ANALYZING THE CURRENT MARKETPLACE.
There is an ongoing forecast that that global regulation and an unregulated gambling market will achieve $533 billion at the end of 2017 and sport betting will be the highest contributor.
Technaivo, which happens to be a global market for an online market, has reported that the global market has a significant increase from the year 2010 to the year 2016.it has also been speculated that the market would maintain a growth rate for the next five years.
THE PROBLEM OF ONLINE BETTING.
There is a lack of innovative ideas which has existed for some time. The available odds are usually in favour of the bookmaker, the method of payment is usually outdated and the regular winning players are either restricted or banned.
There is usually no security, absence of privacy, availability of extortionate fee and as well low returns.
HERE IS THE AVAILABLE SOLUTION AND THE REASON WHY BETR IS GETTING BETTER.
BETR is going to operate with a difference, it is a betting crypto-currency that will be able to establish a true decentralized sport betting which will be based on the internet.
BETR will provide a financial security with a true peer-to-peer betting which will become possible on the internet, it has entities that do not have prior relationship.
AVAILABLE RISKS.
There is no doubt that there are associated risks with the current platform and here are the stated risk that may be involved.
• The minimum amount required might not be raised and it may be cancelled because of the changes in the marketplace.
• The token may not perform properly on the Ethereum network, so there might be a need to have it moved to a new blockchain such as EOS.
• There is a possibility of having a regulatory pressure to impose jurisdictional or other controls on the use of tokens.
• The gambling nature of the utility may result in an exchange that will resist the listing of tokens.
• There might be difficulty in the provision of a truly distributed directory in a performant way.
• The system is reliant on the public blockchain that will be able to provide underlying transaction mechanism which may become too slow or expensive to become practical.
THE ELEMENT OF AN ONLINE SPORTSBOOK.
Here are several discrete components that a sport book contains:
Bets are found with the process of a user interface that is logically laid out and is based on an underlying sports hierarchy.
THE MECHANISM OF A DISTRIBUTED PEER TO PEER MODEL.
When the middleman is eliminated, which is the essential escrow agent, technology will be used and then be made readily available on the blockchain.
All the betting process will be broken into different discrete software components, there will be defined APIs which will serve as interaction between them.
HERE ARE THE BENEFITS OF THE DISTRIBUTED MODELS.
• The availability of a peer to peer betting which does not have a central party.
• It is applicable to other activities.
• The presence of an open source system.
• The availability of access to much larger bets with a wholesale angle.
• The system is probably fair and unbreakable.
• There is no risk to punters from underfunded operators.
• A total elimination of funding for the placement of funds.
• There is an instant access to winnings.
HERE ARE THE COMPONENTS OF A DISTRIBUTED MODEL.
• An escrow and resulting or settlement which includes: layer, consensus, a third party settlement.
• The availability of authentication.
• The presence of a better betting node.
• Various views that is based on a targeted market.
• The availability of a better betting node software.
• The availability of a transaction confirmation.
• A directory service.
• A synchronisation service.
• An automated APIs for bet offers.
AN OVERVIEW OF THE TECHNICAL IMPLEMENTATION.
The system will make use of BETR which is an issued betting token by the platform. The acceptance process will be dependent on the ethereum blockchain to be able to store and agree on the available bet contracts.
THERE IS AN AVAILABILITY OF A SINGLE APPLICATION WITH TWO LINKED SYSTEMS.
This system is called the Better Betting Node (BBN). This is going to be an application that can be downloaded and installed on a user’s device which is incorporated on the ethereum wallet. The BBN does not have the ability to store data indefinitely which makes it different from standard blockchain network where every node will completely store a copy of the transaction ledger.
Here is the operation of BBN:
• The provision of a distributed bet information database.
• The BBN application can run ultimately run on mobile device with smaller storage capacity.
• In order for a distributed directory to be maintained, data changes would have to be transmitted to other networks, and this is for the maintenance of a data all through the network.
• The bet creators will be able to: create bet offer, remove bet offer, edit bet offer and also list accepted bets.
• The bettors as well will be able to: look for and find bets that catch their interest, BBN will then accept the bet only if the better has enough fund and if the best is still available.
ANALYZING THE ICO.
The system will be funded by the issuance of a betting token (BETR).
THE TOKEN SALE AND THE ICO.
The minimum amount expected to be raised is $2M.
The maximum amount expected to be raised is $30M.
The funds will be used for:
• The development and the release of a better trading protocol.
• The development and open sourcing of dapps and node software.
• Marketing to important stakeholders and consumers.
• Legal and administrative costs as well.
The token will be available for trading within 2 weeks of the ICO end date.
There is an available bonus.
For $1M there will be 125% tokens.
For $2M there will be 120% tokens.
For $3M there will be 115% tokens.
For $4M there will be 110% tokens.
For $5M there will be 105% tokens.
After this, the tokens will be issued at the ICO value.
The token value for the ICO is set to be at US$0,10c per token, it will be priced in ETH and BTC at an exchange rate during the period of the ICO.
24% of the issued token will belong to the founders and the team.
7% of the issued token will belong to the advisors and the bounty.
5% of the sold tokens will belong to early-stage investors.
HARD CAP
There is going to be a hard cap of 650M tokens, if the token sale is not able to raise sufficient funds, the hard cap may be reduced.
THE MAINTENANCE FOR THE ONGOING TOKENS.
Tokens will be periodically created by company and sold on the market which will help to replenish tokens that will be burnt, this will be part of the transaction fee. This transaction fee will be based on the underlying gas price which will be consumed by the transactions and it will be fixed based on transactions and this is regardless of the amount of the bet.
SOURCE
Website: https://betterbetting.org/
Whitepaper: https://betterbetting.org/BETTER_BETTING_Foundation_White_Paper.pdf
Twitter: https://twitter.com/BETRBetting
Facebook: https://www.facebook.com/BETRBetting/
Telegram: https://t.me/joinchat/HNsEWQ-L0aCjHMsmKW-d_w
Youtube: https://www.youtube.com/channel/UCFvNUWRiedqvcpNHqLnDAXg
Ann: https://bitcointalk.org/index.php?topic=2582662
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