[ICO] [Bounty] - Betex Peer-to-peer binary options platform Powered by Ethereum smart contracts
Betex was built with a mission of bringing clear-cut transparency to the financial derivatives markets as well as creating brand new instruments that would finally put an end to obsolete shady schemes. So now we are proud to introduce our leading-edge platform for peer-to-peer binary options, powered with Ethereum smart contracts.
Binary Options is a financial derivatives instrument that requires traders to correctly indicate the price movement direction for the underlying asset at a given point of time in the future. The forecasting horizon can vary from a few minutes to several months.
Thousands of brokers and traders worldwide were massively employing this instrument back then. It was greatly favored for the simplicity of concept and high chances of success. The industry was experiencing exponential growth until 2014, reaching over $30 billion in its annual turnover. But something went wrong there.
In the following years, regulators from all over the world have been making rather strong statements, claiming that binary options is a deceit and discouraging traders to get involved. Evidently, a great concept behind Binary Options has been ruined by shady, dishonest brokers, their lust for gain and the fact that there are limitless possibilities for them to deceive their customers.
We have got good news for you, though. We are launching a revolutionary peer-to-peer platform for binary options, BETEX, that will substantially improve the way betting is done. We designed a radically new business model to shift user mindset from worrying about the integrity of platform providers to focusing on own capacity to make profit.
With Betex, traders will be placing bets against each other and never against platform providers or any other intermediaries. Built with Blockchain technology, unlike traditional platforms, Betex will provide access to real-time data, thereby, ensuring absolute transparency of its system. So there is no doubt that all users are treated equally and fairly.
Users will be forming one large common pool of liquidity for each underlying asset in order to maximize users‘ gain. The platform‘s commission will be 5% only, the liquidity will be derived from a common pool of brokers, and brokers themselves will integrate into the platform via the white label mechanism. This is the only platform, where as much as 95% of funds are distributed among traders who make correct assumptions.
We tried to create an interface as simple as possible. The process of placing a bet looks like this: a trader picks one of the trading pairs (Assets) and selects one of the six trade intervals (Time), then decides on the amount to bet (Bet Amount) and, finally, indicates in which direction the price will move: Up (Call) or Down (Put).
Once the outcome of the forecast is known, the tokens of the traders who made the wrong prediction are divided among the traders who made the correct forecast of the price movement direction. At the same time, before paying the payouts, the platform charges a commission of 5% of the total amount of bets placed.
During the two preliminary rounds of BETEX token sale, we expect to attract financing of $4.750 million. This budget is planned for 1 year of active development and promotion of the project. According to our calculations, these funds will be sufficient to implement all the planned technical solutions, comply with certain applicable regulatory requirements, provide legal support, fund research, finance marketing activities, and cover operational expenses.
In order to clearly demonstrate the benefits of the common pool of liquidity concept, already two instances of the platform has been launched as MVPs in the test net. They are located at https://Betex.io and https://GoBet.io.
Powered by Ethereum smart contracts, Betex brings undisputable transparency, fair conduct, and auditable results to the binary options trading.
Betex model: solutions and benefits
▸ Outcome of a bet makes no
difference to us (as the platform provider), or to brokers, as neither
of us can actively take part in the betting process. We charge service
fees, while traders place bets against each other (peer-to-peer).
▸ No deposits are required and an instant automatic withdrawal of funds is
ensured. It is mainly possible due to the use of smart contracts.
▸ Traders who accurately determine future changes are rewarded with 95% of
funds. In case of success, trader‘s gain largely depends on the ratio
of the correct and incorrect outcomes;
▸ Both the platform and
brokers can always prove authenticity and accuracy of the results. In
the worst case scenario, if a mistake is made, it will be admitted or
justified. Hence, it is no longer needed to trust each other to be sure
terms are fair.
