Blockchain! That next generation technology that has gradually become a household name, has gained massive acceptance in recent times , and a number of companies, industries, institutions, businesses, and emerging projects are clutching on this revolutionary technology to push their ideas and existing products to a higher, more appealing level. Cryptocurrency adoption by the world’s financial institutions has risen dramatically, but still remains vague in terms of overall impact. On an the international scale, cryptocurrency acceptance is not being discussed for now, due to the fact that very few countries currently recognize Bitcoin and other digital money as a payment tool. This technology has won so many hearts, including that of the gambling and betting world.
The significant concern with the gambling business is the control of gambling information, for example, diversion rewards, results, and payouts in brought together frameworks where they are avoided open investigation and can be misused, blockchain innovation is interfacing with this industry at a profound dimension with one of the undertakings reforming the betting business being Betbox, In this blog I will explore how Betbox is disrupting the betting business by empowering trust and straightforwardness, decrease of extortion, decentralized installment framework through digital currencies, and lessening house edge costs.
INTRODUCING BETBOX
BETBOX network is a decentralized, transparent, robust, P2P (peer to peer) betting platform with the sole aim of exterminating present challenges faced by bet lovers while providing a safe, seamless and comfortable platform to bet. There are numerous advantages of choosing Betbox over traditional betting platforms , Betbox offers a simple and fair betting platform, giving incentives to users, blockchain technology decentralized betting, security of funds of users, trust and transparency. The Betbox mobile application will be available for download and installation for Android (google play), iOS (apple) users, and web (desktop) users which are all in English language but more languages will be introduced in the nearest future.
On Betbox ecosystem winners of a particular bet do not only get rewarded, losers who concede to defeat will be incentivized, they are not abandoned like traditional betting providers this will be discussed below. OX tokens holders will be rewarded for participating in specific tasks which includes voting, fairness, contributing to the network, and performing actions for their loyalty and adding value to Betbox .
PLATFORM REWARD FEATURES
~ Fairness Rewards : Fairness reward is for those community members who placed their bet but didn’t win, they will be incentivized for their honesty and for their ability to concede to defeat which will also be distributed automatically through BETBOX smart contract, it will be primarily set to 4% of the total Ethereum staked.
~ Voting Rewards : Members of BETBOX network who participate in voting for finding a consensus will be rewarded with Ethereum, amount received by a community member depends on the reaction time, amount of Ethereum staked, and the number of participants involved in that particular bet. Rewards will be sent out automatically to those who participated through BETBOX smart contracts. Winners of the voting reward on BETBOX network are those who will be incentivized with 4% of the total amount of Ethereum staked initially.
~ Contributing To The Network : Betbox network will incentivize community members who add their own ideas for the betterment of BETBOX. A development fund will be made available for the tenacity of rewarding the commitment of certain users of Betbox platform. Community members who give their expertise and knowledge for the core purpose of the continuous growth and expansion of Betbox ecosystem will be incentivized with OX tokens.
~ Active Participation Reward : Those active members whom are constantly contributing to the success of the BETBOX network will be rewarded for their hard work and diligence.
PLATFORM GAMES AND FEATURES
¶ Individual bets: This category consists of 3 sub categories which include:
i Private peer to peer: Offer the opportunity for community members bet against their friends on a peer to peer basis with individual set up of the bet and private outcome consensus.
Private group: Offer the opportunity for community members to bet against many friends at the same time with individual set up of the bet and private outcome consensus.
ii Public: Offer the opportunity for community members to generate universal bets with individual set up of the bet and public outcome consensus.
¶ Transparency and Trust: Betbox is boosting trust between web based speculators by permitting a decentralized betting background that is prepared through keen gets that can't be controlled, with the utilization of savvy contracts instances of traps and tricks will be stayed away from through the disposal of manual handling, this will ingrain trust in the betting business that will draw in more clients to the market.
¶ Security : Using smart contracts, exchanges will be handled and recorded on conveyed records that will make clients progressively secure and limit the instances of misrepresentation by programmers. clients rewards are forms through smart contracts and this makes it conceivable to forms exchanges in a decentralized situation.
¶ User Friendly Interface: The UI looks extremely smooth and easy to utilize. The IOS and Android applications aren't completely grown yet however the engineers discharged a model, in the whitepaper, about how the interface will resemble.
¶ Payment with Cryptocurrency: Betbox clients will have the capacity to execute through digital forms of money, this will lessen installment preparing costs and empower a quick handling rate not at all like exchanges forms through fiat, the capacity to execute through cryptographic forms of money will likewise enable the market to tap on a worldwide market that was limited by administrative locales.
¶ Shoot out (peer to peer – 50/50 game chance)
¶ Russian roulette (peer to peer – high stake game chance)
¶ Addict (jackpot)
¶ Challenge (dApp)
¶ Crypto rally (erc-712 + interaction)
¶ Rich me (social lottery)
¶ Further innovative features and (dApp)
BETBOX TOKEN OX
OX is an erc-20 compatible token created on the Ethereum smart contract because of its reliability, availability, transparency, and security. OX is the acronym for Betbox token, this native cryptocurrency created by the betbox ecosystem will fuel the network. It will be used as standard mode of payment when placing bets, staking, voting and for other payments on the ecosystem. To ensure the preservation of OX tokens BETBOX network may burn OX and reward holders with Ethereum in the buyback and burn phase each quarter of the year.
TOKEN DETAILS
Token Name : BETBOX TOKEN
Ticker : OX
Network : ERC-20 COMPATIBLE (ETHEREUM)
Total Issued Supply : 100 MILLION OX
Total Supply : NIL
Price Per Token : 0.00004 ETH PER ONE
Market Cap After TGE: 40,000 ETH
ICO Hardcap : 32,000
TEAM
PROJECT TIMELINE
CONCLUSION
The success of any new project can be predetermined by how much solutions to preexisting, sector problems it aims to solve. Betbox is planning to create decentralized, transparent, and peer to pee betting platform that will offer seamless and comfortable betting.
Use the links below to keep abreast with this project.
Website
https://betbox.app/
Technical paper
https://betbox.app/required/lightpaper-v1-betbox-decentralized-betting-app.pdf
Telegram
https://t.me/betboxGlobal
Twitter
https://twitter.com/@betbox_OX
Bounty0x Username: evolution2k46
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