Blockchain Based Betting: New User-friendly Approach to Gambling

Sep 27, 2018 at 12:14 // News
Guest Author
Large fees, payment delays, sophisticated verification processes and many other problems slows down the development of the gambling industry.

Today the gambling industry reaches $50 billion and this number continues growing to make it one of the most prospective industries in the future.

However, the gambling industry is hungry for innovation. Large fees, payment delays, sophisticated verification processes and many other problems slows down the development of the gambling industry. The centralized systems used by bookmakers and betting exchanges can’t solve all the problems faced by the industry.

Blockchain Changing the Game in Gambling Market 

Blockchain technology has been developing very fast and permeates all spheres of modern life. The advantages of decentralization behind Blockchain can significantly change the situation on the gambling market as well. But there was no project based on independent blockchain technology. Until now. 

The team of experts of the Bettex project aims to revolutionize the gambling industry by making it more secure and easier to use for all. They have already passed KYD verification and launched their first cryptocurrency. 

The Bettex team stated in the official white paper of the project: 

“We are creating "Bettex project" for users. We want our project to be convenient and safe. In the era of IoT, we need a community of people who will support our project, help to develop it and achieve success. Therefore, we start to create an active community around our project and promote the created digital cryptocurrency Bettex Coin at first.” 

Becoming Trusted Cryptocurrency in the Gambling Industry 

In just 60 days since the launch of the Bettex coin, it has been listed on many popular and reliable crypto industry resources. The Bettex team have not held an ICO for raising funds. They claim that by purchasing Bettex coins, users invest in the development of the project and the future of the gambling industry. 

The Bettex project stated: 

“We are building a real product, we don't sell air. Everyone who wants to join us can buy coins and run masternode or POS mining and get percent just right now.” 

The new cryptocurrency Bettex coin is based on the Xevan algorithm, which uses the Proof of Stake consensus protocol and is the first coin designed to eliminate many problems faced by the gambling industry by using basic crypto industry concepts. Moreover, unlike other tokens in the gaming industry Bettex coin is capable to perform fast transactions with low transaction fees. 

Bettex coin is already available on 4 exchanges and has a max coin supply of 50 million coins. The total internet betting market capitalization reaches more than $50 billion, this means that by reaching only 0.2% of the market the value of Bettex coin could grow 20 times and be worth $4. 

Fast, Private and Secured Decentralized Betting Exchange 

Now, the Bettex team is working on the development of their own decentralised betting exchange. 

The Bettex exchange will be based on BigchainDB, but with several significant improvements, including the integration of Tendermint for the inter-node networking and Byzantine fault tolerant (BFT) consensus. These improvements will make Bettex a secure, private and fault-tolerant betting exchange that is able to make a significant amount of transactions per second. The alpha version of Bettex exchange will be presented on December 15, 2018.

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