Topic: [ANN] BETEX P2P Binary Options — $4,360,000 raised - page 20. (Read 28885 times)

That's great, thank you!

Let's get back in touch once we start bounties!

Hello Betex team,

I am an editor from cryptoslate.com. Betex ICO was just added to our ICO listing and is now available on our website.

https://cryptoslate.com/coins/betex/


If you need any help - feel free to contact me.

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Betex Blockchain P2P Binary Options Platform Raises $1 MLN In The First Round Of Pre-Sale
http://altcoinalerts.com/betex-blockchain-p2p-binary-options-platform-raises-1-mln-first-round-pre-sale/

Architecture of Betex Smart Contracts

Main purpose of smart contracts is ensuring a transparent betting mechanism for the common pool of liquidity. Smart contracts were built under the following restrictions:

• The bet occurs by the means of transferring the SBT token into a common liquidity pool for a given event in the system;
• The network commission (Ethereum) should be as small as possible;
• Reward payout (including the transfer of the commission) is realized by a smart contract based on the data received from the oracle.

The architectural system is based on the following smart contracts:

• SBT token contract complies with ERC-20 standard. SBT is a stable (relatively to the USD rate) token, the exchange rate of which is artificially maintained, with emissions and burning made during the exchange operations.
• Exchange contract is a smart contract for automatic exchange of ETH to SBT and vice versa. ETH/SBT rate is regularly updated with an oracle and artificially maintained at 1:1 / USD level. When crediting ETH, the required amount of SBT is being emitted. When withdrawing ETH, corresponding amount of SBT tokens is being burned.
• It is also planned to implement time restrictions on the token use. If the token is not used in the Betex system for a certain period of time, it is automatically exchanged back to the ETH source address. This may prevent speculations with tokens.
• Betex smart contract is a management system for liquidity pools (betting baskets). It accepts bids by moving SBT token to a specific pool (basket) for a limited period of time. After the waiting time has expired, the payout is redistributed among the players based on the oracle data.
• Commission smart contract is the contract-aggregator of commission fees. It charges the entire commission from operations in the system. The distribution of the commission is made by this contract once in a certain period of time (currently, once in 24 hours).
• Referral smart contract is contract managing the referral program. Betex supports a single-level referral program and redistributes part of the commission to the referral addresses. This smart contract stores the necessary dependencies.

The implementation of smart contracts is carried out considering all modern practices and approaches, including the overflow checks, 100% test coverage and statistical control of Gas used.

BETEX STARTS 2ND PRE-SALE ROUND

Betex has successfully closed the 1st pre-ICO round by hitting the $1 million hard cap.

From January 10th, Betex starts the 2nd investor-only pre-sale round, which will last until all tokens are sold out or until 14:00 GMT on January, 31st. The 2nd round is to sell 1,500,000 BETEX tokens at $2.50, which sets the round’s hard cap at $3,750,000. The minimum purchase amount is 5,000 BETEX tokens.

To take part in the 2nd pre-sale, investors should pass the KYC/AML procedures. To get started, press ‘Invest’ button at https://betexlab.com/
The dates and details of public crowdsale of the remainder of BETEX tokens will be announced afterwards.

Also, Betex has simplified the signup procedure for its MVP. To register and try out the MVP, you can enter your email on the login page at https://betex.io/ to get a private key of a wallet on test network faster. The other details on using the MVP can be found in our guide here: https://medium.com/@b…/how-to-use-the-betex-mvp-2ffd30e140f3

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

bounty campaign will be?

Betex Platform Scalability

The Betex platform was originally designed in such a way that the increase in the number of trading pairs, users, brokers and transactions, the speed and quality of the platform is not affected. This applies to both the hardware and network infrastructure, as well as the architecture of software components.

At the moment, considering the average load of the Ethereum network at the level of 50%-60% and the average gas volume necessary for the platform operation, the maximum amount of transactions per day without increasing the Ethereum network capacity is about 100,000.

We have several possible solutions for the platform’s scalability:

• Upgrade of the Ethereum network that will allow the capacity increase;
• Transition to an alternative block system if it also offers smart contracts or similar solutions that will allow the business logic of the platform to be implemented at a higher rate and/or at a lower cost;
• Transition to our own specialized blockchain that will be able to provide the platform with a level of transparency and reliability not lower than the current one and at the same time it will be sharpened directly to the needs of the platform.
  The fulfillment of the first two conditions does not depend on us in any way. Our team monitors the situation in terms of significant changes.

As for the latest point, work is being done in this direction. At the moment, we are at the initial stage. The results should appear in the second half of 2018. All issues should be resolved within a year.

The Betex Oracle

The basis for deciding the outcome of each round in the Betex system is the resulting composite rate (Outcome Rate) provided by the oracle, so the oracle is a critical component of the system that is located separately from the rest of its parts. The work of the oracle is built on the principle of publicity and transparency. The results of its work (in the form of payment transactions) will be available for verification through the blockchain explorer (etherescan.io for the Ethereum network).

Every time, the Betex composite rate is calculated as the average weighted of the exchange rates on the main exchanges. Each trading pair has a separate list of exchanges with significant volume for this particular pair. Thereby, the weight factor is trade volume on each of the exchanges.

