Bettex aims to create a decentralized betting exchange that uses the blockchain as its basis. On this decentralized betting exchange, the Bettex coin will be the primary form of payment. Since the betting exchange will be based on the blockchain, it will follow the same principles of blockchain technology, namely cryptography, a distributed network, and decentralization. The use of these concepts should solve many of the current issues associated with the gambling industry.
The Bettex whitepaper points out that the world of internet gambling is rapidly growing and has a market capitalization of more than $50 billion. With both bookmakers and betting exchanges taking part in internet betting, the Bettex team sees strong advantages for betting exchanges. These include that betting exchanges tend to offer better odds than bookmakers and are more likely to offer an unlimited bet size.
Despite the advantages, Bettex aims to overcome some of the challenges associated with betting exchanges. These include issues with the payment systems, such as delays and limits to regional acceptance; high banking fees for online payments; transaction commissions because of third parties being involved in the payment; and the lengthy verification process that takes several days. Other issues that Bettex aims to tackle include fraudulent activities, fault tolerance problems, and private access issues.
What Are the Main Parts of the Bettex Project?
The Bettex project has two major components that go hand in hand. The decentralized betting exchange, known as Bettex, is the first major component and is based on the blockchain. The other component is the Bette Coin, a cryptocurrency that follows the Xevan algorithm with a Proof-of-Stake consensus protocol. Bettex Coin will be the main payment type within the Bettex platform.
Bettex Exchange
As mentioned, the decentralized Bettex exchange within the project goes by the name Bettex. It will be based on BigchainDB, which combines the major features of blockchain with those of building databases. This software has both database and block properties, such as querying and indexing of structured data, low latency, high transaction rates, immutability, decentralization, and owner-controlled assets. Bettex made improvements to the BigchainDB, including integrating a Byzantine-fault-tolerant consensus and using Tendermint for inter-node networking.
Read: Guide to Tendermint
The team will use the most important features from BigchainDB to create a betting exchange that is secure, fault-tolerant, and private. The use of BigchainDB will allow the Bettex project to create a completely decentralized stack while integrating existing technologies. Tendermint’s consensus protocol will allow for thousands of transactions each second for a high-load mode.
Bettex Coin
Bettex Coin (BTXC) is a cryptocurrency that features masternode implementation. It is developed based on the Xevan algorithm and uses PoS to validate blocks. Bettex Coin was designed to provide quick transactions with low fees.
Masternodes create a decentralized network of nodes that support the network for Bettex Coin. These masternodes perform crucial network functions. In return, they receive a portion of block rewards. Specifically, the masternodes support the Bettex Coin by processing transactions and delivering network security.
To run a masternode, a user just needs to have at least 5,000 BTXC and some basic knowledge of using Linux or Windows. The reward for masternodes is calculated based on how many masternodes are active at the moment and the current block award.
Before the project launch, the team pre-mined 1 million BTXC, a part of which will be sold to attract investors and raise funds. More BTXC will be mined by the masternodes. At block number 550500, the team will burn 1 million BTXC to prevent inflation. Some of the funds raised by the BTXC will be used to pay salaries for new members of the team. There will be a DevFee commission of 2 percent, which will be used for this purpose.
Technical Specifications for Bettex
The Bettex Coin is based on the Xevan algorithm and uses PoS and masternodes. It has a block time of 60 seconds, RPC port of 31471, coin for PoS of 1,000 BTXC, and a PoS reward of 20 percent of the block. Until 86400 blocks, the minimum stake age is six hours, after which it becomes 12 hours. The coin matures at 120 blocks. Finally, the masternode collateral is 5,000 BTXC and the masternode reward is 80 percent from the block.
The DevFee reward is 200,010 BTXC at 43200 and 12,510 BTXC every 10,080 blocks. Bettex also has a detailed breakdown of PoS rewards. From blocks 2 to 800, it is 1 BTXC, then 2 BTXC from 801 to 1,800, 3 BTXC from 1801 to 15,000, 4 BTXC until 21,600, 5 BTXC until 43,200, 8 BTXC until 64,800, 15 BTXC until 122,400, 29 BTXC until 216,000, 58 BTXC until 266,000, and 50 BTXC after this.
Bettex Road Map
Bettex has already completed some of the goals on the roadmap for Q3 2018, including the presale for Bettex MN, listing Bettex coin on exchange layer-1, and listing it on masternodes.online. In Q4 2018, the team will release an alpha version of the Bettex platform, with the beta version following in Q1 2019. Q1 2019 will also include listing Bettex coin on exchange layer-2 and a wallet for Bettex coin for both iOS and Android. Q2 of 2019 will include listing the Bettex coin on exchange layer-3, the final version of the Bettex platform, and a mobile version of the Bettex platform for both iOS and Android.
Conclusion
The Bettex project aims to develop a decentralized betting exchange that uses blockchain technology and, therefore, can overcome many of the challenges that the current online gambling industry faces. The project involves both Bettex, the decentralized betting exchange, and Bettex Coin, the cryptocurrency that runs it.
