Betform: Transparent gambling on a blockchain platform
Online gambling is an increasingly popular pastime, already well-established in Western nations and making rapid headway in Asia. It allows people to experience the thrill of gambling – as well as try to earn money through luck or skill – from the comfort of their own home. However, the fun of it is often spoiled when it turns out that online casinos don't play fair. They pocket high fees, while acting behind the cover of opacity to rig the game against their customers.
Betform promises to its potential visitors that its casino will be different. By using blockchain technology and smart contracts, it hopes to make gambling as transparent and as reliable as possible, guaranteeing the fairness of every victory or defeat. As an additional attraction, it offers to share a portion of its revenues with the best players through a token reward scheme. Furthermore, it intends to tackle the thus far lacking social aspect of online gambling.
How to play on Betform's platform
Betform will initially support three card games: Texas hold 'em (a popular poker variant), Big two and In-Between. After launch, Betform intends to add Mahjong and enable the development and integration of third party games. Users will be able to play in different modes, set up game rooms and invite their friends. Where chance is involved, Betform will use a cryptographic verification-based Provably Fair RNG system that will both be fully secure against the possibility of interference and allow players to see how each outcome was generated for themselves. This technology will also be used to construct player card game histories.
All transactions on the platform will be carried out automatically with the help of smart contracts and using Betform Coins (BFC). They will be managed through a wallet attached to the mobile (or desktop) app. Betform will collect a 3% charge on all winnings. It will be possible for players to lock themselves out of their accounts to rein in gambling addictions. Players will receive daily and weekly loyalty rewards that could be used for interface customisation. On top of that, a share of the revenues will be set aside for the jackpot used to give quarterly rewards to the most successful players on the leaderboard and to the winners in Betform's regular poker tournaments. The number of BFC in circulation will be steadily reduced by burning.
What makes Betform stand out?
Betform intends to compete with other online casinos by providing a uniquely transparent and trustworthy system of providing random outcomes and carrying out payouts. It intends to focus on quality over quantity by implementing a limited amount of games (selected on the basis of their special popularity in the growing Asian market) well. Nonetheless, it will be open to further expansion, adding new games even as it draws in more players. Betform also places a premium on the social component of gambling, which most existing online competitors tend to ignore or underplay. By letting people play with friends and encouraging competition with its reward schemes, it can hope to attract and retain a large user base.
The company wishes to apply for a gambling license after its token sale, submitting to the necessary regulations as an added guarantee for its customers. Its random number generation algorithm has been tested by an independent lab. Player registration will be implemented through existing data centres with a solid track record of supporting the online gaming infrastructure. The Betform team has a wide range of talents encompassing the fields of business and software development, as well as a long-standing interest in cryptocurrencies. It believes that its project will find favour within the cryptocurrency community thanks to its substantial overlap with the online gambling core demographic.
ICO details
The trustworthy future of gambling
Due to the importance of reliability and trust in online gambling, it has become an obvious area for blockchain-powered innovation. After all, blockchains are ideal for discrete and secure payment transfers, while smart contracts are very good for ensuring full and automatic compliance with the terms of bets. Betform is not the only company to try to fulfill this potential, but its project is one of the most comprehensive – at least on paper.
As its business strategy relies on drawing in an increasing number of players, Betform would benefit from stepping up its social media engagement efforts. Likewise, it would surely help if it were to provide more details on its particular RNG algorithm and some of its offerings, as well as the companies and organisations it has cooperated with so far. That being said, its bet on attracting web-savvy cryptocurrency enthusiasts through a few highly popular games seems like a valid approach. Assuming it can come through with its trustworthy gambling system, Betform may come to represent the future of online gambling.
Website: https://www.betformcoin.io/
WhitePaper: https://www.betformcoin.io/Betform-White%20paper%202018_03.pdf
Telegram: https://t.me/BetformOfficial
Facebook: https://www.facebook.com/betform.io/
Twitter: https://twitter.com/Betform2
Medium: https://medium.com/betform
ANN: https://bitcointalk.org/index.php?topic=5032072
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.
Really sublime work