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| comment | | "parent_author":"",<br>"parent_permlink":"blockchain",<br>"author":"kokowannabe",<br>"permlink":"betex-peer-to-peer-binary-option-platform",<br>"title":"Betex' Peer to Peer Binary Option Platform'",<br>"body":"![ (https:\/\/steemitimages.com\/DQmdLCMMSPe4YBXqMpNZEHs23AxfoQXeu48gPZiQEaJg4pZ\/image.png)\n<i>https:\/\/betexlab.com\/<\/i>\n\nBinary options is a financial derivatives instrument that challenges traders to foresee the right direction of the price movement for an underlying asset at a given point of time in the future. Forecasting horizon varies from a few minutes up to several months. To receive income for having defined the right direction,<br> in which the price of an underlying asset\nhappens to move,<br> traders can use binary options instead of actually buying that asset. Thus,<br> it is enough to forecast one of the two possible options \u2014 price increase or decrease. If the assumption is accurate for a given moment in time and asset price changes in the indicated direction,<br> traders gain. And otherwise,<br> they lose. Any trading pairs that are comprised of quotes (currencies,<br> indices,<br> stocks,<br> metals,<br> minerals,<br> oil etc.) may be considered as basic assets for binary options.\n\n<b>Market overview<\/b>\nAccording to the utmost conservative estimates,<br> the volume for the world market of binary options is at least $30 billion per year,<br> with almost $5 billion yearly in Japan alone. Exact estimation of this figure is not easy to obtain since in most countries there is no reliable data on the binary options market turnover because of its extreme shadiness and untruthfulness as well as the lack of clearing from the overwhelming number of brokers.\n\nNonetheless,<br> these days,<br> binary options are no longer popular. Instead of building a user-centric,<br> longlasting system for people to enjoy and benefit from,<br> binary options have been often used to scam traders. \n\nThus,<br> despite the huge budgets spent on advertising,<br> binary options have lost credibility. In some countries,<br> they were given a semi-legal status. And even though there are no alternatives on the market,<br> over the past three years there has been a significant decrease in brokers\u2018 revenues. \n\n<b>Problem and Disadvantage<\/b>\n\n\u25b8 Traders bet against brokers. So trader\u2018s loss is broker\u2018s gain. Hence,<br> the reason for brokers to make sure traders mostly fail. There is a common belief that 90% of traders\u2018 funds eventually end up in brokers\u2018 pockets.\n\u25b8 In general,<br> trader\u2018s reward,<br> in case he was right,<br> stays fixed regardless of other factors,<br> meaning,<br> sometimes you should have had way more than did. Maximum that\u2018s ever available varies from 75% to 90% of the rate.\n\u25b8 Trading process takes place in a broker\u2018s backend,<br> so it is not transparent. Such system allows manipulating data in a way that makes it difficult for anyone to find out the process was altered.\n\u25b8 At times,<br> it\u2018s required to make a deposit to start trading,<br> what takes time. Withdrawal takes even more time. If funds get frozen,<br> users have to order or buy something to be able to make withdrawal.\n\u25b8 Quotations are often obtained from providers in a corrupt manner. And even then,<br> it does not guarantee accuracy and validity of the given data.\n\u25b8 Even if brokers treat you right,<br> it is impossible to prove,<br> making trust a critical factor in a decision-making process.\n\n<b>What is Betex?<\/b>\n\nBetex is a leading-edge platform for P2P financial derivatives trading. It enables users to place bets on future changes against each other. Built with Blockchain technology,<br> unlike traditional platforms,<br> Betex provides access to real-time data,<br> thereby,<br> ensuring absolute transparency of its system. Determined to reinvent financial derivatives market,<br> we strive to instill incorruptible business logic that would conclusively eliminate the issue of trust.\n\n<b>Betex model: solutions and benefits<\/b>\n\n\u25b8 Outcome of a bet makes no difference to us (as the platform provider),<br> or to brokers,<br> as neither of us can actively take part in the betting process. We charge service fees,<br> while traders place bets against each other (peer-to-peer).\n\u25b8 No deposits are required and an instant automatic withdrawal of funds is ensured. It is mainly possible due to the use of smart contracts.