Betting and Blockchain: The Polygon connection through Betswap
Traditional online betting platforms suffer from poor user trust. Because they are centralized, it is up to users to blindly believe that they are responsibly handling bets and that certain users aren’t being given an advantage. There’s no way to verify whether traditional online betting platforms are operating honestly.
Regulations also hamper the experience on these platforms. Regulations make getting started difficult and act as unnecessary barriers to entry between bettors and their gains. Cryptocurrencies and blockchain technology can be used by the online betting space to solve these issues.
How Crypto Changes Betting
Cryptocurrencies use decentralized and transparent blockchains which empower users to participate in and audit the validation of transactions. Meaning, all transactions within a cryptocurrency network are processed by the network’s users and can be seen by anyone.
Furthermore, some cryptocurrencies integrate smart contracts into their networks. Smart contracts can be thought of as bits of software that enforce digital agreements and facilitate the automatic movement of tokens between users.
Together, blockchains and smart contracts can make cryptocurrencies trustless. Trustlessness implies that trust is not needed for users to make agreements with each other because agreements are automatically enforced, their outcomes being recorded publicly on the blockchain.
Finally, because cryptocurrencies are not legally classified as cash, online betting regulations do not apply to them in most regions. Cryptocurrencies make online betting easier to access.
Polygon: The Best Crypto for Betting
Smart contract-enabled cryptocurrencies can be slow and expensive to use.
However, online betting requires quick payouts and low fees. This is where Polygon, currently the fourteenth most popular cryptocurrency, comes into play.
Polygon is what’s called a “Layer 2 Blockchain.” This means that it runs alongside a parent blockchain, assisting it with transaction processing.
Polygon runs alongside Ethereum, the most popular smart contract-enabled cryptocurrency. Ethereum itself suffers from multi-hour payment times, and transaction fees that often exceed hundreds of dollars. To fix this, Polygon handles transactions in parallel to Ethereum, periodically saving a snapshot of transaction data on the Ethereum blockchain.
This allows Polygon to process transactions rapidly and with low fees, while simultaneously providing users with the benefits of the Ethereum network (such as advanced smart contract technologies).
Betswap: The First Polygon Betting Platform
Betswap is a revolutionary sports betting platform that takes the best of cryptocurrency technology and applies it to betting. Built using Polygon, Betswap lets users bet in a decentralized and trustless fashion, with low fees and settlement times. Users can bet with full confidence, knowing that Betswap is completely fair.
Betswap supports both back betting, betting that an event will happen; and lay betting, a less standard option on exchanges where bettors can play the role of the bookmaker. Lay betting allows users to ‘be the bookie’. Rather than betting on a specific event (e.g. a team winning), bookmakers can bet on an event not happening. This adds a lot more functionality to the betting table.
Thanks to its focus on user confidence, Betswap is quickly growing. And because Betswap doesn’t use cash, users can get started instantly without regulations getting in the way. Simply connect a wallet, and start betting in seconds.
Disclaimer: This is a paid post and should not be considered news/advice