BX.Bet is the Opportunity Market for Betting Community

bonanza-kreep (66)in #bxbet • 6 years ago

The rapid expansion of the eSports betting market gave rise to a number of betting operators worldwide. Similarly, prediction markets have grown significantly over the last years. By bringing together these two markets, BX.Bet proposes a decentralized platform where interactions between users will take its form in buying-selling activity, that is, accepting and offering bets.

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Becoming a market owner

What sets BX.Bet apart from its competitors is the possibility for each user to create their own markets and receive a return from the market revenue. The whole scope of the newly created public markets will be subdivided into several categories. Listing markets will be preceded with providing a security deposit and voting process on the market. Market owners will be paid for the market performance – an approach that sustains markets offering revenue-raising opportunities as opposed to the approach where all markets are treated equally. That is, BX.Bet is building its system on the premise that performance-related approach can cultivate the right behaviour of its stakeholders.

Winnings distribution
Users receive financial rewards based on their betting and outcome. This relationship will be judged automatically against the performance criteria stored in a smart contract. Performance award will be transferred to the user's wallet.

Calculating the outcome
The delivery of the performance reward may also occur through the points. For this, points will be calculated for active participations, honest voting and reasonable implementation of the market requirements. Below is an overview of the internal ranking system:

A system of a so-called Superuser voting alongside community voting will take place in parallel. Additionally, two oracle mechanisms referred as centralized and decentralized oracles will be used.

https://bx.bet/en

BX.Bet as a betting exchange will allow its users not only to bet, but also to act as a bookmaker. The role of the platform itself is to provide the infrastructure needed for trade. The commission charged will be calculated up to 1% for the market owners and 1% for development and as a platform fee.

BX Application
BX App is designed both for Android and iOS. Though the functionality of the mobile application will be restricted to essential features at the initial stage, its scope will be extended in the future.

ICO Details

Pre-ICO round will start on September 3 and end on September 17, 2018 followed by the public sale starting on October 8 and closing on November 5, 2018.

BX.Bet and traditional bookmakers differ for many elements. To illustrate, BX.Bet will charge considerably lower fees, that normally range between 2,5 and 5%. Alongside traditional betting opportunities BX.Bet will allow every user to become a market owner. That is, BX.Bet will implement a market-maker model. This, in turn, presupposes dynamic patterns with regard to users' behaviour. An incentive model, which is a bonus allocation will be implemented to bring up the activity. The requirements to be fulfilled are clearly articulated and should maintain the whole ecosystem both with regard to liquidity and financial soundness. Revenues will be derived from the commission charge. Risks will be managed with the dual voting system, an alternative approach is also considered.