The concept of online betting came into effect in the year 1994. It is a transformational concept that enables players to take part in their preferred betting games across the globe. However, a majority of online betting networks are centrally operated. Centralized betting systems fail to provide security, flexibility, and reliability, thereby creating inefficiency.
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CyBet is an unconventional betting platform that aims to eliminate the aforementioned challenges by leveraging blockchain technology. It aims to become the world’s first fully decentralized betting platform. Moreover, the platform offers the following solution to its users:
- A fully decentralized betting network, which is regulated by the community.
- Competitive betting odds where users can take part as a betting company (bookmaker) and offer competitive odds to attract players.
- Since it is owned by the company, the is no requirement of any regulatory compliance.
- It offers anonymous betting, that ensures identities of the users are concealed.
Features of the CyBet
Following are the unique features of the CyBet Platform
- Responsive Design
The tech experts of the CyBet application have incorporated state-of-the-art mobile and web technologies to offer an efficient betting experience to its players.
- Easy Communication
A dedicated communication panel of the network enables players and bookmakers to enjoy instant private messaging
- Optimized Security
All the betting rules are integrated into the CyBet token’s smart contract to ensure secure and reliable investment
- Easy Exchange of Tokens
The CyBet token is listed on leading exchanges that enables easy buying and selling of CYBT tokens.
CYBT Token – The Sole Exchange Medium
Denoted as CYBT, CyBet token is an ECR20 compatible token wherein 1 ETC = 1000 CYBT. This operational currency is used as the main medium of exchange, an accounting unit and to store value.
Smart Contract – Offering Security and Reliability
The smart contract is one of the vital aspects of CyBet platform. It is fundamentally responsible for storing important sports information and offering it to bookmakers upon their requests. The data is derived from various reliable sources and secured into the blockchain. Additionally, bookmakers use smart contract to determine or set odds of a specific game and place bets accordingly. Once it is integrated into the contract, the smart contract generates a game structure that acts as an interface for players to place their bets.
The Game Structure – An Effective Interface
The game structure is a mini contract that acts as an interface and allows players to place their bets. It is managed by the smart contract. Once it is activated, players can take part in multiple betting games and the relevant information is stored in this structure. However, the tokens that players have used to play the games are stored in the smart contract itself. When the bookmaker’s stakes deplete, the main contract deactivates the game structure and secures it within the blockchain. This eliminates possibilities of any data tampering during a particular game session.
CyBet – Improvising the World of Online Betting
CyBet is a transformational venture that envisions to augment the present betting scenario by implementing blockchain technology. It has a decentralized and user-centric approach that is seamlessly integrated with state-of-the-art technologies to offer an efficient betting experience to players worldwide.
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