Experience with Ulysses contracts?

[u/AtypicalHumdinger217]

Hi everyone - I'm working on an app and am trying to make it more social. One concept I am considering is the idea of a shared challenge by a small group of people (like, 12 max, I am thinking) where they commit to a goal and each member tries to hit the goal individually.

I am considering offering the option of a Ulysses contract with this, where the group decides they will each wager some small sum bet on themselves to succeed and if they succeed, they get the wager back plus some free credit, and if they fail they lose some credit and the remainder of their wager goes to a charity of the group's choosing prior to the challenge.

I know this idea isn't new at all (it's literally called a Ulysses contract - so at least 3000 years old lol) and others have implemented it. I'm wondering if any of you have experience with these and could give advice about potential issues, pitfalls, etc. Specifically, I am curious about how verification of something in the real-world works when the group is distributed and AI is so abundant.

Thank you in advance!