Redefining Betting Through Blockchain
The traditional gambling industry is plagued by a plethora of problems for bettors; high fees, long payout times and a lack of transparency all hinder today’s conventional gambler. Blockchain, however, wields the properties to solve many traditional problems and provide a wealth of benefits for players by its very nature; decentralized solutions can be more resilient, autonomous, and immune to misconduct than their traditional counterparts. Smart contracts enable the automatic resolution of wagers, reducing counterparty risks and negating the need for a problem-prone centralized payment processor.
For players, this provides the opportunity for a more flexible, engaging and secure betting experience. However, in their current form the majority of decentralized gambling DApps are extremely simplistic, lack functionality and are limited to the use of a certain cryptocurrency. A new generation of betting platform is therefore emerging, one in which MeVu intends to be leading the pack.
If you missed my previous Spotlight Series instalment detailing the rise of decentralized gambling and where MeVu stands within the problematic traditional gambling space, you can find it here:
https://steemit.com/mevu/@cryptospartan/the-rise-of-decentralized-betting-blockchain-s-current-killer-app
Meet MeVu
MeVu was created to allow for a peer-to-peer betting experience without the need for central actors of any kind- be they a central bookmaker or payment processor. All a bettor on the MeVu platform needs is the crypto capital to wager, and another bettor who wishes to match their bet. Essentially, MeVu have the vision of bringing betting back to the basics, by facilitating competition directly between fellow bettors, rather than a faceless bookmaker or casino.
How is this possible? Through the combination of innovative blockchain utilization and rich functionality, the next generation of decentralized betting is being enabled.
Screenshot of the MeVu Beta DApp, currently accessible at https://dapp.mevu.bet/
Enhancing Player Autonomy
Through the platform’s innovative blockchain implementation, bettors using MeVu are provided with greatly enhanced freedom and control over their betting experience, as compared to traditional gambling solutions. MeVu users will not only be presented with the means to wager on an unparalleled number of events, but can also set their own odds.
The platform will offer a range of betting types from launch, focusing initially on sports and custom/social head-to-head betting, meaning players are given the opportunity to bet against one another on the outcome of virtually any event or activity. Aside from the range of initially supported sports and leagues, more will be added as demand increases. Combined with the ability to set custom odds, the MeVu platform gives bettors a whole new dimension of freedom and autonomy.
A reputation and dispute score for each platform user will deter malicious behaviour and help to provide another layer of confidence and security for MeVu bettors.
MeVu is clearly delivering on their vision to allow players bet anything, anytime against anyone… and with an impressive level of flexibility in the process to boot.
MeVu allows platform users to set their own odds. Image taken from the MeVu website: https://mevu.bet/
Secure Wagering, Right Down to the Payout
Through the adoption of a smart-contract powered betting mechanism, bettors can be confident that their funds are secure at every point in the process. During the wagering process, MeVu’s open-source smart contract creates a secure escrow which is publicly viewable and thus verifiable to the parties involved.
Unlike with traditional solutions, all funds are held in the secure contract and not by any central entity, or even any individual; enshrined in a smart contract, the wager cannot be interfered with by any outside actor. Smart contracts are able to perform calculations and conduct transactions automatically- resulting in a fast, secure, and completely transparent payment solution. Furthermore, by bypassing costly third-parties and instead adopting Ethereum as an operational framework, fees are reduced from the industry average of 10% to as little as 2%.
With MeVu, traditional payment processors are assigned to the gambling history books in favour of a more secure, transparent and flexible solution.
Community-Powered Dispute Resolution System
Through the platform’s utilization of a community-powered system of ‘Oracles’, bettors will be financially incentivised to report correct results and stake MVU tokens to act as honest mediators in case of disputes.
Oracles report the results of events and are rewarded in ETH and MVU tokens (the platform’s native ERC20 token) for their service. All Oracles with consensus will receive a certain amount of ETH from the wagering fees, and may also receive MVU depending on their stake and how many Oracles were against consensus. Being an Oracle therefore allows a user to earn ETH with minimal risk- earning by providing a valuable service to the ecosystem.
Placing the power back into the hands of bettors rests at the core of MeVu’s mission, an aim which is carried much further than their use of secure smart contracts and flexible functionality.
MeVu hope to roll out their Oracle system to users this year, so stay up to date if you want to become a MeVu pioneer and earn crypto for supporting the ecosystem.
Image showing the intended structure of the MeVu platform, as seen in the whitepaper: https://www.dropbox.com/sh/irhmw1y7wj3b2tn/AAAdoYYsNUqTctBkh8TdrYgCa?dl=0
MeVu have achieved significant development progress with their flagship peer-to-peer betting platform, the Beta version of which is currently accessible at https://dapp.mevu.bet/
Though still in its early form, the MeVu platform is facilitating the evolution of decentralized betting through the addition of rich functionality alongside the plethora of blockchain-powered tech. In this way, players are provided with a more flexible, engaging and secure betting experience- and a whole new level of freedom and autonomy.
Join me in my next Spotlight Series instalment where we will perform a competitive analysis to establish how MeVu stacks up to its decentralized competitors.
Token Sale Details
MeVu’s token sale is scheduled to take place on June 10th on Probit exchange.
⯈ IEO Duration: 10 Jun 2019 (Monday) 12:00 KST to 21 June 2019 (Friday) 11:59 KST
⯈ Price: MVU will be priced at $0.15/MVU.
⯈ Bonuses
• Purchase MVU using PROB, Get 40% Bonus
• Purchase MVU using USDT, BTC, ETH, and XRP, Get 35% Bonus
More details can be found in the official exchange announcement: https://support.probit.com/hc/en-us/articles/360028771211-MeVu-MVU-will-launch-IEO-with-ProBit-Exchange
Have any questions regarding MeVu? Join their community on Telegram where you can discuss anything MeVu-related: https://t.me/betmeVu
Learn more at their website: https://mevu.bet/
Dig in deeper with MeVu's whitepaper: https://www.dropbox.com/sh/irhmw1y7wj3b2tn/AAAdoYYsNUqTctBkh8TdrYgCa?dl=0
Get connected to MeVu on social media:
Twitter: https://twitter.com/mevu_bet
Facebook: https://www.facebook.com/betmevu/
Disclaimer: this is not financial advice in any form, it is my opinion and insight based on research and you should always do your own research before committing to anything financially whatsoever.
