[ANN] Betex - P2P Binary Options

[Betex]

The first P2P Binary Options Platform powered by smart contracts
Pre-sale is open for qualified investors who have completed the KYC/AML procedure. 4 Dec, 2017 - 31 Jan, 2018.

About Betex

Powered by Ethereum smart contracts, Betex brings indisputable transparency, fair conduct, and audible results to the binary options trading.
With Betex, traders will be placing bets against each other and never against platform providers or any other intermediaries. Built with Blockchain technology, unlike traditional platforms, Betex will provide access to real-time data, thereby, ensuring absolute transparency of its system. So there is no doubt that all users are treated equally and fairly.

Users will be forming one large common pool of liquidity for each underlying asset in order to maximize users' gain. The platform's commission will be 5% only, the liquidity will be derived from a common pool of brokers, and brokers themselves will integrate into the platform via the white label mechanism. This is the only platform, where as much as 95% of funds are distributed among traders who make correct assumptions. 2.5% (half of the platform's commission 5%) of the total platform turnover will be distributed among the holders of BETEX tokens, accordingly to the number of tokens they own.

Links

WEBSITE | WHITEPAPER | MVP | MEDIUM | FACEBOOK | TWITTER | TELEGRAM CHAT

Token Pre-Sale

BETEX Token Pre-Sale Round 1

• Dates: 04.12.2017 – 20.12.17
• Price: 1 BETEX = $2.00
• Min purchase amount: 15,000 BETEX
• Accepted currencies: ETH, BTC

BETEX Token Pre-Sale Round 2

• Dates: 10.01.18 – 31.01.18
• Price: 1 BETEX = $2.50
• Min purchase amount: 5,000 BETEX
• Accepted currencies: ETH, BTC

The pre-sale of the BETEX tokens will take place under the SAFT (Simple Agreement for Future Tokens) agreement.

Token Sale

BETEX token sale will be conducted in 2018, after registration it with the regulators of the securities market. Will be announced after pre-sale.

Benefits for Investors
2.5% (half of the platform's commission 5%) of the total platform turnover will be distributed among the holders of BETEX tokens, accordingly to the number of tokens they own.

Website: https://betexlab.com/
White paper: https://betexlab.com/betex-wp.pdf

 

[Betex]

A comprehensive guide on using our MVP:

https://medium.com/@betex/how-to-use-the-betex-mvp-2ffd30e140f3

 

[Betex]

We've started a Telegram chat. The easiest way to contact us and get your questions answered:https://t.me/betex_ico

 

[Betex]

Meet us at the Dubai International Blockchain Summit!

Betex is attending and sponsoring DIBS, the largest blockchain-related gathering in the Middle East, where you will have an opportunity to test the Betex MVPs, talk to us about the project details and meet us in person.

DIBS will be held at Atlantis, The Palm Dubai on January, 8th, 2018. Tickets and further info available at https://dibs.ae/.

 

[Betex]

What Are The Betex Advantages Against Traditional Binary Options Platforms?

Betex business model is fundamentally different from traditional binary options.

With Betex, traders bet against each other instead of brokers. The situation when a broker gains profits when a trader losses is excluded. Brokers receive commission from gains, and the platform itself runs on service fees.

In traditional model, brokers operate independently and are not connected to each other in any way. With Betex, brokers use a common pool of liquidity with the same trading pairs.
Rewards for traders depend on the state of the liquidity pool in Betex, whereas in traditional platforms the reward in case of a win is fixed, and often is too low to guarantee platform’s profitability.

Betex also has a mechanism of distribution of parts of broker’s income amongst traders in form of sharing of 2,5% of income to all BETEX token holders in SBT tokens. In a traditional binary options platform, whole broker’s income remains with the broker.

Betex is built on Ethereum blockchain and smart contracts, thus offers a completely transparent and open process. Every trader is able to check all money flow based on an ERC-20 SBT token, which makes Betex a provably fair platform. With any other platform, whole trading process is carried out in the broker’s backend and it can’t be transparent.

Unlike any other platforms, Betex doesn’t require a minimum deposit or withdrawal amount and performs in and out operations of any amount instantly.

What also adds to the Betex transparency is that strike and outcome rates are provided by different public sources, weighted based on their trading volume. Traditional platforms usually use one liquidity provider which is often unknown.

Betex has a completely new approach to binary options and creates a new, fully open and transparent way of trading which will be equally profitable for all participants of the trading process, for the first time in the history of such financial instruments.

Read the whitepaper: https://betexlab.com/ico/betex-wp.pdf
Website: https://betexlab.com/

 

[Betex]

Read an article on why you should take a closer look at blockchain-based binary options:

https://medium.com/@betex/blockchain-binary-options-why-you-should-take-a-closer-look-81bb2023d12d

The binary options market has always been controversial, non-transparent for the end users, and mostly managed by the brokers. In some countries, the binary options have even been banned.

However, many fields are experiencing a re-birth with the implementation of blockchain, and the binary options are not an exception. If you put the binary options on the blockchain and describe the functionality in a smart contract, you’ll get a truly open and transparent platform.

This is exactly the way of Betex!
https://betexlab.com/

 

[Betex]

The Betex Ecosystem
Basically, you can access and interact with Betex ecosystem, being a trader (bettor), an investor, or a broker.

Traders can access Betex via web-based interface (as with the MVPs), or mobile and desktop apps in future.

