Digitalization today has revolutionized the betting landscape. In fact, the size of the betting market is speculated to reach USD 59.79 Billion by the year 2020. Evidently, the potential that this realm holds is exponential, however, it still deals with certain crucial pitfalls that hinder its growth. It is mainly because a majority of betting platforms today are centrally operated, thereby adding complexities to the entire betting process.
Challenges of a Centralized Betting Network
Being controlled by a central authority, the conventional betting platform fails to offer transparency to its users. Since the users are not fully aware of the process that goes beyond placing the bet, it leads to uncertainties, which impacts their overall betting experience. The high degree of ambiguity in the betting process further raises various security and privacy concerns. Moreover, centralized platforms also fail to provide users with competitive odds as they are regulated by central authorities. This cuts down the overall earnings for each bet.
CyBet – Eliminating the Inefficiencies of Online Betting
The CyBet betting platform incorporates blockchain technology to decentralize the conventional betting standards and aims to solve the aforementioned challenges. Some of the solutions offered by this network are:-
- A fully decentralized betting network that is owned by the community
- Competitive betting odds where users can participate as a betting company (bookmaker) and offer competitive odds to attract players
- Since it is a community-owned platform, there is no regulation compliance necessary
- Identities of all participants and bookmakers are concealed through anonymous betting
Features of the Platform
Below are the prominent features of the CyBet ecosystem:-
- Responsive Design
The CyBet application has integrated state-of-the-art web as well as mobile technologies in order to offer a seamless betting experience to its users.
- Ease of Communication
The network offers its participants and betting companies a dedicated communication panel that enables instant private messaging.
- Safe and Secure
All the betting rules are incorporated into the CyBet token’s smart contract to ensure that user investment is secured.
- Easy Exchange of Tokens
The platform has listed its token on major exchanges which enables easy buying and selling of CYBT tokens.
The Function of CYBT Platform
Three central functional aspects of the ecosystem are:-
- Bookmaker – Users can become their own betting company and offer competitive odds of any specified game, and obtain maximum benefits out of running their own betting company.
- Participant – Users can use CyBet tokens to place their bets on multiple games according to their preferences.
- Miners – A determined percentage of transaction fees is used to pay the miners who allow processing of the various transactions in the network.
Smart Contract – The Central Aspect
It is the smart contract that ensures security and transparency on the platform. It is responsible for storing the relevant sports data securely and providing it to the bookmakers upon their requests. The sports data is acquired by the system from various reliable sources and stored in the blockchain. The bookmakers use this contract to determine or set the odds for a specific game and raise the relevant stakes. Once the players have placed their bets, the smart contract generates a game structure that acts as an interface for participants.
CyBet – A Simplified Betting Solution
Blockchain is a robust technology that can help in eliminating the inefficiencies of the existing betting platform. CyBet has harnessed this technology to create the world’s first fully decentralized betting platform that puts users in the forefront and enables them to earn substantial profits through the effective medium of betting.