What is BX.BET Project?

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What is BX.BET Project?

BX is a global peer-to-peer betting exchange, where users can create or join public and private betting markets by using the BX crypto token. With the implementation of the blockchain power of the Ethereum smart contract technology, BX can cut out the middleman and give its users full control over their funds and betting transactions at all times. The BX ecosystem is secure, tamper-proof, trustless and completely transparent.

BX aims to become the leading platform for all decentralized betting and prediction applications. Unlike its centralized competitors, BX counters all the problems and weaknesses of the current betting industry. At the same time, BX can harness smart contract technology to significantly cut transaction and other operational costs, which leads to the low and fair fees which are set solely to keep the ecosystem running.BX has the vision to create a whole new betting experience, where any user can take over the role of the bookmaker, create their own markets, place and offer bets with self-determined odds, and even participate in the outcome determination of a market. All by using the BX Token, which is conceived to become the global standard for all betting transactions.

BX.BET Solution:

BX will change the current situation - eradicating all of these issues. With a decentralized blockchain solution, these centralized processes will be replaced by a trustless and distributed ecosystem running on self-executing smart contracts, powered by state-of-the-art blockchain technologies. Players will benefit from full transparency, while gaining total control of their betting experience.

BX - the decentralized Betting eXchange - is a betting ecosystem that fulfills all requirements to act in the best interest of our users, by giving them full control of their actions and funds at all times. The decentralized structure of the BX betting exchange eliminates the possibility of a single point of failure. In combination with the betting exchange model, the BX infrastructure will facilitate a fully transparent and easy-to-use betting experience. We believe that centralized betting models will become quickly outdated, as users begin to fully understand the significant advantages of a decentralized model.

WHY DECENTRALIZE?

BX is convinced that the future will be decentralized. With the continued rise of blockchain technology, it is possible to revolutionize the way the internet is structured today. In recent years, large companies have taken control over huge parts of the internet.

Most of the things we do online today are controlled by a single company — a middleman who holds all the power. Users have no option but to trust this company to act in their best interests and not just the interest of their own bottom line. We have also seen a similar scenario playing out in the online sports betting industries, when the big players took over and created a centralized betting environment with all its associated negative characteristics.

How Does BX.BET Work?

THE ECOSYSTEM

BETTING EXCHANGE: The BX betting exchange forms the central hub for its users to accept or offer bets on the outcomes of the markets.
FEE STRUCTURE: BX will establish a fair and transparent fee structure, which is solely designed to keep the ecosystem running. The overall fee will be significantly lower than industry standards.
BX SMART CONTRACTS: All BX betting transactions, as well as payouts, will run safely, autonomously and transparently on the blockchain by using Smart Contract Technology.
MARKET OWNER: Becoming a bookmaker has never been so easy. In the BX ecosystem, every user can become a Market Owner and receive a share of the market they have created.
BETTING MARKETS: BX will offer two types of betting markets within the ecosystem: private and public markets.
ORACLE: BX will introduce the BX outcome voting system as a decentralized Oracle to determine the outcomes of the bets securely and reliably.