Kryptium: Blockchain-Based Cryptocurrency Betting App for Players?
What Is Kryptium?
Kryptium is a decentralized and peer-to-peer betting platform based on the Ethereum blockchain. Kryptium distinguishes itself from other similar platforms by eliminating the traditional bookmakers and enabling players to bet against each other according to their own terms.
Kryptium is designed to be a global betting ecosystem where anyone can take up the role of a player, house, or data service provider. Additionally, the platform does not have any limits on the winnings and withdrawals and players are not required to pay any taxes.
Currently, Kryptium players can wager the bets using the Ether cryptocurrency. In the future, Kryptium will integrate with the major decentralized exchanges in the cryptocurrency market, which will make it possible for the players to wager using ERC20-compatible tokens as well as cryptocurrencies of other blockchains.
How Kryptium Works
There are three types of bets that can be placed on Kryptium for interesting upcoming events: Pool Bets, Head-To-Head Bets, and Multi-Player Bets. With the Pool Bets, the players bet on their predicted outcomes and all the bets are placed into a single pool. Players with correct predictions share the pool. The odds are dynamic and are determined by the number of players and the amounts they wagered.
For the Head-to-Head beats, one of the players opens up a bet and defines the odds of the bet that another player should match. This is the purest forming of betting on Kryptium as players are protected from unfavorable and centrally defined odds.
Unlike the Head-to-Head bets, the Multi-Player Bets are suitable for high rollers that can wager large amounts through offering bets that multiple players can match. However, the only similarity that multiple bets have with the Head-to-Head bets is that players who open up the bets are the ones who define the odds.
Kryptium players can withdraw their winnings in Ether but once Kryptium has formed partnerships with major cryptocurrency exchanges, the players will have the ability to withdraw the winning directly to their bank accounts or debit/credit card from the betting app.
All the bets and the player’s funds are stored using the Ethereum Blockchain network that implements advanced cryptographic technology and a decentralized architecture to secure the player information and funds.
All the bets placed on Kryptium and the winnings paid out to the players are done in an automatic and transparent manner based on the Ethereum smart contract applications. These applications are immutable and unalterable therefore eliminating fraud or interference from third parties.
Kryptium is accessible through an intuitive interface compatible with Windows, Mac, and Linux operating systems. The Kryptium interface carries out all the complex functions involved with blockchain technology thus enabling the players to focus on taking advantage of the best betting opportunities.
Full Control Of The Bets
Players on Kryptium have the ability to choose the betting house they would like to play with, their preferred odds, and the amounts they would like to wager for the bet.
Since Kryptium does not involve bookmakers or betting exchanges, a lot of costs and expenses are eliminated such as software maintenance costs. Betting houses do not have to pay these costs and are therefore able to charge the players low commissions.