The online gambling industry, with a capitalization of more than $50 billion and rising, had spurred the growth of an industry in a short amount of time. They offer a much better alternative for gamblers, such as higher odds for winning when compared to bookmakers, and practically an unlimited bet size.
However, they are facing a lot of problems currently, as payment systems today are not sufficient for the money flow of gambling due to regional limitations and high banking fees. There are also issues of the verification of the identities of the gambler. There is yet to exist a solution which will fulfill the needs of the market while solving this problem. Or is there?
Enter Bettex, which promises a better betting experience for everyone involved. Bets made with Bettex will become more available, reliable and secure, and eliminate multiple problems faced by the gambling industry while doing so. Bettex is a decentralized betting exchange on the blockchain, which utilizes its own currency, Bettex Coin [BTXC] as a means of payment.
Bettex will solve the different fraudulent activities and various problems such as processing problems, fault tolerance problems, private access problems and the problem of lengthy time verification.
Moreover, a risk is undertaken by many betting companies by using third-party organizations for account balance concerns. This is due to Bettex’s inbuilt payments solution, Bettex Coin.
Bettex is comprised of two parts, namely the Bettex, decentralized betting exchange, and Bettex Coin.
The Bettex decentralized betting exchange itself will be based on the BigChainDB protocol. The protocol combines the upsides of both blockchains and traditional distributed databases. It has been integrated with Tendermint by the Bettex team, which allows BigChainDB to allow for blockchain specific features such as internode networking and Byzantine Fault-Tolerant Consensus.
BigChainDB also allows for the integration of existing technology into its architecture through a decentralized stack. This allowed the Bettex team to integrate the Bettex Coin into the system. The consensus program enforced by Tendermind ensures that the Bettex blockchain has a throughput of thousands of transactions.
Bettex Coin [BTXC]:
BTXC is the primary way of moving value across the Bettex ecosystem. It utilizes a Proof-of-Stake Consensus protocol and is based on the Xevan algorithm. It has a ‘masternodes’ flavor of Proof-of-Stake.
The masternodes are a decentralized network of nodes that are supporting the Bettex Coin. They perform important network functions such as processing transactions and providing security for the network.
They receive a block reward for every block that is mined by them, and any wallet with more than 5000 BTXC is eligible for being a masternode.
The coin itself is a fork of PIVX, which is capable of performing fast transactions with low transaction fees. This makes it a natural fit to solve the problems associated with today’s gambling industry problems.
The coin is featured on many cryptocurrency sites such as Blockfolio, CoinGecko, CoinMarketCal, LiveCoinWatch, Delta, WorldCoinIndex, and Stakes and Nodes. Moreover, it has also been listed on exchanges such as Graviex, Crex24, and My Crypto Trade. The token is going to be listed on Crypto Bridge soon.
AMBCrypto reached out to Bettex to clarify the specifics of the product.
What are you aiming to do to drive adoption of Bettex?
We are working hard on our project. The main and the most important thing, in my opinion, is the implementation of the roadmap because in the crypto world this is the only thing which can give you an opportunity to build a community which will believe in your project and invest in it.
We will listen to our community and plan to develop our project with the quality product. Listing our coin to new exchanges is also a very important success factor.
Do you plan any integration with existing players in the space?
We don’t plan to integrate our coin with other platforms so far. Bettex coin was created as the main currency for the decentralized betting exchange – Bettex.
What drove you to create the project?
Blockchain technology has been developing very fast and permeates all spheres of life. At present, there is no project based on independent blockchain technology in betting. We’ve assembled a team of experts in various fields to solve this problem. You can find more information about our project in the White Paper.
How will the value of BTXC be ensured?
The price of our coin depends on demand, appears in case of interesting and unique projects. I am sure our betting exchange will be desired, so demand will be created on Bettex. The limit on the Bettex coin emission is up to 50 million. We are building a real project, we don’t sell air. Everyone who wants to join us can buy coins and run masternodes or POS mining and get percent immediately.
What are the major tie-ups that you are planning to provide betting opportunities to your consumers?
We will eliminate several problems of the gambling industry by using the basic crypto industry concepts in “Bettex project”. This includes:
- Different fraudulent activities
- Processing problem
- Fault tolerance problems
- Private access problems
- Lengthy time verification
- The risks of using third parties to replenish the account balance and storing their funds in third-party companies.
What is your stance on censoring unfair or immoral bets on your platform?
We prefer to not use the word “platform” but rather use our own terms, “Bettex coin” and our very own decentralized betting exchange “Bettex”. API is a big contributor, with most of our events coming from reliable source via that channel.
Our main focus is to focus on professional betters, people who actually make money betting on sports and other events. Betting integrity is ingrained in our system with a mission to bring innovative and revolutionary solutions from blockchain and cryptocurrency world to traditional centralized betting exchange market and make it more profitable and open.