Introduction
The Gambling Industry since its inception in Mesopotamia as far back as 3000 BC, has being a major international engagement. Grossing a whopping sum of over $400 billion each year since 2010. However, there has being a steady increase in the growth rate of the global online gambling market over the last few years, from a meagre $20 billion U.S. dollars in 2009 to more than double that amount in 2016. The graph below shows the consistent growth of the gambling industry in billions of U.S dollars according to Statistica from 2001 - 2019.
Challenges Facing The Gambling Industry.
Amongst the notable challenges obstructing the growth of the gambling industry are verification and money flow. Where as bettors often develop sleepless nights over “Verification”- (what happens when they don’t get their commissions as a result of being unrecognized by the system) and “Money Flow”- (how and where their money is cycled within the system). Gamblers are often worried about the integrity of even top-rated gambling and betting sites such as Ladbrokes, Bovada, 888sports, Betfred, Betonline et al, leaving a very tiny window of opportunity for new betting platforms.
How is Blockchain The Answer?
These challenges can be further elaborated and eradicated by means of a fully transparent and decentralized technology. Since the advent of blockchain technology, it has being used to revolutionize almost all sectors of the economy and the world of gambling is not to be left out. While bitcoin-powered gambling sites such as Bitstarz, Bovada, Cafe Casino, Ignition among many others, now accepts cryptocurrency as a recognized means of placing a bet. They are still yet to tackle some of the many issues that a modern day gambling site is bound to encounter. A few of these challenges are underlisted below;
Freedom and Fairness
All online betting platforms on the web today are set up to ensure a 100% Return On Investment (R.O.I) to the administrators of the platform without due consideration to the platform subscribers. Bettors are often exploited even beyond their wildest imaginations. By means of a trusted, transparent and decentralized ecosystem, one that permits the record of all transactions on the system to what degree of an immutable ledger this can thus be achieved. In contrast to what traditional bookie’s are used to and within the context of this argument. The Betbox platform guarantees an assured payment and deliver a swift yet seamless funds & rewards disbursements via the aid of smart contracts and an underlying blockchain technology.
Serviceability
It is no doubt that we now live in a digitized world where everything and anything can be found right on the web (If you know your way around it). However, with every new advancement comes an even more neoteric adversary to that invention. In an era where cyber-hacking is on the high increase, system administrators and large scale data management institutes are posed with the issue of preserving Consumer privacy. With the new campaign for digital transformation on-going and as companies adopts this new technological approach for efficiency and cost-effectiveness. There is also a high risk of placing confidential corporate documents right under the radar of these cyber criminals.
The early 21st century was fraught with so much ill especially within the online gambling industry. When leading Online Gambling payment processor companies such as Skrill (formerly Moneybookers) and Neteller are hacked for an undetected period of over 3 years, you begin to question whether the security of the entire industry is at stake. According to a 2015 report on cyber threats by digital security firm Akamai; it was specified 50% of Distributed Denial of Service (DDoS) attacks were targetted towards the online gambling Industry. Also online gambling brands such as Betfair, PokerStars, Unibet and Svenska Spel where victims of DDoS attacks. Another notable event that year was involves the cloning of the website of Gaming Professional WebMasters’ Association (GPWA), a website certification servicing company to breach over 2500 betting sites in concert. Such hacks if not quickly detected and properly handled overloads the system with simultaneous requests. Hence referring Users on the sites to third-party sites and using affiliate tags to generate revenue.
On the Betbox platform, the automation of smart contracts would ensure a nonstop initiation and execution of betting activities guaranteeing a 24/7 serviceability to its Customers. In cases where the integrity of the Betbox dApp becomes marred, funds remain safe and can be viewed by anyone at all time on the blockchain decentralized ledger.
Platform Scalability
While typical betting sites appear to be fairly scalable in terms of transaction speed and throughput, they are still yet to explore a much vast market as a result of a few reasons such as the aforementioned problem definitions above. However Betbox strives to attain an ecosystem with an even better standard. Integrating an Ethereum Virtual Machine (EVM) side-chain into the system along with a Proof-Of-Authority consensus as well as shared community nodes, enhances the transaction speed up-to over ten times the normal Ethereum TPS (Transaction Per Second). With respect to the target audience, the Betbox platform is designed with a scalability to harbor a robust Clientele ranging from all demographics by means of a decentralized currency like ETH, in concurrence with a broader serviceability.
“We work with an excellent app agency. Apper to make sure we can provide a flawless UX to our customers.”
What is BetBox?
Betbox is an online betting presence with the capability to satisfy a global clientele by usage of smart contract with decentralized book-maker all thanks to Blockchain technology. The Betbox Company enjoys a number of reputable Partners under their portfolio with whom they hope to re-invent the world of gambling. These partnerships exists on different levels of the project development and sustainability process which including administrative, structural and technological partnerships. The Betbox App is designed with the needs of cryptocurrency enthusiasts at heart. The dApp development has a User-friendly UI/UX that leverages upon the “React Native” infrastructure which guarantees uninterrupted access to the Betbox Core features.
Key Benefits of the Betbox Platform.
Below are a few advantages that the Betbox platform ships in with;
How does it work?
The Betbox Exosystem is community-oriented whereas Users on the platform are granted the opportunity to contribute to the system by submitting ideas or solution based on their knowledge and experience in the world of betting and gambling in exchange for some OX tokens. Since the Betbox ecosystem is embedded upon an underlying Ethereum Sidechain, it ships in with all the advantages vetted upon blockchain technology. Apper, a renowned application development company is in charge of making sure that the Betbox UI/UX design is as simple and User-friendly as possible yet maintaining that state-of-the-art feel. In order to ensure a transparent decision-making scheme, the platform is embedded with an oracle placing the final decision in the hands of human beings other than a smart contract. Betbox currently has an alpha version of its application on the web. Below are a few highlights on what the Betbox advanced betting application looks like.
The escrow of the assets at stake will be managed automatically by a trusted smartcontract whereas the election of the winning party is processed by an oracle. To call a bet in betbox a user needs to address a smartcontract predict the outcome. All ETH in the jackpot will be distributed to the winning party proportionally to the amount at stake of each user by the time of revealing. -Betbox.
Steps:
- Once a User signs up and is successful logged into their Betbox dashboard.
- They can then Customize their profile to however and whatever they want it to be as Betbox allows for User account flexibility to the utmost level possible.
- Stock and manage their betting portfolio. The system permits fiat-crypto conversion as it is embedded with its own exchange system.
- Create, manage and tweak your personal bets as well as establish breadth-taking challenges and earn a few commissions on the side.
The Betbox smart contracts are designed with a quarterly reimbursement of 20% of the company’s commissions (ETH) on a yearly basis to volunteering third party agents in exchange for Ox tokens. This is carried out as a containment measure, so as to curtail and reduce the influx of the token in circulation.
Token Generation Event (TGE) Statistics.
Disclaimer: "This article was created in exchange for a potential token reward through Bounty0x".