When I was engage in cryptocurrency I was also trying to learn about forex trading. It was an so interesting like cryptocurrency that I tried hard to learn it so that I can trade on some platforms and get some gains/profit from my trades. During these days of learning forex I bumped to something called Binary Option which was another term for forex. Binary option or forex for some are form of gambling where other countries banned it for fraud.
The problems with binary option are most traders trade against the brokers. These brokers are the firms that provide trading platforms for traders. Mostly they have the upper hand because trading happen on their platform/backend where manipulation of data can be done which will certainly end up to traders losing their money. There is no transparency at all on that making trust a big issue on the industry of binary option. Thus, with these issues BETEX wants to provide solutions.
BETEX is peer to peer binary option platform that provides transparency and eliminate the trust issues around the traditional forex market by using the Blockchain Technology. It will give benefits as well to the holders of their Betex token and brokers, where a 50% commission from the profits generated by the platfom goes to the holders while 40% goes to the brokers. All transactions will happen on the ethereum blockchain where withdrawals will be instant and on the platform no deposits needed to start trading.
Problems to be solved:
Lack of transparencyTrust issuesCorruption
BETEX Ecosystem
This shows that all are interconnected to a smart contract where it will be the backend of this project. The only drawback is the limited scalability of the ethereum network.
TRADERS CAN INTERACT BETEX VIA:
Web-based interface — readyMobile applications — in developmentDesktop applications — in development
Here is the sample of the web-base interface
The uses of these interfaces will likely almost the same as the traditional platform where traders choose what pair of currency they want to trade and what timeframe they want to monitor and place their bets. There platfrom will provide the CALL or PUT option for the traders to choose. A 5% fee for each trades will be charged for the services of the Betex platform
BETEX AND SBT TOKENS
Stable Betting Token (SBT) is worth $1.00 and it will be stable as it is. It will be use as mode of payments for the brokers and winners of the trades. The SBT tokens are issued automatically by the smart contract with each exchange request. Burning of tokens will happened on a reverse exchange and the total funds will reflect on the system itself.
Betex Token is the main token in the system. BETEX is issued once in the amount of 10,000,000 tokens. The benefits of the token holders comes from this which 50% of the platform gains.
DISTRIBUTION OF THE COMMON POOL
ICO INFORMATION
CONCLUSION:
Betex will eliminate the issues regarding trust and less transparency where traders on the traditional trading platforms have extreme problems. The transparency that the blockchain technology, uses by Betex, provides ease to the traders like me. Last, Betex makes sure a proper betting platform will be use by traders around the globe that will create an incorruptible business logic into everybody‘s value system and holders of their token and brokers will profit by the commission given by the platform.
TO KNOW MORE ABOUT BETEX, VISIT THE FOLLOWING LINKS:
Website:
Whitepaper:
Bitcointalk:
Medium:
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