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Blockchain has already shown its disruptive potential in banking, insurance and intellectual property, and now the global betting industry is about to be tested by this new technology.
Bethereum, a new blockchain player in betting, has been selected to pitch at the ICE Totally Gaming conference, set to commence in London on the 6-8th of February 2018. This is an event where the elite of the gambling and gaming industry meets to share ideas and create valuable business connections.
Bethereum is a blockchain-powered social betting platform that utilizes Smart Contracts, granting it a higher level of security, transparency and increasing the speed of pay-outs.
Current solutions for online betting carry a number of problems that make it unattractive to many potential users. These include a lack of transparency, security issues, lack of social character, and the perceived unfairness of conventional betting.
Bethereum’s solution emphasizes the importance of the user’s experience and the social aspect of betting, with a particular focus on building strong communities. Social betting is a form of betting in which players bet against each other rather than placing wagers against bookmaker-set odds.
Bethereum aims to create a broad online platform that will make the entire betting process accessible, easy to use and attractive for more casual bettors.The players can fully customize their bets in private or public groups, being able to select the matches, buy-in amounts and the rewarding mechanisms.
By using Ethereum-based Smart Contracts, the entire betting process is automated, removing the need for bookmakers while also increasing the speed and security of the platform. Since Smart Contracts necessitate the use of tokens, the team behind Bethereum developed their own ERC20 betting token named Bether.
Bethereum will soon have a token sale through which the company plans to finance the realization of their social betting platform. Bether tokens will, asides from their primary use for betting on the platform, act as value holders. Dependent on the overall demand for them and on how successful the Bethereum platform will be, they will generate value for their owners.
The ultimate objective of Bethereum is to establish the Bether token as the market standard for betting. Together with an adapted version of their betting Smart Contract, Bethereum will offer the Bether token to conventional betting agencies as part of their business model.
Find more information about the project at www.bethereum.com.