BETEX - PEER TO PEER BINARY PLATFORM

Introduction

Binary options is a financial derivatives instrument that challenges traders to foresee the right direction of the price movement for an underlying asset at a given point of time in the future. Forecasting horizon varies from a few minutes up to several months.

To receive income for having defined the right direction, in which the price of an underlying asset happens to move, traders can use binary options instead of actually buying that asset. Thus, it is enough to forecast one of the two possible options price increase or decrease. If the assumption is accurate for a given moment in time and asset price changes in the indicated direction, traders gain. And otherwise, they lose.

ANN THREAD : https://bitcointalk.org/index.php?topic=2518678

What is betex

Betex is an innovative peer-to-peer platform for financial derivatives trading, using Ethereum smart contracts. Binary options will serve as the primary derivatives, to begin with. Later on, other more complex instruments will be integrated. So far, BETEX platform is the successful project on the blockchain that had integrated some aspect of the financial market and other peer-to-peer betting platforms on the blockchain successfully with full integrity and transparency.

CURRENT MODAL

Problems and disadvantages

We have analyzed the traditional binary options model to get a better understanding of all the reasons, causing unfavourable attitude towards binary options and leading such a great idea to downfall.

1. Traders bet against brokers. So trader‘s loss is broker‘s gain. Hence, the reason for brokers to make sure traders mostly fail. There is a common belief that 90% of traders‘ funds eventually end up in brokers‘ pockets.
2. In general, trader‘s reward, in case he was right, stays fixed regardless of other factors, meaning, sometimes you should have had way more than did. Maximum that‘s ever available varies from 75% to 90% of the rate.
3. Trading process takes place in a broker‘s backend, so it is not transparent. Such system allows manipulating data in a way that makes it difficult for anyone to find out the process was altered.
4. At times, it‘s required to make a deposit to start trading, what takes time. Withdrawal takes even more time. If funds get frozen, users have to order or buy something to be able to make withdrawal.
5. Quotations are often obtained from providers in a corrupt manner. And even then, it does not guarantee accuracy and validity of the given data.
6. Even if brokers treat you right, it is impossible to prove, making trust a critical factor in a decision-making process.

Betex model solutions and benefits

1. Outcome of a bet makes no difference to us (as the platform provider), or to brokers, as neither of us can actively take part in the betting process. We charge service fees, while traders place bets against each other (peer-to-peer).
2. No deposits are required and an instant automatic withdrawal of funds is ensured. It is mainly possible due to the use of smart contracts.
3. Traders who accurately determine future changes are rewarded with 95% of funds. In case of success, trader‘s gain largely depends on the ratio of the correct and incorrect outcomes
4. Both the platform and brokers can always prove authenticity and accuracy of the results. In the worst case scenario, if a mistake is made, it will be admitted or justified. Hence, it is no longer needed to trust each other to be sure terms are fair.
5. Trading is realized with ERC-20 tokens of stable value. It is stored and presented in the Ethereum blockchain, making it possible to audit the platform operations in real time, or later. Open access to data prevents intermediaries from altering results
   50% of the platform's profit made from commission is distributed among BETEX token holders. 40% goes to brokers.
6. A composite rate, used in all calculations, is derived from several open sources by an established algorithm, considering the value of each source that is defined by trading volume. Using multiple sources makes entangles possible manipulations with the rate of an underlying asset, since they would have to be done in several places simultaneously. Working out of the composite rate is a completely open and transparent process: it is being logged and presented for public access in real time.

MISSION

BETEX is on a mission to bring clear-cut transparency to all financial markets and, that can conclusively eliminate the issue of trust. First and foremost, though, we strive to reinvent binary options through instilling incorruptible business logic into everybody‘s value system.

