BX.BET - A DECENTRALISED BETTING EXCHANGE PLATFORM

ellybelo (25)in #blockchain • 6 years ago

BX is a blockchain-based betting and prediction market ecosystem, designed to change the way the world bets. With BX, we are making a decentralized betting exchange without a middleman and centralized structures, that can disrupt and redefine the traditional betting industry by offering its users a novel and enhanced involvement.

BX – the decentralized Betting eXchange – is a betting ecosystem that satisfies all prerequisites to act to the greatest advantage of our users, by giving them full control of their activities and funds constantly. The decentralized structure of the BX betting exchange takes out the likelihood of a solitary purpose of disappointment. In mix with the betting exchange model, the BX framework will encourage a completely straightforward and easy-to-use betting background. We trust that centralized betting models will turn out to be immediately outdated, as users start to completely understand the huge advantages of a decentralized model.

HOW IT WORKS
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.

Overview:

BX is a blockchain based project which is focussing to become a decentralized betting exchange and prediction market ecosystem. By using blockchain, BX is solving the problems of centralized betting industry such as lack of transparency, trust and strict regulations. Users will get full control on their funds through this platform. The platform also gives users a transparent and fair ecosystem with no restrictions. BX platform provides three markets to its users for betting, which are: spots, prediction markets and financial markets. BX tokens will be used in this ecosystem.

Challenges:

The online betting industry is facing many problems such as: There exists a lack of trust in the system as the players need to deposit the funds to the central deposit and after submitting the funds the players do not have any control over their funds. It takes a long time if the player wishes to withdraw the money deposited. The players also must pay high operational costs on these traditional betting platforms.

The bookmakers who operate the online sports betting often interfere in the betting activity by limiting the betting activity of those who win frequently.

The traditional betting industry is centralized and controlled by few companies. These companies are still facing problems of strict regulation and high security requirement.

Solution:

BX is solving all the existing problems by decentralizing the current betting ecosystem. BX will eliminate the third-party interference and thus give the users a total control over their fund. Blockchain gives full transparency and more security for the players. BX platform will initiate peer-to-peer betting transactions which will allow users create markets, determine outcomes, and place bets. The fee of this platform will be very low as compared to current operational costs the users need to pay.

The funds will be held in smart contracts whenever a betting event occurs. At the end who ever wins the funds are transferred directly to the users’ wallet thus reducing the payout time.

The platform will use the voting system as a decentralized oracle to find out the outcomes of the bets.

BETTING INDUSTRY ISSUES:

Traditional betting operators require a high level of trust — sometimes used by betting makers, to the detriment of their users. On the other hand, this responsibility results in high procedural and financial expenditures for bookmakers as well.
Traditional betting process processes remain hidden, giving no insight into what information causes special opportunities and making it impossible to ascertain whether the opportunity is fair or too far on the other.
In today’s sports betting landscape, players are severely limited in freedom of betting. bets can restrict players in their betting behavior and even punish players who often win, by banning or restricting them.
High costs are required to run traditional betting operators safely and efficiently for both players and companies alike. This cost is reflected in the high margin opportunities and directly charged to the players.
Betting Markets:

The BX platform will consist of two types of markets:

• Private market: Private markets will be for those who want to carry out betting in small groups mainly within their family and friends’ group. A person can access this market only if he/she gets invitation from the market creator.

• Public Market: Public markets will be accessible to all the users of the platform.

Decision:

BX takes care of all current problems, decentralizing the existing biological betting system. BX will bring the customers to full control over their store. Blockchain offers complete simplicity and greater security for players. Stage BX will begin to exchange common rates, which will allow customers to create markets, deal with results and make bets. The costs at this stage will be reduced to the current.

Assets will remain in interesting contracts at any time when a bet occurs. In the end, the one who wins the assets, exchanges directly with the purse of customers on these lines.

The scenario will use the voting framework as a decentralized prophet to find out the results of the rates.

TOKEN SALE DETAILS

Pre-Token Sale start date : 3rd September 2018
Pre-Token Sale end date : 17th September 2018
Main Token Sale start date : 8th October 2018
Main Token Sale end date : 5th November 2018
Total token supply : 200,000,000
Total tokens offered : 120,000,000
Hard cap : $20,000,000
Soft cap : $5,000,000
Token symbol : BX
Token sale price : 1 BX = 0.19 USD
Blockchain used : Ethereum
Token standard : ERC20
Token type : Utility