Bettex Coin (BTXC Token): Blockchain Betting Exchange Using Masternodes
Bettex: Using Master Nodes To Decentralize Coin And Betting Exchange
Bettex seeks to build a decentralized betting and coin exchange that will use blockchain as its core foundation. Once the decentralized betting exchange becomes operational, the Bettex coin is expected to become the main form of payment. Given the fact that the exchange will be blockchain-based, it is expected that it will stick to the principles associated with this technology.
The principles it is expected to abide by include decentralization, use of a distributed network, and the application of cryptography. Applying these concepts on the platform will assist in solving many, if not all the problems that are currently facing the gambling industry.
Its whitepaper has pointed out that this is one industry that is continuously growing and is currently valued at more than fifty billion dollars. With betting exchanges and bookmakers taking an active role in internet betting, Bettex envisions significant benefits for all the betting exchanges.
Benefits And Solutions
Some of these benefits include the fact that such exchanges often tend to provide better odds compared to bookmakers and are in addition better placed to provide an unlimited betting size. Despite the numerous advantages that are available, Bettex also seeks to provide a solution to some of the issues plaguing the industry.
It seeks to provide a solution to issues such as payment delays, regional acceptance, high transaction fees when making online payments, payment of commissions to third parties, and the lengthy verification process, which has in some cases been known to take days to complete.
Main Aspects Of The Bettex Project
The Bettex project has been broken down into two main components, both of which go hand in hand. The first component is Bettex—the decentralized betting exchange and the other component is the Bettex coin.
This is a decentralized betting exchange that will be based on the BigchainDB. It combines all the important features associated with blockchain with those that are used when building a database. It is a software that has both block and database properties, e.g., decentralization, high-query rates, structured data indexing, and high transaction rates.
This is a cryptocurrency that also features masternode execution. Its development is based on the Xevan algorithm. It also makes use of PoS when validating blocks. The purpose of developing the coin was to provide high transaction rates coupled with very low fees.
The master nodes develop a decentralized network comprising various nodes which are used to support the Bettex coin network. The master nodes are responsible for performing all the crucial functions within the network. In exchange, they get to receive a certain share of the block rewards. The master nodes provide support to the coin by delivering network security and processing all the transactions.
The main purpose of this project is to come up with a decentralized betting exchange based on the blockchain technology. With this exchange, it will become possible to overcome many of the challenges being faced by the online gambling industry.
For it to work, both the Bettex Coin and decentralized betting exchange must work together.