Categories: CryptoNews

Betex Aims To Provide Binary Options Trading In The Blockchain Era

Betex is seeking to reintroduce binary options trading with the versatility and transparency of the Ethereum blockchain. Offering peer-to-peer trading, the ERC-20 tokens and smart contracts of their system will allow for full disclosure of fund movement and procedure. With up to 95% of the results of betting to be going to traders, Betex provides a lightweight system for betting.

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The Betex platform aims to provide solutions to the difficulties surrounding binary-options trading that exist today. Regarding their transparency, work is done on the blockchain to provide a secure and transparent feature to all operations. This negates the issues surrounding the falsifying of data from the brokers end. All betting is done in a collective pool for a given option, and price calculations are done through a composite rate from open sources. Their platform also allows third-party brokers, vetted by their White Label system, to expand upon the options for trading.

Betex will be able to minimize costs of business so that where up to 95% of all betting is distributed among the successful bettors. Each transaction (bet) will disburse the remaining five percent as 2.5% to the holders of BETEX tokens according to the amount of BETEX they hold, 2.0% to the brokers connected to the platform, 0.3% as permanent contributions to the projects development fund, and 0.2% to a reserve fund to cover any unexpected costs should they arise. The project expects to break even after approximately a year after official launch.

The types of tokens involved in Betex are the SBT, or Stable Betting Token, and the BETEX, or Betex Token. The SBT has a consistent value of 1 USD, and is used in all the betting for the system. The SBT -are issued automatically by the smart contract with each exchange request. They are also burned with a reverse exchange, and therefore the number of SBT tokens at any given time reflect the current amount of funds within the Betex system. Payments to winners, brokers, and holders of the BETEX token are done with SBT.

The BETEX token is to be distributed through the 2 periods of pre-sale, December, 4th to January, 8th (now live) in the amount of 500,000 tokens, and January, 10th to January, 31th, in the amount of 1,500,000 tokens. Regarding the pre-sale, BETEX is to be under the SAFT or Simple Agreement for Future Tokens, and therefore transferred to contributors after they are generated and registered. There will then be a main round of sale in Q3 2018, announced at least 30 days prior to start, where the remainder of tokens will be obtainable. The total amount of BETEX tokens will be 10 million.

Betex is also planning for expansion into different markets of betting, such as sports and esports.

Further information can be found at the Betex website and in their white paper.

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The writer of this post is a guest. Opinions in the article are solely of the writer and do not reflect The Merkle's view.

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