15 Jan Redefining Sports Betting Industry With Blockchain
A new Ethereum-based platform could become a private and secure virtual space for avid players
The development and expansion of Blockchain technology has triggered new opportunities in the betting on the sports industry. A new company founded by Baikov Artyom, a developer of several B2C web applications for consumer services & platforms, aims to streamline the process. By leveraging smart contracts on the Ethereum Blockchain, it allows avid players to take their passion to a whole new level.
Together with a skilled team of specialists in the sports and business industries, the new project called XWIN CryptoBet caters to the needs of players eager to find a convenient, comfortable, and ultimately, private virtual space to place their bets. The decentralized platform is also targeted at investors in dire need to obtain guaranteed income from their activity as bookmakers.
XWIN redefines the relationship players have with their online gambling resources. Through the use of Blockchain technology, the platform’s margin varies between six and 20 percent of the overall betting rate. The margin belonging to the better’s bet is autonomously managed by the XWIN smart contracts on Ethereum. The 100 percent margin will be distributed into four main sections. 35 percent will be reserved for promoting, marketing, PR and advertising of XWIN CryptoBet. 25 percent of the margin will be converted into a guaranteed fund for player payments, 20 percent will be reserved for legal support and administration, and the last 20 percent will be featured as income distribution among investors.
XWIN provides cross-border betting and complete security of funds. All players will have autonomously-managed, smart contract accounts on Ethereum, thus guaranteeing no infrastructure risks often associated with Internet interruptions, account lockouts because of frequent wins or arbitrages.
Strategical token distribution for streamlined betting
The XWIN CryptoBet framework commits to issuing a limited amount of tokens. Investors and players get an 80 percent share, meaning that the guarantee fund provided by XWIN features a wealth of benefits that blend commission payments, free exchange pricing, and a steady increase of the XWIN token’s nominal price.
Considering the price is ensured by the smart contract on Ethereum, it is directly linked to the general guarantee fund. To eliminate the risk of increased XWIN token exchange, triggering a massive drop, the nominal price for an XWIN token is calculated dividing the total token amount by 50 percent of the total amount within the secured fund.
The XWIN token supply constantly grows, with a rate equal to 25 percent of the platform’s turnover. Holders of XWIN tokens can sell their coins at any time, as well as redeem them through the smart contracts provided by XWIN.
Throughout the development phase of the platform, investors have full access to XWIN tokens, which are priced at 0.004 ETH. To ensure the project’s continuity and empower the XWIN CryptoBet team to continue working on expanding and improving the platform, the blocked share belonging to the founders will be available after one year.
During the open sale process, 80 percent of XWIN tokens will be made available for sale.
The funds gathered will be distributed strategically to guarantee the continuity of the project. 32 percent goes in developing and hiring process of talented developers to build smart contracts, apps, and interface. 35 percent is planned for executing goals through PR campaigns, marketing, advertising, promotion and sponsorships. There will also be three percent allocated for bounty funds distribution and 15 percent for maintenance and administration.
The XWIN community recently exceeded 5,700 members, and it continues to increase with every day that goes by. Investors who want to participate in the ICO will receive a 20 percent bonus if they sign up until Jan. 15. Thus far, XWIN 405.5+ ETH and 119.2+ BTC (equivalent to $2.1 mln) and counting.
Ioana Paicu, Guest Author
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.