BX.Bet - Blockchain based betting

alfahrzs (29)in #cryptocurrency • 6 years ago

About BX.Bet

BX is a blockchain-based betting and prediction market ecosystem, designed to change the way the world bets. BX has the vision to create a whole new betting experience, where any user can take over the role of the bookmaker, create their own markets, place and offer bets with self-determined odds, and even participate in the outcome determination of a market. All by using the BX Token, which is conceived to become the global standard for all betting transactions.

With the smart contract power of the ethereum blockchain, BX is able to cut out the middleman and give its users full control over their funds and betting transactions at all time.

The purpose of BX

BX aims to completely disrupt and redefine the traditional betting industry by offering its users a unique betting experience.

Our vision

Vision to create an ecosystem which fully supports each of the following market types, to provide a truly unique and engaging experience for all players.

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.

PROBLEMS OF THE BETTING INDUSTRY

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 penalise 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.

THE SOLUTION

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

BX neutralises 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,Read Whitepaper https://bx.bet/static/files/whitepaper.pdf

WHAT MAKES BX DIFFERENT?

BX combines betting on the blockchain with the most advanced and transparent betting concept: a betting exchange with the goal to create a whole new experience for our users.

BETTING EXCHANGE FUNCTIONALITY ON THE BLOCKCHAIN

BX will bring the full functionality of a betting exchange to the blockchain and revolutionize the way betting will take place in the future.

BECOME THE MARKET OWNER

With our Market Owner concept, BX eliminates the problem of illiquid betting markets by giving a robust incentive model for the Market Owner to ensure liquidity in every market at every time.

PEER-TO-PEER

On BX all users bet against each other without having to interact with a central authority or bookmaker. The BX ecosystem is transparent, democratized and all winnings stay within the community.

DECENTRALIZED

The whole betting process is given back into the hand of the users with BX. All betting transactions run on the blockchain, and are completely autonomous, secure and transparent, and the players remain in full control of their betting actions and funds at all time.

FAIR

Without a centralized authority, on BX everyone can offer (SELL) and accept (BUY) bets. The odds solely result from the demand and supply and therefore represent the probability of a specific outcome, based on the aggregated opinions of the players

NO LIMITATIONS

BX provides its users the unlimited freedom of creating their own betting markets, acting as a Market Owner, accepting bets or offering their own odds at any time. There are no restrictions on the types and amount of bets, as the community decides whether a bet or a market gets approved.

LOW FEES

BX creates a fee structure that is fair and transparent. Furthermore, our fee is significantly lower than the industry standard and is solely designed to keep the ecosystem running.

SOCIAL BETTING

BX offers the possibility to create private betting markets for closed groups. This gives users a level of freedom that they have never experienced before. To further enhance the social betting experience, users have the possibility to leave thoughts and comments in each market.

What is the purpose of the BX token?

The BX token will mainly be used to:

place bets

create betting markets

determine outcomes of a market

claim rewards and betting profits

TOKEN SALE DETAILS