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BetMatch.io: Transparent Betting on Blockchain - Reviews - Altcoin Buzz
25th September, 12:23BetMatch establishes a decentralized betting system in a trustless manner. It comes forward as a blockchain solution for the betting industry where both convenience and trust are commonly missing. As a platform for bookmakers where the player can bet against each other or against the betting service, it facilitates payment in multiple cryptocurrencies.
From a broader perspective, BetMatch allows you to bet on the blockchain. It is a technical platform for both the house and players that aims to address the existing problems within the industry. Currently, the players face a multitude of problems in social betting, and these revolve around trust issues, expert statistics manipulation, high-commission amounts, fund deposition, and withdrawals. A legion of marketing challenges and financial/ legal infrastructure issues do, however, infest the growth trajectory.
BetMatch is a potential solution to the problems. It addresses the issue at hand by moving the traditional betting set up to a decentralized environment. At present, the betting environments are susceptible to heavy manipulation, but Betmatch brings 100% transparency for both houses and players. This is possible because all the events (betting, expert views, liquidity pool, payouts, and commissions) are recorded on the blockchain. It works as a social solution as it prevents the influence of services or third parties on the betting, its payouts, and commissions.
Utilizing cryptocurrency bets and payouts, the platform uses blockchain to store funds, calculate the rate, process bets, and process payouts.
BetMatch especially utilizes the smart contract feature of the blockchain to offer a new level of trust between the house and the players. It brings flexibility to the house where they can choose which functionality needs to be decentralized so that it resolves the problem rather than complicating the operations.
It functions just like any other decentralized exchange where fund Storage and Payouts Security ends up on the blockchain. The player is required to deposit funds into the system and use these to place bets. As the system is decentralized this makes it immune against the influence of third parties on funds, bet execution, and payouts. Smart contracts automate this process.
The player can make deposits in Bitcoin, Ethereum, Litecoin, and the native token XBM to place the bets. Apart from placing bets in crypto, the player can buy crypto using payment options like Visa/Mastercard, qiwi, Yandex money, and Perfect money.
Precisely, the funds go directly to the liquidity pool and can be withdrawn only when the bets have been placed.
It is the entire system funds that are non-user owned. As the principle of operation for Betmatch is transparency, it keeps its liquidity pool visible on the website. This pool is created at the time of token sale when 50% of the funds are stacked in the liquidity pool.
Such a set up guaranteed payouts and balances the betting market. It assures a bet will always be placed. Unlike the P2P betting system where there needs to be an opposite bet so that the bet is placed and payout processed in case of winning. With the liquidity pool, Betmatch ensures a bet will always be placed and a payout will be processed using smart contracts in case of winning.
This is in stark contrast to the way traditional betting houses and brings the player trust into the ecosystem. The project promises to replenish its liquidity pool in further investment rounds.
BetMatch uses a private blockchain as such blockchains are able to conduct speedier transactions. This acts as a new layer in the architecture and helps conclude a smart contract faster as compared to a public chain. Such a set up avoids the need for downloading the complete history downloading and data verification. And enables increasing the transaction processing speed and controlling the transaction cost.
Currently, the EXONUM framework, which is anchored to the Ethereum public blockchain, is the basis for the BetMatch private blockchain. Anchoring is the process where every 100th private blockchain hash with all its transactional data is added to the ethereum public blockchain. This way there's a guarantee that the entire private blockchain data turns immutable, transparent and reliable.
It is the native private blockchain token of the Betmatch blockchain. The players can use the XBM tokens to bet without paying the services fees and avail some special betting discounts. Utilization of XBM tokens to bet offers the player a 50% discount on the transaction fees.
If the player is not currently betting, he can always lease out the XBM tokens to another player. And thus earn commissions. The XBM leasing system is under development right now. The players can use XBM tokens for sports betting, live sports betting and the esports betting.
The exchanges LATOKEN and CREX24 support the XBM token trading.
Make sure you deposit the funds only when you feel like placing a bet. Once you place the bet, the system moves the funds to a liquidity pool. You can only withdraw them once you win. There is also a live-bet option allowing for members to follow in-game sports on BetMatch!
The platform also has a 2X Deposit offer. If you make deposits via the link here, you will receive an XBM credit worth two times your deposit amount. This offer is available only for the first three deposits. But there is a catch. Those deposits that you make with an intent to receive bonus may have turnover requirements and cannot exceed:
1000 XBM (the native token)
The information discussed by Altcoin Buzz is not financial advice. This information is for educational, informational and entertainment purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
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