BET Network First Decentralized Global Betting Platform | No Fees ! No Commissions ! No Betting Agencies
BET Network is launching state of the art Decentralized Betting platform that will run over Ethereum block chain network. Decentralization is a concept which means a central authority doesn’t have control over a system, but control is distributed among the participants in the system. BET Network will primarily run on smart contracts that will be executed between two or multi parties without any involvement of betting agencies. It will provide 100s of inbuilt betting games on smart contracts that players can join over the platform without any risk. BET Network allows it’s users to host betting events on games, sports, political or any other events happening around the world making it possible with innovative technology solution through access to inbuilt GUI features of the platform for creating customized smart contracts.
BET Network aims to solve all problems around gambling world with implementation of DAPP (Distributed Applications) over Ethereum block chain network. Here are main features that platform offers and solution to the problems exist today.
The BET Network Platform
BET Network will solve all problems around gambling world with implementation of DAPP (Distributed Applications) running over Ethereum block chain network in the way of smart contracts for betting.
What problems BET Network will solve and how?
Hosting Betting Events for Sports, Political or Other
BET Network platform comes with very innovative solution to host betting on events that could be based on sports, political or any other category. This is one of the best feature that platform provides to people around the world for participating into global events if they wish to predict/bet or want to host betting themselves on such events. This is a great feature and implementation comes with many complexities to handling any disputes on the results that will not be computed in the system but lies in the real events taking place. This problem is solved by the same mechanism of DAPPS working in the market places to handling any disputes. Take a look on below, how it works.
Multisignature Escrow Addresses:
Multisignature escrow addresses are the key to managing risk for smart contracts. These addresses mathematically ensure that a single agent is incapable of stealing funds from an address using their private key alone.
Thus far the proposals for various market implementations have assumed that a third party in a transaction (i.e. the third signer in a 2-of-3 multisignature escrow address) performs two roles:
1. Notarizing contracts and transactions
2. Arbitrating disputes between two or more in parties
The notary aspect of their service includes digitally signing contracts and transactions in the event of a dispute between the buyer and seller. The arbitration aspect of their
role is to decide who the winning side is in a dispute between the buyer and seller.
However, this overlapping notary-arbiter model is prone to several weaknesses:
• There is a conflict of interest between the arbiter and disputing parties
• There is a practical burden on a single agent to perform all of these tasks simultaneously for potentially dozens/hundreds of transactions/trades
• There is a slight disincentive for the betting carefully choose a suitable arbiter prior to a dispute arising
A possible solution is to divide these services, to be provided by separate agents:
1. A notary, to focus exclusively on signing contracts and creating/signing multisignature transactions
2. An arbiter, dispute resolution as an independent and exclusive service on BET Network
Notary Inclusion into Contracts:
We predict that there will be two ways notaries will be included into the contract formation process. The first way is offline, which requires the contract to be digitally signed and passed along to the next party after inclusion of new information.
For dispute resolution between parties on BET Network, the two major forms of ADR to be implemented are:
1. Negotiation: where both parties directly arrive at a resolution of a dispute.
2. Arbitration: where a third party is invited to resolve a dispute
Negotiation is a preferable approach to dispute resolution as it does not involve intervention by a third party, not even the notary of the transaction.
Negotiation on BET Network can take place over any communication platform inside or outside of the application.
The details and outcome of a negotiation do not need to be written down or formalized in any way. Every effort should be made by both parties to resolve disputes between themselves to preserve favorable reputations and avoid arbitration fees. However, not every dispute can be resolved peer to peer negotiation; an outside party is required to arbitrate.
No Betting Fees – (Higher Fees/Commisions in today’s world)
Betting agencies charge heavy fees or keep high house margins on the betting games or events hosted by them. People betting on such games, events have much lower probability of winning and lose much of their money in these fees, commissions and margins. There will only be the little smart contract processing fee charge that will be paid by all the parties involved in the smart contract/betting.
100’s of Inbuilt Games on Smart Contracts
BET Network platform comes with 100’s of betting games running on smart contracts allowing 2 or more players to join the betting’s via its application Interface.
Once players agree on a bet, betting amount is stored in the Escrow account which is controlled by smart contract and Smart contract will take the results of the game and will transfer the winning amount to the winner’s account
Smart Contracts & Escrow Accounts – No Risk of Fraud
Betting facilities today are only dependent on 3rd party holding the betting amount and based on results they share the winning amount to the winner. There is always a high risk of losing the money with third parties as it betting is not much regulated in countries and it all lies on the trust of the 3rd party. Multisignature escrow addresses are the key to managing risk for smart contracts. These addresses mathematically ensure that a single agent is incapable of stealing funds from an address using their private key alone.
Integration of Popular Betting API’s
BET Network aims to integrate data feeds on betting events from many of the popular website around the world and allowing BET Network users to bet on these events through smart contracts.
Below are some of the famous betting websites that are in process for getting their data feeds over the platform.
* BET VICTOR
* William HILL
Currencies for Betting
BET Network runs on BTN tokens primarily but will also support the betting with ETH on its smart contracts. This will bring the real possibility to allow people around the world and play betting across boundaries around the world and without disclosing their
BTN wallet would be built on top of Ethereum wallet and all users holding BTN will be able to bet directly with BTN wallet account on the BET Network platform.
ICO & BTN Tokens Distribution
* BTN Crowdsale
A total of 150,000,000 BTN tokens will be generated.
22,500,000(15%) tokens will be kept as reserve.
22,500,000(15%) tokens will be distributed to BET Network team.
BTN crowd sale will start from 8rd Aug 2017 to 15th Sep 2017.
Presale or Early sale of tokens can take place if management decides to do it early.
Crowdsale will have a cap of 30,000 ETH or a maximum of 105,000,000 BTN token will be sold during the crowd sale. Any unsold tokens will be burn.
Tokens will be issued in five stages and each stage will have an associated bonus
If Number of Tokens in the Presale is not sold, same price will continue in the crowd sale until the presale limit is met.
Extra Bonus can be offered in the Crowdsale by the BET Network team.
* Escrow Accounts
All fund raised will be deposited to an escrow account. BET Network management will be able to access this money only if a minimum target is achieved. Team Account will also be an Escrow account and funds will be freezed for one year.
Roadmap of BET Network
BET Network’s Team
Founder of BET Network
15 Years of Experience in the Gaming & Betting Industry
CTO at UK’s leading Betting Company, Bookmakers
Senior Architect with NINTANDO, Gaming Company
Co. Founder of BET Network
20 Years of Experience in Software Industry
Technology Geek & Expert on Blockchain technology
Vast experience of Gaming Industry
Web Designer & BET Network’s Marketing Manager
Experienced Software Engineer
Expert in Cryptocurrencies, Ethereum Smart contracts
Great experience of gaming applications
Experienced Software Engineer
Expert on Blockchain technology, Solidity Expert
In Past - Worked with IBM, Accenture