and more private round of betting.

What you need to understand ​

  • Two phases, two actions. Commit and reveal are different operations, with a window in between. Forget to reveal and you lose the penalty.
  • Revealing is mandatory. The forfeit is not a bug but an incentive to finish what you started; the penalty goes to the winners through the forfeit_pool.
  • Only on allow_batch markets. Not every market supports hidden bets.
  • You need the commit_id. To reveal, the client fetches your open commits (get_account_commits) — without it there is nothing to reveal.
  • Kill switch. The whole of commit-reveal is a subsystem with a median-voted toggle (pm_commit_reveal_enabled); validators can disable it without a hard fork.

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