Bethereum is a blockchain based project that aims to introduce a blockchain framework for secure social betting. The current betting eco-space was plagued with a lot of cheating and therefore, had lost the trust of a lot of people. It was due to this that betting was made illegal. However, the U.S. government has now lifted this law and betting within the U.S. is no longer illegal.
Introduction to the project:
The Bethereum ICO was a very ambitious ICO that targeted the ill-mannered betting eco-space. The ICO was expected to have a successful token sale. However, no one expected the ICO to raise $4 million in its initial pre-sale itself. The Bethereum ICO project turned heads when the total pre-sale amount was announced.
In traditional betting, a lot of cheating occurs. People need to place their bets at a centralized place, which was called the house. When the results of the bet are out, no one gets to know how much the winning amount was or how many people actually placed their bets. This way, the house always ends up winning and making money. This was the main reason for the betting industry to lose the trust of the people.
Bethereum removes the middleman (the house) and replaces it with the blockchain technology. By doing this, people don’t end up losing to the house. Rather, all the winners get their winning amount without any sort of tampering.
The Technology behind the Project:
The Bether token forms the base of the entire platform. It is an in-app, ERC20 token that is based on the Ethereum blockchain. You can buy these tokens from the various exchanges on which they are available. To place any bet, you will need to use the Bether token. Once the bet results are out, every winner gets his prize. Since a smart contract makes sure of the prize distribution, there is no need to worry about corruption and scams.
Another advantage of using the blockchain technology is that it also eliminates the fee paid to the house for conducting the bets. Since the blockchain is very transparent and open to all, it also brings back the confidence of people while placing bets.
Advantages:
- The people of USA: Since the U.S. government made betting legal in the country, people are now attracted to taking part in the sport. With Bethereum project, they can place the bets from the android app developed for the project. Once the bets are placed, they can be rest assured that they will get the best prize in case they win the bet.
- To the U.S. government: By making betting legal, the government has now exposed itself to all the court cases that people might put, in case they are cheated by any betting house. By using Bethereum platform to place bets, there won’t be any cases of fraudulent activity. Hence, the government will also not be criticized for making it legal again.
Conclusion:
The Bethereum platform brings back trust into the betting industry. By making use of the blockchain technology, not only does it reduce the middleman fee, but it also eliminates any incidents of cheating that may occur when too many middlemen are involved.
The platform makes use of the openness of the blockchain to its best limits. The platform also has a mobile app, by which people can place their bets easily and anonymously. With this new outlook for the betting industry, Bethereum will surely attract more people on to its platform.
Find out more on : https://www.bethereum.com/
