BETEX; A Peer-to-Peer Binary Options Platform

in cryptocurr •  8 months ago

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Financial derivatives refer to contracts whose financial value is derived from the asset backing it. Often used in context for commodities such as gold and oil in which the buyer agrees to procure the commodity on a set time and at a set price. There are tools and instruments that traders use to determine which price to buy these commodities and one of such tools is Binary Options. Traders make use of Binary Options to forecast the price direction at a specific time, this, in turn, translates to income for the trader as he does not necessarily need to buy the asset. Trading unit pairs that consist of currencies, stocks, indices, metals, oil etc. are considered as assets for binary options.

The Blockchain technology has seen a meteoric rise in its adoption across various industries. This is due to its open system that allows for transparent and faster transactions across the blockchain.

Introducing Betex

Betex is a platform based on the blockchain technology that aims to implement the blockchain into managing and utilizing binary options for foreign exchange traders. Binary Options, before now, has a rather compromising reputation. It is sometimes used in orchestrating scams for traders and this results in loss of invested funds. There are quite a number of things that put the current Binary Options model into perspective as not being the most suitable for traders to earn. Some of these problems include;

  • Traders losing their bets to brokers thereby resulting in the broker getting richer at the traders' expense.

  • Fixed nature of the reward system, most especially for traders again.

The broker has all the details of the trade as the trade majorly occurs in the backend system of the broker. This signals the fact that it not a totally transparent venture.

The system like that is not one that signals trust. You don’t know what’s going on at the backend so it leaves you with questions especially when you are on the losing end.

These disadvantages are what Betex eliminates, therefore, making binary options appealing not only for brokers but traders as well. Some of the advantages of Betex includes;

  • Eliminating the brokers function therefore establishing a peer to peer system where traders bet against each other.
    Implementation of smart contracts which makes it possible for traders to trade without making deposits a mandatory function. This, in turn, translates to seamless and quick withdrawal method.

  • Trust is established as the blockchain system allows for an easy, faster and transparent work environment for the platform to work thereby eliminating the risk of an intermediary body interfering with transactions.
    Unlike the conventional system that the broker gets paid than the trader no matter what, Betex opens a platform where traders are paid 95% of their winnings.

BETEX aims at establishing clear-cut transparency in the financial sector using the binary options market as a model for others to follow. The platform will be based on the Ethereum blockchain and the tokens will be ERC-20 compatible. Brokers will be pulled together for each trading pair to consist of one liquidity common pool. This single act enables brokers to work as a team on a single unit. The platform generates revenue by placing a commission fee of 5% on each transaction. The system is built on smart contract systems and a data organizing Oracle system with the sole aim of ensuring transparency.

The Betex platform is divided into three sections all based on the three major stakeholders in the Binary Options market which are traders, investors, and brokers. The platform will be available as a web-based platform, mobile application, ​and desktop application.

The platform will be launched in April.

Token and ICO Details

Two Tokens will be adopted for use on the platform and these are BETEX and SBT. The SBT which is an acronym for Stable Betting Token is a token adopted by the platform that has a standing value of $1. The BETEX token on the other hand will serve as the main exchange medium on the platform.

There will be a total of 10,000,000 BETEX created with 5,000,000 BETEX up for sale during the pre-sale​ and main token sale events. The soft cap of $1 million was reached during the pre-sale with eyes now set on the Hard Cap of $12.7M

The main token sale is ongoing and will end on the 15th of April 2018. All participants will get a share of the 411,160 BETEX that were unsold during the Pre-sale Round 2. Token price during the main sale is $3.00. A simple KYC test must be passed before you can participate in the token sale and the minimum purchase amount is 0.5 ETH.

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The majority of funds received from the token pre sale will be used to finance the further development of the platform. The platform has been under development for over a year now and it already has two samples of the MVP that can be found at https://Betex.io and https://GoBet.io.

References

Website - https://betexlab.com
Whitepaper - https://betexlab.com/betex-wp.pdf
Telegram - https://t.me/betex_ico
Twitter - https://twitter.com/betex_tokens
Facebook - https://www.facebook.com/Betex-Lab-108138139938618/


Authored by 23xfi
BitcoinTalk: https://bitcointalk.org/index.php?action=profile;u=1347685
ETH address: 0x00889349Ca058116E6430Faf92FDa4fD7EC4f51e

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