You probably noticed that today, on the Internet and on TV, there are a lot of advertisements of bookmakers, whose market is becoming more popular due to the fact that interest in bets is constantly increasing. The government of some countries is trying to control this sector. However, many users stop playing bets because of the constantly appearing new bans, growing taxes and other inconveniences. All this hinders the development of the market.
But blockchain technology can give this industry a second life. The unique project BX.bet is a decentralized platform for sports betting.
System of votes. How does it work?
Once you have made a bet, you will wait for the confirmation of the other users by voting. The system will send you a prize, and all participants in the system know who the winner is. For example, you bet on a football match 100 BX, and the coefficient was 3.0. When the game is over, you tell the users that the bet is correct. However, you will not get your winnings without confirmation of your opponents.
Users are awarded points for each honest vote, which can then be used to increase the rating. The user who lost will be able to vote for the winnings only three times, after which the account will be blocked.
Determining the result
There are two options:
- Based on the opinion of the superuser. If the user always votes honestly and fulfills all his obligations, the system credits him points that increase his rating. The higher it is, the stronger the voice of this user on the final results of bets.
- Based on the votes of the community. Market is closed if the superuser's opinion coincides with the opinion of the community. But the vote will be launched again if opinions diverge.
Advantages of the project
- now any user can become a bookmaker. After all, within the system it is easy and simple to offer bets without intermediaries. Each participant of the system will see them and be able to accept them, if desired.
- the coefficients here are formed as well as on the stock exchanges, that is, they depend on supply and demand.
- the system unites users into a community where they can interact with each other;
- in the system, users can independently monitor the situation at all stages.
- participants in the system will have access to three types of markets: sports, financial, market of forecasts.
- there are no limits on the number of bets.
Why do we need decentralization?
BX firmly believe that soon each sphere of human life will be decentralized. Already today, the largest companies control large parts of the Internet space.
Virtually everything we do on the Internet is under the control of such an intermediary company. Users should trust it, because there is no other choice, and act in their own interests. In the sports betting sector, there is the same algorithm. Major players have created a centralized betting system with all its negative characteristics.
For several years, the sports betting industry has been a market that is growing very fast and has millions of users already. Since 2009, the volume of the sports betting market has doubled and today it is
about 60 billion US dollars annually. But it is important to note that the level of confidence in this industry is still falling.
In this situation in the industry, the user who wants to make a bet must become a member of the platform and make the transfer of funds from the personal account. Now these funds are isolated and are on the bookmaker's deposit. Such a system requires trust, which sometimes, unfortunately, is used by the bookmakers to the detriment of customers. But on the other hand, bookmakers have a great responsibility, which requires high costs.
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