BETEX — peer-to-peer binary options

INTRODUCTION

Betex is the leading-edge platform for peer-to-peer binary options, powered with Ethereum smart contracts,Binary options is a financial derivatives instrument that challenges traders to foresee the right direction of the price movement for an underlying asset at a given point of time in the future.Forecasting horizon varies from a few minutes up to several months.To receive income for having defined the right direction, in which the price of an underlying asset happens to move, traders can use binary options instead of actually buying that asset. Thus, it is enough to forecast one of the two possible options— price increase or decrease. If the assumption is accurate for a given moment in time and asset price changes in the indicated direction, traders gain.And otherwise, they lose.Any trading pairs that are comprised of quotes (currencies, indices, stocks, metals, minerals,oil etc.)may be considered as basic assets for binary options.

HISTORY OF BETEX

According to the whitepaper,The first regulated binary options took place in the US in 2008. In early May 2012, the Cyprus Securities and Exchange Commission (CySEC) included Binary Options to the list of financial instruments recognized by the law of the Republic of Cyprus on Investment Services, Investment Activities and Regulated Markets of 2007.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 tens of billions of dollars 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.

For instance,

American Regulators have issued a “Warning to Investors”, which explained that legitimate platforms for binary options trading must be registered with authorities and comply with a set of rules. And yet,no web-platforms, brokers, or whatsoever, possess the relevant registration in the US.

The Times Of Israel‘ magazine has published a series of articles entitled “Wolves Of Tel Aviv: The Grand Immoral Cheating Of Binary Options”, exposing the binary options industry as a big scam.The Commodity Futures Trading Commission warns that ―online platforms for binary options mislead users, promising huge gains at a limited risk. In reality, users lose their money in days while companies make profits‖.

PROBLEMS FACED

We have analyzed the traditional binary options model to get a better understanding of all the reasons,causing unfavourable attitude towards binary options and leading such a great idea to downfall.

▸Traders bet against brokers. So trader‘s loss is broker‘s gain. Hence, the reason for brokers to make sure traders mostly fail. There is a common belief that 90% of traders‘ funds eventually end up in brokers‘ pockets.

▸In general, trader‘s reward, in case he was right, stays fixed regardless of other factors, meaning,sometimes you should have had way more than did. Maximum that‘s ever available varies from 75% to 90% of the rate.

▸Trading process takes place in a broker‘s backend, so it is not transparent. Such system allows manipulating data in a way that makes it difficult for anyone to find out the process was altered.

▸At times, it‘s required to make a deposit to start trading, what takes time. Withdrawal takes evenmore time.If funds get frozen, users have to order or buy something to be able to make withdrawal.

▸Quotations are often obtained from providers in a corrupt manner. And even then,it does not guarantee accuracy and validity of the given data.

▸Even if brokers treat you right, it is impossible to prove, making trust a critical factor in a decision-making process.

SOLUTION OFFERED

▸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 time.

OBJECTIVES

One of the fundamentally important tasks for us is the relaunch of an existing market with a new technological groundwork through introduction and implementation of an honest, transparent and comprehensive business model, as well as all of its requirements.

Dominating the market niche along with brokers, who engage with our platform by basic principles ofthe White Label is another critical goal to achieve.

We aspire to become the primary force directly driving the declining market for binary options. We have come to a realization that there couldn‘t be a better time to begin with anything due to the crazy pace of life.

We believe that our business model is, by all means, better than all the existing ones put together,clearly, within this market We further believe that what we are experiencing today are those changes that will be heavily integrated by general markets in a year or so.

Brokers who can see the upcoming transformations, already start getting used to transparency on all levels of life and learn to find the 2% commission fine. And not because they enjoy this much but because if they cannot keep up, they‘ll get extinct pretty soon, just like Nokia or Kodak.

MISSION

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.

BETEX TOKEN

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.

BETEX token sale will be carried out in two preliminary stages and one main stage.

▸BETEX Token Pre-Sale, Round 1 (04.12.17-08.01.18)

▸BETEX Token Pre-Sale, Round 2 (10.01.18-18.02.18)

▸BETEX Token Sale (01.03.2018–31.03.2018)

During the preliminary rounds of BETEX tokens sale, the tokens will not be transferred to the buyers.According to the SAFT(or similar) agreement, the tokens will be transferred to the contributors later,after they are generated.

After the main round of BETEX token sale, the BETEX tokens will be issued and transferred to the buyers directly within 7 days after TGE (Token Generation Event).Important!The sale of BETEX tokens during ALL rounds is subject to satisfactory KYC/AML procedure.Any of the BETEX tokens that are not sold during one of the rounds will remain at the company‘s disposal.

Betex token pre-sale Round 1

Start of pre-sale round 1:04.12.17 at 14:00 GMT

End of pre-sale round 1:08.01.18 at 14:00 GMT or 500,000 of BETEX tokens are sold out

Pre-sale round 1 BETEX token price:$2.00

Max amount of tokens to be sold:500,000 out of10,000,000 (5%)

Pre-sale round 1 hard cap:$ 1,000,000

Min purchase amount:15,000 BETEX

Betex token pre-sale Round 2

Start of pre-sale round 2:10.01.18 at 14:00 GMT

End of pre-sale round 2:18.02.18 at 14:00 GMT or 1,500,000 of BETEX tokens are sold out

Pre-sale round 2 BETEX token price:$2.50

Max amount of tokens to be sold:

1,500,000 out of 10,000,000 (15%)

Pre-sale round 2 hard cap:$ 3,750,000

Min purchase amount:5,000 BETEX

Betex token sale

Start of main token sale:01.03.18at 16:00 GMT

End ofmain token sale:31.03.18 at 16:00 GMT or3,000,000 of BETEX tokens are sold out

Main BETEX token sale price:$3.00

Max amount of tokens to be sold:3,000,000 out of 10,000,000 (30%)

Main BETEX token salehard cap:$9,000,000

Min purchase amount:0.5ETH or 0.05BTC

ROADMAP

2017 Q4

╶Launch and testing of the p2p binary options platform (MVP) in the test net;

╶Pre-sale of BETEX tokens in accordance with SAFTor 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.

TEAM

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Written By — Raising Stars

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