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Create and Manage Sports Bets With Decentralized Peer to Peer Marketplace ZenSports | BTCMANAGER
12th May, 05:05Betting and gambling are among the most popular and oldest industries in the world but to date, they are a fairly closed market controlled by a few companies. ZenSports aims to revolutionize this sector thanks to blockchain technology by creating a peer-to-peer marketplace that allows anyone to create sports bets.
Online gambling is one of the fastest-growing markets on the planet - especially now that an ever-larger percentage of the world's population has mobile Internet access. However, many perceive online gambling and betting as inherently unfair. Indeed, casinos earn revenue because players lose more often than they win and many studies have shown that users do not trust online casinos seeing them as a black box that takes your money. In addition, high fees, both commissions charged by the payment system and the house-cut rates, are a further disadvantage. Players therefore often feel helpless in the face of these circumstances and, until recently, there were no alternatives available. Thanks to Blockchain technology, a company has completely changed the model on which online betting is based, making available to anyone the possibility of launching, in a certain sense, their own betting company.
ZenSports is a mobile peer-to-peer sports betting marketplace where anyone can create and accept sports bets with anyone else in the world, without the need for a centralized bookmaker. In this way, anyone has the opportunity to become a real betting company without needing any license! It is the Uber of betting companies but decentralized.
The platform is built on ICON, a massive platform that allows various blockchains to interact with each other via smart contracts, and is based on the SPORT token which customers can use for placing bets, earning discounted betting fees, getting cashback, bonuses, and other rewards. The platform is large enough to guarantee good betting flow. Users can then decide whether to create their own bet according to their own rules or accept those already present on the platform.
Notably, with the ZenSports App, users can now also choose to place their bets on Esports - including League of Legends and Counter-Strike: GO - and MMA. In April, ZenSports introduced support for both, Esports and MMA to offer its users more options to create bets for.
Furthermore, being a completely decentralized marketplace, the installments that can be found on ZenSports are more competitive than traditional platforms. The result of each bet will be published by the corresponding maker of the bet. However, to avoid fraud, any result can be contested, and then the marketplace votes on the disputed results, with the token economy incentivizing every single party to act honestly and in good faith.
The system uses two tokens, a utility token dubbed SPORTS (with a trailing "s") and a security token dubbed SPORT. The two have completely different functions. The security token, SPORT, is a financial instrument for investors to invest in ZenSports and receive investment returns. As if it were a traditional stock that pays dividends to its owners based on the company's performance. However, the sale of SPORT security tokens was completed earlier in 2019 and is no longer open to investors. SPORT is not integrated into the ZenSports app in any way, shape, or form.
No deposits, bets, withdrawals, or rewards can take place in-app using SPORT. What is of interest to bettors, on the other hand, is the SPORTS token utility which actually serves to interact with the platform as a mechanism for betting and earning rewards through the ZenSports mobile app and network. The SPORTS token can be purchased directly on the native ZenSport exchange, created specifically for the distribution of tokens following the problems with the DCoin exchange last January.
ZenSports has a 50 percent rollover requirement of any SPORTS utility tokens deposited directly into ZenSports or purchased through the Exchange. This means users must wager at least 50 percent of the SPORTS utility tokens deposited directly or purchased through the Exchange on actual sports bets within the app prior to making a withdrawal or selling tokens through the Exchange (wash betting to meet the 50% rollover is strictly prohibited). As mentioned previously, the SPORTS tokens also allow you to receive various benefits within the ZenSports App, including:
- Reduction in betting fees and dispute escrow withholdings.
- Cash Back Bonuses based on your sports betting volume.
- Bonuses for making infrequent withdrawals within ZenSports.
A curious fact is that since the launch of SPORTS token in July 2019, almost 100% of all bets within the app have been made using SPORTS, even though the App offers the ability to bet in Dollars or Bitcoin. ZenSports is proving out a real-world use case for cryptocurrencies that consumers are using in their everyday lives.
By building a Blockchain-based platform, ZenSport has revolutionized the business model of existing online betting companies. In addition to reducing errors in bet placement, ZenSport has created a peer to peer online betting marketplace that makes bets fully customizable according to personal criteria. Furthermore, the blockchain guarantees transparency in the bets and allows anyone to verify the accuracy of a result by contesting possible fraud.
Another strength of ZenSport is the fact that the service is mobile-first and that inside it has a social network that allows users to interact with other players to make the experience even more engaging. The implementation of this system has allowed a rapid spread of the application which is available in both the Android and iOS versions. However, the theme included the creation of a web version in the roadmap in which social features will be optimized and, again in 2020, ZenSport plans to add more and more league and data to bet on. At the moment there are already 26 worldwide leagues but before the end of the year, the number will certainly be greater.