Every sports lover may have placed bet in his life. Everyone loves betting and making predictions. Betting has seen an exponential growth in recent years. Internet has played an important role in the growth of betting industry. Today we can place betting on every sporting event happening around the world. Currently the betting market has a volume of 60 billion USD. Despite the emerging market, betting industry lacks with transparency, security and many other issues. BX.Bet is a decentralized betting and prediction platform. It will change the way we bet today.
Project Objective
BX.Bet is aimed to create a decentralized betting platform. Which improves trust and transparency. It is committed to eliminate the centralized control over betting processes. Utilisation of blockchain and crypto technology helps to reduce cost of financial transactions, provides security for user funds. Blockchain is immutable and incorruptible, thus we can ensure no changes in the placed bet.
Problems
Despite the increase in popularity and high growth rate, the online sports betting industry has seen decreased level of trust and reputation. The several problems of betting industry are given below :
• Lack of trust arises due to the risk and difficulty in withdrawal of funds
• Betting players have limited freedom, the odds of winning is decided by market makers
• Often bookmakers interfere in betting activity. This leads to reduction of trust in the system
• Frequent winning players gets their accounts locked or get limitations in withdrawal of funds
• Betting industry charges high operational costs
• Lack of security for users funds
• Lack of transparency
Solution
BX.Bet eliminates the centralized process with decentralized system. Every betting a is done on immutable and incorruptible blockchain technology. Self executing smart contracts handles every betting action. BX.Bet provide users to fully control over their betting actions and funds. The decentralization of betting industry increases the trust and transparency in the system.
The BX Ecosystem
Implementation of blockchain technology and smart contracts increases the trust and transparency in betting activity and in payment processes.
BX is offering two types of betting markets for players within the ecosystem:
• Private market
• Public market
Private markets are available on invitation basis by the creators of the market. Often know members such as friends, colleagues or family can join private markets. The significant advantage of private betting market is that players can bet without any fees and no intermediaries. This system can be expanded to fan clubs, social media groups or any forum communities. This new feature gives a new betting experience and brings new users to BX ecosystem.
Public markets are available to every user of BX ecosystem. One of the significant feature of BX ecosystem is that every user has opportunity to create their own public markets and can become a bookmaker. In public markets BX ecosystem will not charge fee more than 4%.
BX ecosystem provides many tools for easy market creation. Once the markets are created, users can participate in available betting markets. Users need to send funds from their wallet to BX ecosystem smart contracts. The smart contracts contains chosen outcomes and odds. After completion of the event smart contact automatically distributes winnings and fees.
In order to eliminate false results of betting events BX platform has unique voting system. After the completion of event, voting process starts for outcome of the event through community and superuser voting. In addition, BX platform reward users to make fair voting, thus honest and fair bookmakers gets rated.
BX.Bet has many tools to help users for easy access to platform and betting events such as API's, browser plugins and mobile applications.
BX ecosystem uses BX tokens, which are Ethereum blockchain powered ERC20 tokens. These tokens will be used to create bets, accessing platform features and for voting.
Advantages of BX ecosystem
• A complete decentralized betting ecosystem
• Blockchain and smart contracts securely stores and execute betting actions
• Provides easy tools for market creation
• New private market feature with no fee attracts more users
• Charges very less fee, only to cover blockchain transaction cost
• Provides easy access to platform with browser plugins, mobile apps and with API
• Allows peer to peer betting
• Help users to create their own public market & ability to become a bookmaker
• Gives high degree of freedom, trust and transparency
• Improves the platform with unique voting system
Competitor Benchmark
ICO Details and Timelines
• Token name: BX
• Platform: ERC20
• Total volume: 200,000,000
• ICO supply: 120,000,000
• Hardcap: 20,000,000 USD
• Softcap: 5,000,000 USD
• Price: 1BX = $0.19
• Pre sale: 15th to 29th October 2018
• Main sale start date: 19th November 2018
• Main fake end date: 17th December 2018
Bonus
Token and Funds Distribution
Team
Roadmap
Conclusion
BX.Bet is here to revolutionize the sports betting industry by making it complete decentralized. BX ecosystem will give complete control to users over their bets and funds. Implementation of blockchain and smart contracts increases trust and transparency. It has many more features which will change the way we do betting. It is really a promising and real use case project to invest.
Learn more about BX.Bet:
Website: https://bx.bet/en/
Read Whitepaper: https://bx.bet/static/files/whitepaper.pdf
ANN thread: https://bitcointalk.org/index.php?topic=4641799.0
Telegram: https://t.me/bxbet
Facebook: https://www.facebook.com/BXBET/
Twitter: https://twitter.com/BXBETico
Medium: https://medium.com/bxbet
YouTube: https://www.youtube.com/channel/UCGmpGplemqWL8l2wxOXamOw
About Author:
Bitcointalk username: Abhijeetcg
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1676105;sa=summary
ETH address: 0x96e95a1F40cf5a50178053740ADE18046815362d