BETEX ECOSYSTEM

Basically, you can access and interact with Betex ecosystem, being a:

1. Trader
2. Investor
3. Broker

As the diagram below shows, all elements of the ecosystem are interconnected with Ethereum blockchain and smart contracts, which, in this case, play a role of backend. This form of organization provides many advantages but has one major drawback — the limited scalability. You will find more info on this subject in Section

Betex for Traders (Bettors)

Users can access and interact with Betex via:

1. Web-based interface — ready
2. Mobile applications — in development
3. Desktop applications — in development

Here‘s how our web-based user interface looks like (night mode is available too)

https://betexlab.com/

A trader selects one of the trading pairs (Assets), then selects one of the six trading intervals (Time), then decides on the amount to bet (Amount), and, finally, chooses a direction, in which the price will move, in his opinion (Call or Put ).

As soon as the outcome is known, tokens of those traders, who happen to be mistaken, are distributed among traders, whose assumptions happen to be accurate. Yet, first, a fee of 5% of the total amount of bets placed is being charged for our services. Elements of user interface, key functions, processes and principles of work, including examples, are presented in Section

Betex for investors

Investors can interact with the platform through their personal dashboard where both platform‘s general and investor's personal statistics will be stored. After the main BETEX Token Sale (01.03.2018-31.03.2018) BETEX token holders will be receiving their share of the platform's profit made on commission (see section 7.3 for details). Number of tokens they own will directly define their share of the aggregate amount of distribution made to token holders.

Betex for Brokers

In the first quarter of 2018, brokers will be offered a ready-to-use solution allowing engaging with the platform by a known White Label principal. In other words, it will be possible to quickly implement all the mechanisms and systems of our platform with a broker‘s own domain and user base. Also, Betex Lab Limited, as a developer of the platform, will provide consultations and technical support.

BETEX TOKEN MECHANISM

Stable Betting Token (SBT)

SBT (Stable Betting Token) is a token with a stable value of $1.00. This token is used for betting in the system, payments to winners and brokers. All operations are fixed in the Ethereum blockchain. The SBT tokens are issued automatically by the smart contract with each exchange request. With the reverse exchange, tokens are burned. Thus, the number of SBT tokens at each point of time reflects the current amount of funds in the system.

BETEX TOKEN SALE

BETEX is the main token in the system. 50% of the platform‘s commission income is distributed among BETEX token holders in ETH. BETEX is issued once in the amount of 10,000,000 tokens. After that, its quantity remains constant.

Business model

ICO

To participate in the Betex ICO, the participants should complete KYC procedure in the personal profile.

MVP

Currently, it is already possible to try the work of the platform in action. In order to clearly demonstrate the benefits of the common pool of liquidity, two samples of the platform were launched as MVPs in the test net: https://Betex.io and https://GoBet.io.

There are 3 trading pairs and 6 trading intervals available within the MVP framework. Trading pairs:

1. BTC/USD
2. ETH/USD
3. BTC/ETH

Trading intervals:

1. 5m+25m
2. 15m+2h45m
3. 30m+5h30m
4. 1h+11h
5. 3h+21h
6. 1d+6d

Each trading interval consists of two sub-intervals: during the first one, traders bet on the growth or lowering of the rate (5m), and after the second one (25m), the platform determines the winners and distributes the bets of the losers between them

At the end of this section, an example of a round is shown, which demonstrates the work of the Betex platform more clearly.

https://Betex.io

https://GoBet.io

ROADMAP

At the moment, the website with the project description (https://Betexlab.com) is live. Two samples of the MVP platform in the test net are launched. Two copies of the platform are needed to demonstrate the concept of a common liquidity pool. Within the MVP, the design of the web interface, smart contracts, and platform architecture are developed. The hardware infrastructure is based on the Amazon Web Services. Three trading pairs (BTC/USD, ETH/USD, BTC/ ETH) and 6 time intervals, lasting from half an hour to a week, are launched.

More information

Website : https://betexlab.com/

Whitepaper : https://betexlab.com/ico/betex-wp.pdf

ANN Thread : https://bitcointalk.org/index.php?topic=2518678

Facebook : https://www.facebook.com/Betex-Lab-108138139938618/?ref=br_rs

Twitter : https://twitter.com/betex_tokens

Telegram : https://t.me/betex_ico

My profile Bitcointalk : https://bitcointalk.org/index.php?action=profile

ETH : 0x31E1baB2A252C6096343F7E1F92590CE91BD4024