In case one of the exchanges stops delivering data on the rates, its rate (the latter value) continues to participate in determining the composite rate, the strike rate of which includes the data of this exchange. This prevents sharp artificial jumps of the composite rate due to the redistribution of weight values.

With a fixed rate from one data provider, the courses of the remaining suppliers continue to move the composite course according to the current market situation. This is how we smooth out such an abnormal situation as correctly as possible.

If the data supply by this exchange is not resumed by the start of the new round, the strike rate will be calculated already not considering the rate from this exchange. Thus, such data provider will be temporarily “disqualified” in the Betex system.

For each oracle in the Betex system, we also plan to publish the source data and the methodology for obtaining the result, according to which the composite rate was calculated at each time point.

Historic And Economic Background of Binary Options

The first regulated binary options took place in the US in 2008. In early May 2012, the Cyprus Securities and Exchange Commission (CySEC) included Binary Options to the list of financial instruments recognized by the law of the Republic of Cyprus on Investment Services, Investment Activities and Regulated Markets of 2007.

Thousands of brokers and traders worldwide were massively employing this instrument back then. It was greatly favored for the simplicity of concept and high chances of success. The industry was experiencing exponential growth until 2014, reaching tens of billions of dollars in its annual turnover.

But something went wrong there. In the following years, regulators from all over the world have been making rather strong statements, claiming that binary options is a deceit and discouraging traders to get involved.

For instance,

American Regulators have issued a “Warning to Investors,” which explained that legitimate platforms for binary options trading must be registered with authorities and comply with a set of rules. And yet, no web-platforms, brokers, or whatsoever, possess the relevant registration in the US.

„The Times Of Israel‟ magazine has published a series of articles entitled “Wolves Of Tel Aviv: The Grand Immoral Cheating Of Binary Options,” exposing the binary options industry as a big scam.

The Commodity Futures Trading Commission warns that “online platforms for binary options mislead users, promising huge gains at a limited risk. In reality, users lose their money in days while companies make profits.”

https://betexlab.com/

Solutions And Benefits Of Betex Model

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).

No deposits are required and an instant automatic withdrawal of funds is ensured. It is mainly possible due to the use of smart contracts.

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;

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.

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.

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.

https://betexlab.com/

HOW BETEX CAN BE PROFITABLE FOR TRADERS

Traders can earn can constantly earn by using the platform for its intended purpose if they correctly indicate a short- or medium-term trend in the price change of the selected basic asset (trading pair).

Unlike most centralized systems, the size of a trader's earnings in case of a correct forecast depends on the state of the general liquidity pool (rates of other traders) and can range from several percent to several tens of times. The size of the win is limited only by the volume of the general pool of rates and the ratio of the number of bets to each of the outcomes.

Also, one of the possible options for making profit for traders can be using the platform along with trade operations with the basic asset on one of the exchanges. In this case, the bets on the platform can hedge the risks of their trading operations on the exchanges.

An additional source of income for a trader, if desired, can become a referral program, which is usually up to 0.5% of the betting amount of the referred user. The decision on the referral bonus is made by the broker.

https://betexlab.com/

Currently we are working on interested community's informational awareness only. We will start a bigger campaign here including bounties closer to the crowdsale in 2018.

HOW BETEX CAN BE PROFITABLE FOR INVESTORS

In this section, investors should be understood as all holders of BETEX tokens. The income of the BETEX token holder can consist of the two components:

Permanent automatic commission payments in the amount of 2.5% of the total volume on the platform. Each token holder automatically receives a part of this commission accordingly to the number of tokens he has.

Possible increase of the BETEX token costs along with growing platform turnover. The dependence of possible BETEX token cost on daily turnover of the platform (together with brokers) is also outlined.

https://betexlab.com/

Bounty campaign will be running next to the all-accessible crowdsale in beginning of 2018.

Now is the 1 round of an inventor-only presale.

Are you considering bounty campaign soon?

It seems interesting project with potential to generate passive income for token holders. This is interesting business idea where all long term investors will get paid from profit share pool of fixed 2.5% from whole revenue. I think this ICO will get success and keep working on this platform.

Read the interview with Betex CEO Oleg Torkhov:

https://www.investitin.com/betex-p2p-financial-derivatives-trading/

WHY DOES BETEX HAVE TWO TOKENS?

There are 2 tokens in the system: BETEX and 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, brokers, holders of BETEX tokens, and for the development fund of the platform itself. 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 is the main token in the system. 50% of the platform’s commission income is distributed among BETEX token holders in the SBT tokens. BETEX is issued once in the amount of 10,000,000 tokens. After that, its quantity remains constant.

The pre-sale of the BETEX tokens will take place in 2 rounds in November-December 2017 under the SAFT (Simple Agreement for Future Tokens) agreement. Since the BETEX token will have certain characteristics of a security, it will be registered with the SEC and other regulatory authorities within 15 days after the initial distribution.

The profit received between the launch of the platform and the actual distribution of BETEX tokens, will be accumulated on the public Ethereum address and will be distributed among BETEX token holders during 2 weeks or less, after the distribution event is over. Distribution of BETEX tokens is planned to take place in the second quarter of 2018. More information will soon be provided.

https://betexlab.com/