\n\u25b8 Traders who accurately determine future changes are rewarded with 95% of funds. In case of success,<br> trader\u2018s gain largely depends on the ratio of the correct and incorrect outcomes;\n\u25b8 Both the platform and brokers can always prove authenticity and accuracy of the results. In the worst case scenario,<br> if a mistake is made,<br> it will be admitted or justified. Hence,<br> it is no longer needed to trust each other to be sure terms are fair.\n\u25b8 Trading is realized with ERC-20 tokens of stable value. It is stored and presented in the Ethereum blockchain,<br> making it possible to audit the platform operations in real time,<br> or later. Open access to data prevents intermediaries from altering results;\n\u25b8 50% of the platform's profit made from commission is distributed among BETEX token holders. 40% goes to brokers.\n\u25b8 A composite rate,<br> used in all calculations,<br> is derived from several open sources by an established algorithm,<br> 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,<br> 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.\n\n<b>Betex Ecosystem<\/b>\n\n\u25b8 Trader\n\u25b8 Investor\n\u25b8 Broker\n<center>![ (https:\/\/steemitimages.com\/DQmdNQbzeCaM5R3UZxPY1BXarhRUWR7Hn5NZGZ29E7oUfev\/image.png)<\/center>\n\n<b>Distribution of Common pool<\/b>\n<center>![ (https:\/\/steemitimages.com\/DQmbn7rTZzLMczdAt7JT5cWd93F247DPUZu2wtUfEmQ9rJP\/image.png)<\/center>\n\u25b8 95% of the turnover will form the reward fund for traders. These funds will be paid out to traders automatically,<br> once each round is over.\n\u25b8 2.5% of the total platform turnover will be distributed among the holders of BETEX tokens,<br> according to the number of tokens they own.\n\u25b8 2.0% will be granted to the brokers,<br> connected to our platform. Payments for the referrals will be deducted from broker\u2018s commission.\n\u25b8 0.3% will go to the permanent contributions to the project\u2018s development fund. A year after the commercial launch,<br> the project should break even.\n\u25b8 0.2% of the platform\u2018s turnover will be transferred to the reserve fund. Its regular refill (from each transaction) will cover unexpected costs,<br> if they arise.\n\n![ (https:\/\/steemitimages.com\/DQmeJNpcDRVgUvrsFVqmwso9A9X1fmrfuZSSrRzWMyLoNyr\/image.png)\n\n<b>Token Sale<\/b>\n\nBetex token sale starts on March 1st,<br> 2018\n\nStart of ICO: 01.03.18 at 12:00 GMT\n\nEnd of ICO: 31.03.18 or 3,<br>000,<br>000 of BETEX tokens are sold out\n\nICO BETEX token price: $ 3.00\n\nMax amount of tokens to be sold: 3,<br>000,<br>000 out of 10,<br>000,<br>000 (30%)\n\nICO hard cap: $ 9,<br>000,<br>000\n\nMin purchase amount: 0.5 ETH or 0.05 BTC\n\n<b>Betex MVP<\/b>\nWe built two versions of the platform to provide you with a better understanding of the concept behind a common pool of liquidity and to demonstrate how it actually works.\n\nGoBet.io or Betex.io\n<center>![ (https:\/\/steemitimages.com\/DQmZXsxwBqg4yQGNPg9TrwNUEFxeKfYxNcCKGS2M7xJn62M\/image.png)<\/center>\n\n<b>Team<\/b>\n![ (https:\/\/steemitimages.com\/DQmYBPeLdDS3vDWxSZzn8JK857CVyVBJcWWtnmcAgN1V4rT\/image.png)\n![ (https:\/\/steemitimages.com\/DQmRh1736W6L7EjePHUWXeZqoE96eCX8GQRjsRXQk2gCQeR\/image.png)\n\n<b>Detail Information :<\/b>\n\nWebsite : https:\/\/betexlab.com\/\n\nANN Thread : https:\/\/bitcointalk.org\/index.php?topic=2518678\n\nTwitter : https:\/\/twitter.com\/betex_tokens\n\nTelegram : https:\/\/t.me\/betex_ico\n\nBitcointalk Profile : https:\/\/bitcointalk.org\/index.php?action=profile;u=1692321\n\nAuthor : kokowannabe",<br>"json_metadata":" \"tags\":[\"blockchain\",<br>\"ico\",<br>\"ethereum\",<br>\"bitcoin\",<br>\"cryptocurrency\" ,<br>\"image\":[\"https:\/\/steemitimages.com\/DQmdLCMMSPe4YBXqMpNZEHs23AxfoQXeu48gPZiQEaJg4pZ\/image.png\",<br>\"https:\/\/steemitimages.com\/DQmdNQbzeCaM5R3UZxPY1BXarhRUWR7Hn5NZGZ29E7oUfev\/image.png\",<br>\"https:\/\/steemitimages.com\/DQmbn7rTZzLMczdAt7JT5cWd93F247DPUZu2wtUfEmQ9rJP\/image.png\",<br>\"https:\/\/steemitimages.com\/DQmeJNpcDRVgUvrsFVqmwso9A9X1fmrfuZSSrRzWMyLoNyr\/image.png\",<br>\"https:\/\/steemitimages.com\/DQmZXsxwBqg4yQGNPg9TrwNUEFxeKfYxNcCKGS2M7xJn62M\/image.png\",<br>\"https:\/\/steemitimages.com\/DQmYBPeLdDS3vDWxSZzn8JK857CVyVBJcWWtnmcAgN1V4rT\/image.png\",<br>\"https:\/\/steemitimages.com\/DQmRh1736W6L7EjePHUWXeZqoE96eCX8GQRjsRXQk2gCQeR\/image.png\" ,<br>\"links\":[\"https:\/\/betexlab.com\/\",<br>\"https:\/\/bitcointalk.org\/index.php?topic=2518678\",<br>\"https:\/\/twitter.com\/betex_tokens\",<br>\"https:\/\/t.me\/betex_ico\",<br>\"https:\/\/bitcointalk.org\/index.php?action=profile;u=1692321\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " |
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