BetterBetting opens ICO Public Sale for BETR, the betting currency of the future


The Better Betting Foundation depends on an effective technical implementation to achieve the intended purpose of offering a Global Betting Liquidity Pool. In addition to evolving business requirements, a technical investigation is underway with the intention to find the optimal technical solution. Fundamentally, it is the intention to offer a global gambling liquidity pool for use by betting and gambler makers. In principle everyone can make a betting offer on the basis of real sporting events, this is traditionally known as making a bet. Each betting offer is grouped per market and event and included in a searchable directory.Bettors who want to place a bet can then search the directory and find the bet they want. The gambling acceptance process then includes the Ethereum blockchain to store the agreed betting contracts that also keep the bet and liability in escrow - the system will use our own issued gambling chips (BETR). When the events are over, the bets relating to that event can be settled. In order to settle a bet, the result of that selection must be determined. The betting contracts contain information about the party that will deliver the result for the selection.In the case of bets offered by sportsbooks this will generally be the Bet Offer Creator (the layout of the bet). Other solutions are to designate a third as a result (this can be a data feed) or to designate a special third party that is the consensus node - this node would base itself on all other settlements according to a set of rules of the same selection. One application and two linked systems
The Ethereum network will be used for the management of the betting contracts and the BETR tokens and the interface to another system in addition to provide a UX for the creators of the Bet offer and Bettors by perform the gambling directory services as a distributed database.We call this system the 'Better Betting Node' (BBN).
The BBN is a downloadable application that is installed on the user's device and contains an ethereum wallet. It looks like a blockchain application, as long as it works without central servers and the nodes communicate with each other to maintain the status of the database. BBN does not need to store data indefinitely, and that is an aspect that distinguishes it from standard blockchain networks in which each node (or miner) stores a complete copy of the transaction file. How it works for everyone
There are two parties to a bet. In our conditions we call the party that creates a Bet offer 11 or puts a BET CREATOR.Traditionally this would be a sportsbook, but in our case everyone can be a Bet Creator. On the other hand, the party that takes the betting offer (or part thereof) is called the BETTOR.
From Bettors point of view they basically want to see a list of sporting events and the betting options with opportunities and limits that are available. By selecting a betting option and applying a bet amount, the bet can be created. For the Bet CREATOR they want to be able to set a range of Bet offers with betting options, odds and limits (maximum risk exposure) and place them in the weddirectory, so that the Bettors can then select them as above.The intention is that a standard BBN API will be created that enables the Bet Creators to integrate directly with their own systems, so that a bet is created automatically.
Above all, the system must know when the sporting events are planned and when they are broadcast. To this end, the same API available for sports books can be used to link instances of BBN and data feed providers. This facilitates the creation of automated events, markets and selection and can also make the result possible. One of the most important functions of the directory is offering Event, Market and Selection IDs, so that event data can be compared with betting systems.The event IDs contain the IDs of the main data feed providers and may also contain Bet Creators IDs.
ICO and token sales

A minimum $ 2 million, maximum $ 30 million will be fetched by spending tokens. These funds are used for

  • Development and release of the better gambling protocol 
  • Development and open sourcing of dapps and node software
  •  Marketing for key stakeholders and consumers 
  • Legal and administrative costs

For more Informations:

Author: sandysan
ETH: 0x022DfD639385A07a9EE272404854fE6598fEBA4b

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