BETBOX

PRELIMINARY

Betting can be termed as the action of gambling with money or one’s property on an outcome they have no control over like a race, a game or an unpredictable event that is yet to happen while gambling can be termed as playing a game of chance (50% chances of either winning or losing) with money while hoping for a desired result or taking a risky action with hopes for a positive result. Betting or gambling is done all over the world, for example casinos but mostly in sports. Today, we see individuals placing a bet hoping and praying for the football team they chose to win. Everyone who places a bet do so with the mindset of winning, but that isn’t the outcome on most occasions which often leads to anger, depression and sometimes aggressive behaviors. The betting industry is faced with diverse complexities which are more in favor of the service providers than those who place bets. There are issues of transparency, lack of proper service or network, trust, and the manipulation of top betters amongst other challenges. The use of blockchain technology for betting is very essential, it provides a unified, safe and transparent betting experience for bet lovers and not to forget betting helps unite people from a different tribe, ethnicity, religion, race, country together when doing what they love. I would love to introduce you to BETBOX platform (decentralized, transparent, trustworthy, secured and above all fun to use) where you don’t only do what only do what you love best but also receive reward for doing what you love. I’m going take on a cruise on how BETBOX platform works and the major things you need to know about BETBOX ECOSYSEM.

INTRODUCING BETBOX ECOSYSTEM

BETBOX network is a decentralized, transparent, and P2P (peer to peer) betting platform with the core mission of exterminating present challenges faced by bet lovers while providing a safe, seamless and comfortable platform to bet. There are numerous advantages of choosing BETBOX over traditional betting arsenals, BETBOX offers a simple and fair betting platform, giving incentives to users, blockchain technology decentralized betting, security of funds of users, trust and transparency. The BETBOX mobile application will be available for download and installation for Android (google play), iOS (apple) users, and web (desktop) users which are all in English language but more languages will be introduced in the nearest future. On BETBOX ecosystem winners of a particular bet do not only get rewarded, losers who concede to defeat will be incentivized, they are not abandoned like traditional betting providers this will be discussed below. OX tokens holders will be rewarded for participating in specific tasks which includes voting, fairness, contributing to the network, and performing actions for their loyalty and adding value to BETBOX.

★ VOTING REWARDS: Members of BETBOX network who participate in voting for finding a consensus will be rewarded with Ethereum, amount received by a community member depends on the reaction time, amount of Ethereum staked, and the number of participants involved in that particular bet. Rewards will be sent out automatically to those who participated through BETBOX smart contracts. Winners of the voting reward on BETBOX network are those who will be incentivized with 4% of the total amount of Ethereum staked initially.

★ FAIRNESS REWARDS: Fairness reward category is for those community members who placed their bet but didn’t win, they will be incentivized for their honesty and for their ability to concede to defeat which will also be distributed automatically through BETBOX smart contract, it will be primarily set to 4% of the total Ethereum staked.

★ CONTRIBUTING TO THE NETWORK: Those active members whom are constantly contributing to the success of the BETBOX network will be rewarded for their hard work and diligence.

★ PERFORMING ACTIONS: BETBOX network will incentivize community members who add their own ideas for the betterment of BETBOX. A development fund will be made available for the tenacity of rewarding the commitment of certain users of BETBOX platform. Community members who give their expertise and knowledge for the core purpose of the continuous growth and expansion of BETBOX ecosystem will be incentivized with OX tokens.

BETBOX TOKEN (OX)

OX is the acronym for BETBOX token, this native cryptocurrency created by the BETBOX ecosystem will fuel the network. It will be used as standard mode of payment when placing bets, staking, voting and for other payments on the ecosystem. OX is an erc-20 compatible token created on the Ethereum smart contract because of its reliability, availability, transparency, and security. To ensure the preservation of OX tokens BETBOX network may burn OX and reward holders with Ethereum in the buyback and burn phase each quarter of the year.

ADVANTAGES OF USING BETBOX PLATFORM

★Bets can be placed by the public or by friends
★ Users can set up crazy challenges and get rewarded with 10% of the jackpot as a reward
★ Everyone can predict if you can hold your word with a bet on you or against you
★ Live feed functionality make you see what is happening at any point in time
★Security of user’s wallet with the latest security functionality

DISTINCTIVE FEATURES OF BETBOX NETWORK

★ Individual bets: This category consists of 3 sub categories which include:

Private peer to peer: Offer the opportunity for community members bet against their friends on a peer to peer basis with individual set up of the bet and private outcome consensus.

Private group: Offer the opportunity for community members to bet against many friends at the same time with individual set up of the bet and private outcome consensus.

Public: Offer the opportunity for community members to generate universal bets with individual set up of the bet and public outcome consensus.

★ Shoot out (peer to peer – 50/50 game chance)
★ Russian roulette (peer to peer – high stake game chance)
★ Addict (jackpot)
★ Challenge (dApp)
★ Crypto rally (erc-712 + interaction)
★ Rich me (social lottery)
★ Further innovative features and (dApp)