Blockchain-Based Betform Redefines Gambling Using Smart Contracts

A recent blockchain project has sprung into existence and it seems to focus on social gambling. As per the claims made, Betform is a social betting platform that has been designed to support a peer to peer gaming platform. In said projects, the need for middlemen is naturally gone, which makes it all the more interesting to evaluate, especially to see how it manages to succeed without said players.

Turns out, Betform uses blockchain technology to create a gaming network that houses traditional functions such as paying out winning and offering quarterly rewards. This, however, is done with a twist, that is, managing through the use of smart contracts.

According to the team involved, Betform was started as a gaming platform that is “not only available to professional players, but rather something that can be used by any individual players in the social way and for fun.”

With any gaming platform comes the discussion as to which currency will be utilized and, in this case, it will be Betform’s native token, the Betform Coin (BFC). BFC is based off of the Ethereum blockchain and can be used:

  • To carry out all types of transactions
  • To serve as the market standard of betting over the long run
  • To integrate certain types of games and apps

Over time, the team believes that the BFC will gain value, given that more games and players are introduced to the platform. Their confidence stems from the fact that the entire gaming industry is large, with Asia accounting for $51.2 billion this year, followed by North America’s $27 billion and so on.

As for the type of games it will house for the moment, some of them include Mah-jong (Chinese-based board game consisting of 144 cards), Big Two (Chinese-based card game where the winner is the one who plays all his or her cards), In Between and the renowned, Texas Hold’em.

Betform’s token open sale has been scheduled to take place on January 8, 2019, with 96 million tokens to be distributed. Bonuses are offered for early birds as well. For instance, those who invest in the first 24 hours will receive an additional 20% of tokens, whereas those who invest on day 2 or 3 will only receive 10% more tokens. Each BFC is currently valued at approximately USD$0.10.

To learn more about the project at hand, check out:

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