Blockchain-Based Betting—Building Global Standards for The Future of Bookmaking
BX released an official announcement earlier today indicating that its ITO (Initial Token Offering) had officially started. BX is a company that uses the blockchain infrastructure to operate and manage a prediction and gambling ecosystem.
The company intends to use the ITO to raise funds to be used to develop its market prediction and betting ecosystem. It is an ecosystem that has been designed to change how betting enthusiasts get to place their bets.
BX has a vision to build a platform that will provide its users with an entirely new betting experience. It will make it possible for its global users to take up the roles that have previously been handled by the bookmakers.
This means that the platform users will be in a position to not only create their own unique markets, but they will also get to offer and place bets using their own self-determined odds. Additionally, users also get to be able to take part in markets determinations.
Christian Heins, the Co-Founder of BX says that the decentralized, blockchain-based approach being used by the firm will come in handy in eliminating processes that are not distributed. In return, platform users will get to enjoy the added advantage that comes with full transparency, as well as having total control over their gaming experiences.
Normal bookmakers are traditionally known to face a broad range of problems, e.g., lack of transparency, high operational costs, lack of trust, as well as the presence of very strict regulations that must be adhered to.
The result of this is that the margin odds tend to be very high and will in most cases favor the bookmaker. This stems from the fact that all bookmakers use structures that are highly centralized. Such problems, if not controlled can be very frustrating to the gamers, as it makes it almost impossible for the typical gamer to determine whether they have been provided with fair odds or the odds are stacked against them.
In addition, a user can also be banned, restricted, or even limited when they make too many unsuccessful attempts.
BX is seeking to neutralize these problems as well as the weaknesses currently plaguing the gaming industry through the introduction of its BX ecosystem. The ecosystem will make it possible for all the players to enjoy total freedom, as well as full experience when betting.
Its ecosystem is powerful and properly distributed making it one of the best prediction and betting ecosystems currently using smart contracts. All the transactions executed on the platform, as well as the payouts that are to be made, will be run in a safe and autonomous manner.
This will take place via its Ethereum blockchain. It will also be done through the use of smart contracts. The solution being proposed by BX is one that seeks to do away with the middleman. It will, therefore, be providing its users with total control over all their betting transactions, as well as the funds being held in their digital wallets.