BetterBetting, The Blockchain of Betting

BetterBetting (Betr) combines the power of blockchain technology and sports betting to create a global betting liquidity pool Betr. The Betr eliminates some of the problems identified with exiting sports betting platforms. For example, odds are massively in favor of the bookmaker, lack of robust payment methods, regularly winning players get banned or restricted or banned, High fees and low returns, these problems are more common with convention sports betting platform and it makes it uninteresting to users.

On Betr platform, all bets broken into smart contract on the Ethereum blockchain, this provides transparency and provable fairness on the transactions. This also provides a way for 2 parties who don’t know each other and have no common account holder to bet with one another.

Before i go deep down into Betr and how it works, i will quickly give an explanation of Cryptocurrency and Token for those that do not understand the what and hows of these terms. You can skip this part if you already do.

SO WHAT IS CRYPTOCURRENCY?

I first heard about Bitcoin in 2012 but i didn’t “get it.”

Terms like decentralized, distributed and disintermediatipiqued my interest, but I lacked the technical understanding to really understand what I was looking at.

I started reading up a bit more in 2015. However, only after a deep dive over the last 1 year do I feel like I’ve even begun to wrap my head around it.

A cryptocurrency is a form of payment which is similar to the currencies commonly used such as United States Dollar or the British Pound. However, unlike these currencies, cryptocurrencies are decentralized. There is no central government to print more of them out to cause inflation. In fact, cryptocurrencies have been formulated to gradually decrease in production as time goes by. Bitcoin, for instance will never have over 21 million coins in dissemination.

WHAT IS TOKEN?

A token is a representation of value, a sort of digital asset (dasset). The Ethereum developers decided to standardize this process, and so the ERC20 ‘Token Standard’ was created. This templated-contract standardization contains a series of functions that enables the issuance, distribution and control of the assets in a formalized, standardized manner.

A token standard allows for the ease of interoperability between DApps (decentralized applications built on the Ethereum public chain) and the tokens built by the programmers.

BETTERBETTING PLATFORM AND HOW IT WORKS

Betterbetting technology combines technology network such Blockchain and Peer-2-Peer technolgy, Escrow to create a robust sport betting platform.

With Betr, anyone can create a bet offer based on real sports events, this is more traditionally known as laying a bet. Each bet offer is grouped by market and event and listed in a searchable directory. Bettors wishing to place a bet can then search the directory and locate the bet they want. Betr also provides a robust escrow and settlement service between 2 parties who do not know one another and have no common operator the system provides access to betting opportunities that did not previously exist.

Betr uses smart contract based on Ethereum Blockchain store the agreed bets contracts and also holds the stake and liability in escrow. On settlement, the contracts are notified and either the bet stake is transferred to the Bet Offer creator or the liability is transferred to the Bettor. In the case of a push or refund, then the stake is returned to the bettor and the liability is returned to the Bet Offer creator.

The advantages of this platform are;

Peer to Peer betting with no central party: this allows 2 user to create a custom betting contract
Access to much larger bets: Bets are pooled so many parties can match a single bet.
Provably fair and unbreakable The software and transactions are provably fair and robust.
Ease of funding for bet placement with the use BETR (Betting coins)
Instant access to winnings
BETTERBETTING ICO AND TOKEN (BETR)

Betterbetting token (BETR) will be released during the contribution period. Betterbetting will sells ERC-20 compatible Ethereum-based BETR token. The aim of the token sale is to provide a discounted participation for the early adopters of the decentralized platform. To provide a functional lending market to such extent, early adopters are required. By purchasing BETR, the early adopters receives a discounted price for using the decentralized lending platform. The ICO has been structured to give the best opportunities to anyone who would like to participate from the very beginning, providing maximum flexibility and control for the participants.

Betterbetting token (BETR) will be used to purchase products and service on the Betterbetting network . It will also be used to provide incentive for early adopters.

TOKEN DISTRIBUTION

24% of tokens issued will be to founders and the team.

7% of tokens issued will be for advisors and bounty.

5% of tokens were sold to early stage investors

What are you waiting for?

FOLLOW BETR PROJECT:
Website: https://betr.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

Written By- awwal1206
https://bitcointalk.org/index.php?action=profile;u=1101649