▸ Trading is realized with ERC-20 tokens of stable
value. It is stored and presented in the Ethereum blockchain, making it
possible to audit the platform operations in real time, or later. Open
access to data prevents intermediaries from altering results;
▸ 50% of the platform's profit made from commission is distributed among BETEX token holders. 40% goes to brokers.
▸ A composite rate, used in all calculations, is derived from several
open sources by an established algorithm, considering the value of each
source that is defined by trading volume. Using multiple sources makes
entangles possible manipulations with the rate of an underlying asset,
since they would have to be done in several places simultaneously.
Working out of the composite rate is a completely open and transparent
process: it is being logged and presented for public access in real
BETEX is on a mission to bring clear-cut transparency to all financial markets and, that can conclusively eliminate the issue of trust.
First and foremost, though, we strive to reinvent binary options through instilling incorruptible business logic into everybody‘s value system.
We built two versions of the platform to provide you with a better understanding of the concept behind a common pool of liquidity and to demonstrate how it actually works.
BETEX TOKEN MECHANISM
There are 2 tokens in the system: BETEX and SBT.
- Stable Betting Token (SBT)
SBT (Stable Betting Token) is a token with a stable value of $1.00. This token is used for betting in the system, payments to winners and brokers. All operations are fixed in the Ethereum blockchain. The SBT tokens are issued automatically by the smart contract with each exchange request.
With the reverse exchange, tokens are burned. Thus, the number of SBT tokens at each point of time reflects the current amount of funds in the system.
- Betex Token
BETEX is the main token in the system. 50% of the platform‘s commission income is distributed among BETEX token holders in ETH. BETEX is issued once in the amount of 10,000,000 tokens. After that, its quantity remains constant.
Two pre-sale rounds of BETEX token sale under the SAFT (Simple Agreement for Future Tokens) are successfully completed.
The profit received between the launch of the platform and the actual distribution of BETEX tokens, will be accumulated on the public Ethereum address and will be distributed among BETEX token holders during 2 weeks or less, after the distribution event is over. Distribution of BETEX tokens is planned to take place in April of 2018.
DISTRIBUTION OF THE COMMON POOL
The Betex platform earns on commissions from each transaction (bet). The commission is 5% of the amount of each transaction (bet). The distribution of the total amount of transaction (bet) funds, including the commission income, is presented below.
▸ 95% of the turnover will form the reward fund for traders. These funds will be paid out to traders automatically, once each round is over.
▸ 2.5% of the total platform turnover will be distributed among the holders of BETEX tokens, according to the number of tokens they own.
▸ 2.0% will be granted to the brokers, connected to our platform. Payments for the referrals will be deducted from broker‘s commission.
▸ 0.3% will go to the permanent contributions to the project‘s development fund. A year after the commercial launch, the project should break even.
▸ 0.2% of the platform‘s turnover will be transferred to the reserve fund. Its regular refill (from each transaction) will cover unexpected costs, if they arise.
Start of ICO:
01.03.18 at 12:00 GMT
End of ICO:
31.03.18 or 3,000,000 of BETEX tokens are sold out
ICO BETEX token price:
Max amount of tokens to be sold:
3,000,000 out of 10,000,000 (30%)
ICO hard cap:
Min purchase amount:
0.5 ETH or 0.05 BTC
Betex token distribution
◼ 2017 Q4
╶ Launch and testing of the p2p binary options platform (MVP) in the test net;
╶ Pre-sale of BETEX tokens in accordance with SAFT or similar agreements;
╶ Audit of the platform‘s smart contracts;
╶ Web interface design of the section for p2p sports betting;
◼ 2018 Q1
╶ Addressing special regulatory/licensing requirements that may be applicable in the relevant jurisdictions;
╶ Commercial launch of Betex, the p2p binary options platform;
╶ Development of the available trading pairs list;
╶ Launch and testing of the MVP‘s section for p2p sports betting in the test net;
╶ Development and testing of the mobile app for Android/iOS;
╶ Development and testing of the desktop client application;
╶ Development of a section with statistics;
╶ Development of a personal cabinet for BETEX token holders;
◼ 2018 Q2
╶ Commercial launch of the section for p2p sports betting;
╶ Connection of the first brokers to the platform;
╶ Development of an API for trading bots;
╶ Launch of the mobile app for Android/iOS;
╶ Running the desktop client application;
╶ Generation of BETEX tokens;
╶ Distribution of BETEX tokens among pre-sale participants;
╶ Distribution of the accumulated profit among owners of BETEX tokens;
◼ 2018 Q3
╶ Compliance with regulatory/licensing requirements that may be applicable in the relevant jurisdictions to the main stage of BETEX token sale;
╶ The main stage of BETEX token sale;
╶ Development and connection of the FIX API;
╶ Development of the section for p2p betting on irregular events;
◼ 2018 Q4
╶ Network scaling and/or transfer to a more efficient blockchain;
╶ Launch of the section for p2p betting on irregular events;
◼ 2019 Q1
╶ Global market expansion & adaptation;
╶ Project‘s break even.
