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Online betting, one of the fastest growing forms of entertainment, will exceed growth expectations thanks to the implementation of blockchain based betting platforms. Blockchain technology, for the first time, can ensure transparency of betting transactions in addition to other critical benefits to the rapidly expanding online betting industry.
Blockchain technology brings the benefit of decentralization to a betting exchange, offering more efficient payment systems, lower payment fees, the removal of third parties and faster verification processes.
Another reason for the fast growth of online betting, which currently stands at $50 billion, is that betting exchanges are gradually replacing traditional bookmakers with more favorable betting odds and unlimited bet sizes. Gamblers can place bets of any size on betting exchanges if someone is willing to match their bets.
Introducing The Bettex Project
The Bettex project, using blockchain software and a proprietary cryptocurrency, intends to provide the most convenient and successful exchange in the internet betting industry. By making internet betting more accessible to the public, the Bettex project aims to take the gaming industry to new levels.
The Bettex betting exchange’s decentralized network will reduce opportunities for fraud, remove fault tolerance issues, eliminate the need for private access as well as the need for third parties to replenish account balances and store funds. There are no infrastructure risks related to technical issues with interruptions of internet access or equipment problems, and no risk of embezzlement of funds.
The supporting BigchainDB software combines the essential features of blockchain (immutability, owner controlled assets and decentralization) with traditional databases (high transaction rate, indexing and querying structured data, and low latency). The combined features will enable the software to facilitate a wide range of uses and will support a full decentralized stack that will integrate all necessary technologies for the betting exchange.
The software’s consensus process will enable thousands of transactions per second, supporting a high load mode in challenging conditions, such as validators crashing.
Bettex Coin Facilitates Betting
The Bettex coin (BTXC), the main form of payment accepted on the betting exchange, will use Proof of Stake consensus protocol for verifying blocks and will be able to perform faster transactions with lower fees.
The decentralized network of nodes supporting the Bettex coin will consist of “Masternodes,” each holding 5,000 BTXC. The Masternodes will be rewarded for blocks as they are created.
Users will be able to purchase Bettex coin for Proof of Stake or Masternode on cryptocurrency exchanges, such as Crypto-bridge, Crex24, Graviex and Bitexbay, and send the coins to their Bettex coin wallet.
By buying the coins, users will be able to participate in the project’s fundraising. Rather than holding an ICO, the project will sell a portion of the 1 million pre-mined coins to investors. To ensure the coin’s future value, 1 million coins will be burned at block 550500.
Coin To List On Exchanges
Meanwhile, the Bettex betting exchange’s Alpha version will become active in the fourth quarter, followed by the Beta version in the first quarter of 2019. A Bettex coin wallet on Android and iOS will also be introduced at this time. The final version is planned for the second quarter of 2019, along with a mobile version of the exchange for Android and iOS.
The Bettex project stands to become a major player in the rapidly expanding online betting industry thanks to its unique use of blockchain technology that will make online betting easier, faster and more economical.