Betbox is a decentralized betting platform that is built on the blockhain technology. Betbox comes as a solution to some of the problems plaguing traditional betting platforms notably lack of transparency, problems of trust, limited services, etc.
It is a fact that most betting platforms are not transparent in the sense that users often lack adequate knowledge of the direction of money flow. Also, there are often big question marks on the integrity of betting service providers which often tend toward dubiousness, often resulting in foulplay - where betters for instance are injustly deprived of their winnings. This questioning nature of the service providers often of course give birth to trust issues - and as far as money is concerned, this is a big issue. Additionally, traditional betting systems are often laced with frictions in their services due to a number of factors such as cyber attacks, server issues, etc.
Betbox being a blockchain based platform, is an advanced betting system, devoid of the numerous challenges with conventioval betting platforms. The platform will run on the ethereum public chain which is one of the most advanced and trusted blockchain protocols so far. The betbox ecosystem would be decentralized in nature. Betters on the platform would be able to follow every detail of their stakings and all procedures as all transactions would be done on the blockchain smart contract. This would go a long way to ensure fairness in all dealings, the aftermath of which would be customer satisfaction and increased trust on the platform. Blockchain technology also has improved security. For instance, in the event of a cyber attack, there's is guarantee that cuatomers' funds would always be safe and can be accessed/retrieved via another blockchain route Thus with betbox, users would be able to stake and indulge in betting games with ease of mind compared to traditoonal betting systems. This is more so given the user-friendly interfaces that would be made availabble to enable all classes of people to easily engage in the betting games.
Betboxx ecosystem is quite distinct from other betting platforms we have around both on and off the chain. This is self evident in the numerous advantages that users on the platform stand to gain. For instance, users can earn incentives by their active participation on the platform such as voting in public decisions, fairplay (as in acceptance of defeat in good faith), and other actions that impact positively on the platform. Such incentives as these would be earned in betbox token (OX).
ABOUT BETBOX TOKEN (OX)
As a blockchain based platform, betbox will issue its own platform token known as OX. OX will thus be the native currency of the betbox ecosystem, the lifeline of the platform itself and that which gives it its core value. OX would be a mineable token. Users on the platform would be able to mine OX through their activities on the platform. In other words, the token would have a proof of activity mining mechanism which any user can tap from. OX would be erc-20 compatible token since the betbox platform itself would run on the ethereum blockchain.
Betbox platform would organise a token generating event/ico to raise funds to build the ecosystem. A total of 100,000000 OX would be issued during the events. Of the total volume above, 80,000000OX would be sold during the pre ico and ico to the respective participants. 8,000000 OX are budgeted for bounty, while 12,000000OX would be locked up in reserve for future development of the platform. The targeted hardcap during the event is 32,000 eth.
Betbox platform would also organize a quarterly token burn of OX. The burnt tokens would be bought back from volunteering users with about 20% of the profits acruing to the platform. As expected, this event is sure to have a positive impact of strengthening the value of the OX token.
For every information you need on betbox, please visit their website at https://betbox.app/
And read their lightpaper: https://betbox.app/required/lightpaper-v1-betbox-decentralized-betting-app.pdf
References
Bounty0x username: diana1