Betex Bounty Campaign
Betex brings indisputable transparency, fair conduct, and audible results to the binary options trading. With Betex, traders will be placing bets against each other and never against platform providers or any other intermediaries. Built with Blockchain technology, unlike traditional platforms, Betex will provide access to real-time data, thereby, ensuring absolute transparency of its system. So there is no doubt that all users are treated equally and fairly. During the first round of investor pre-sale Betex has raised $1,000,000.
BETEX BOUNTY CAMPAIGN
We’re happy to introduce the Betex bounty campaign, a great opportunity to help the project promotion, and to earn some BETEX tokens without investing. You will need to perform some tasks, which will be rewarded with certain amount of tokens. The bounty started on February 16th, 2018, the end will be announced additionally.
0.5% (50,000 BETEX) is reserved for the bounty campaign. The tokens will be distributed as follows:
- Blogs and Video bounty — 40% (20,000 BETEX);
- Twitter bounty — 40% (20,000 BETEX);
- Telegram bounty — 20% (10,000 BETEX).
MEDIA AND VIDEO BOUNTY
- You can post media and blog articles, YouTube videos and big forum posts under this bounty;
- Articles and posts should be unique and contain at least 500 words;
- Medium, Steemit, Golos and other blogging platforms are welcome;
- Videos should be at least 2 minutes long;
- Articles and video descriptions should contain links to https://betexlab.com/;
- Bitcointalk forum posts should also contain links to our ANN thread;
- We may reject the bounty if we will find the article or video of low quality or having poor traffic.
- 1 stake for a good article, post or video;
- 2 stakes for an excellent article, post or video;
- Each reward cannot be more than 500 BETEX tokens.
- Follow us on Twitter;
- Your account should be at least 3 months old;
- Your account should have at least 250 followers;
- Only one account is allowed per 1 ETH address;
- You must make minimum 3 retweets from Betex twitter AND 3 own unique tweets mentioning @betex_tokens #betex #ico within one week;
- You must report your activity in the forms we will add to this post each Sunday, no later than following Wednesday.
- 250–750 followers: 1 stake per retweet, 2 stakes per post. Maximum: 15 stakes a week;
- 750–1500 followers: 2 stakes per retweet, 4 stakes per post. Maximum: 25 stakes a week;
- 1500+ followers: 4 stakes per retweet, 8 stakes per post. Maximum: 50 stakes a week.
- Join and take part in our Telegram channel;
- Follow the guidelines and respect other chat members;
- Do not mention bounty in chat, or will be disqualified and banned;
- Stay in the chat until the bounty end.
- 1 stake for joining the chat;
- 5 stakes for taking part in the discussion;
- 15 stakes for active engagement in chat and helping other community members.
- Each reward cannot be more than 500 BETEX tokens.
All bounties will be calculated within 14 days from the bounty campaign end. Payout day will be announced additionally.