BX.BET — The Decentralized Betting Exchange

cratortouch (31)in #blockchain • 6 years ago

BX is a global peer-to-peer betting exchange, where users can create or join public and private betting markets by using the BX crypto token. With the implementation of the blockchain power of the Ethereum smart contract technology, BX can cut out the middleman and give its users full control over their funds and betting transactions at all times. The BX ecosystem is secure, tamper-proof, trustless and completely
transparent.

BX aims to become the leading platform for all decentralized betting and prediction applications. Unlike its centralized competitors, BX counters all the problems and weaknesses of the current betting industry. At the same time, BX can harness smart contract technology to significantly cut transaction and other operational costs, which leads to the low and fair fees which are set solely to keep the ecosystem running.

PROBLEMS

Lack of Trust

Traditional betting operators require a high degree of trust - which is sometimes exploited by the bookmakers, to the detriment of their users. On the other hand, this responsibility results in high procedural and financial expenditures for the bookmakers as well.

Lack of Transparency

The processes of traditional bookmakers remain hidden, giving no insights into what information led to specific odds and making it impossible to ascertain whether the odds are fair or set too far in the bookmakers' favor.

Interference of Providers & Limitations

Within the current sports betting landscape, the players are very limited in their freedom of betting. Bookmakers can limit the players in their betting behaviour and even penalize players who frequently win, by banning or restricting them.

High Costs

High costs are required to run a traditional betting operator safely and efficiently for both the players and the company. These costs are reflected in high margin odds and directly charged to the players.

SOLUTION

The decentralized, blockchain based approach eliminates non-distributed processes and allows players to benefit from full transparency and total control over their betting experience. They remove the middleman and hand control back to the user.

BX neutralizes all problems and weaknesses from the current betting market, by introducing a powerful and distributed ecosystem running on self-executing smart contracts, which significantly cuts transaction and operational costs.

THE ECOSYSTEM

Betting Exchange

The BX betting exchange forms the central hub for its users to accept or offer bets on the outcomes of the markets.

Fee Structure

BX will establish a fair and transparent fee structure, which is solely designed to keep the ecosystem running. The overall fee will be significantly lower than industry standards.

BX Smart Contracts

All BX betting transactions, as well as payouts, will run safely, autonomously and transparently on the blockchain by using Smart Contract Technology.

Market Owner

Becoming a bookmaker has never been so easy. In the BX ecosystem, every user can become a Market Owner and receive a share of the market they have created.

Betting Markets

BX will offer two types of betting markets within the ecosystem: private and public markets.

Oracle

BX will introduce the BX outcome voting system as a decentralized Oracle to determine the outcomes of the bets securely and reliably.

WHY DECENTRALIZE?

BX is convinced that the future will be decentralized. With the continued rise of blockchain technology, it is possible to revolutionize the way the internet is structured today. In recent years, large companies have taken control over huge parts of the internet.

Most of the things done online are controlled by a single company — a
middleman who holds all the power. Users have no option but to trust this company to act in their best interests and not just the interest of their own bottom line. A similar scenario was seen in the online sports betting industries, when the big players took over and created a centralized betting environment with all its associated negative characteristics.

Token Sale and ICO

This platform issues Ethereum based utility tokens called “BX”, this can be used in the internal ecosystem of the platform for the services like creating betting markets and rewards claiming.

Token Details

Token symbol: BX

1 BX = 0.19 USD

Token Type: ERC20

Total supply of tokens: 200,000,000

Blockchain used: Ethereum

Token type: Utility

Soft cap: $5,000,000

Hard cap: $20,000,000

Pre-Sale: 03rd Sep to 17th Sep 2018

Main Token Sale: 08th Oct to 05th Nov 2018

Country: Malta