As soon as the bets’ outcome is known, tokens of those traders, who happen to be mistaken, are distributed among traders, whose assumptions happen to be accurate. Yet, first, 5% fee is being charged for our services.

Investors will interact with the platform primarily through their user profiles, where both platform‟s general and investor’s personal statistics will be stored. Personal cabinet is under construction at the moment.

After the main BETEX Token Sale in the second half of 2018, BETEX token owners will be receiving their share of the platform’s profit made on commission. Number of tokens they own will directly define their shares of commission. Bear in mind, though, it seems likely that only qualified investors will be allowed to the token sale, since the BETEX token will be registered by regulators as a token-share.

In the first quarter of 2018, brokers will be offered a ready-to-use solution, allowing to engage with the platform by a known White Label principal. In other words, it will be possible to quickly implement all the mechanisms and systems of our platform with own domain and user base. Also, Betex Lab Limited, as a developer of the platform, will provide consultations and technical support.

 

[Betex]

WHY DOES BETEX HAVE TWO TOKENS?

There are 2 tokens in the system: BETEX and SBT.

SBT (Stable Betting Token) is a token with a stable value of $1.00. This token is used for betting in the system, payments to winners, brokers, holders of BETEX tokens, and for the development fund of the platform itself. All operations are fixed in the Ethereum blockchain. The SBT tokens are issued automatically by the smart contract with each exchange request.

With the reverse exchange, tokens are burned. Thus, the number of SBT tokens at each point of time reflects the current amount of funds in the system.

BETEX is the main token in the system. 50% of the platform’s commission income is distributed among BETEX token holders in the SBT tokens. BETEX is issued once in the amount of 10,000,000 tokens. After that, its quantity remains constant.

The pre-sale of the BETEX tokens will take place in 2 rounds in November-December 2017 under the SAFT (Simple Agreement for Future Tokens) agreement. Since the BETEX token will have certain characteristics of a security, it will be registered with the SEC and other regulatory authorities within 15 days after the initial distribution.

The profit received between the launch of the platform and the actual distribution of BETEX tokens, will be accumulated on the public Ethereum address and will be distributed among BETEX token holders during 2 weeks or less, after the distribution event is over. Distribution of BETEX tokens is planned to take place in the second quarter of 2018. More information will soon be provided.

https://betexlab.com/

 

[Betex]

How Betex Can Be Profitable For Traders

Traders can constantly earn by using the platform for its intended purpose if they correctly indicate a short- or medium-term trend in the price change of the selected basic asset (trading pair).

Unlike most centralized systems, the size of a trader’s earnings in case of a correct forecast depends on the state of the general liquidity pool (rates of other traders) and can range from several percent to several tens of times. The size of the win is limited only by the volume of the general pool of rates and the ratio of the number of bets to each of the outcomes.

Also, one of the possible options for making profit for traders can be using the platform along with trade operations with the basic asset on one of the exchanges. In this case, the bets on the platform can hedge the risks of their trading operations on the exchanges.

An additional source of income for a trader, if desired, can become a referral program, which is usually up to 0.5% of the betting amount of the referred user. The decision on the referral bonus is made by the broker.

 

[Betex]

Historic And Economic Background of Binary Options

The first regulated binary options took place in the US in 2008. In early May 2012, the Cyprus Securities and Exchange Commission (CySEC) included Binary Options to the list of financial instruments recognized by the law of the Republic of Cyprus on Investment Services, Investment Activities and Regulated Markets of 2007.

Thousands of brokers and traders worldwide were massively employing this instrument back then. It was greatly favored for the simplicity of concept and high chances of success. The industry was experiencing exponential growth until 2014, reaching tens of billions of dollars in its annual turnover.

But something went wrong there. In the following years, regulators from all over the world have been making rather strong statements, claiming that binary options is a deceit and discouraging traders to get involved.

For instance,

American Regulators have issued a “Warning to Investors”, which explained that legitimate platforms for binary options trading must be registered with authorities and comply with a set of rules. And yet, no web-platforms, brokers, or whatsoever, possess the relevant registration in the US.

„The Times Of Israel‟ magazine has published a series of articles entitled “Wolves Of Tel Aviv: The Grand Immoral Cheating Of Binary Options”, exposing the binary options industry as a big scam.

The Commodity Futures Trading Commission warns that “online platforms for binary options mislead users, promising huge gains at a limited risk. In reality, users lose their money in days while companies make profits”.

 

[Betex]

The Betex Oracle

The basis for deciding the outcome of each round in the Betex system is the resulting composite rate (Outcome Rate) provided by the oracle, so the oracle is a critical component of the system that is located separately from the rest of its parts. The work of the oracle is built on the principle of publicity and transparency. The results of its work (in the form of payment transactions) will be available for verification through the blockchain explorer (etherescan.io for the Ethereum network).

Every time, the Betex composite rate is calculated as the average weighted of the exchange rates on the main exchanges. Each trading pair has a separate list of exchanges with significant volume for this particular pair. Thereby, the weight factor is trade volume on each of the exchanges.

In case one of the exchanges stops delivering data on the rates, its rate (the latter value) continues to participate in determining the composite rate, the strike rate of which includes the data of this exchange. This prevents sharp artificial jumps of the composite rate due to the redistribution of weight values.

With a fixed rate from one data provider, the courses of the remaining suppliers continue to move the composite course according to the current market situation. This is how we smooth out such an abnormal situation as correctly as possible.

If the data supply by this exchange is not resumed by the start of the new round, the strike rate will be calculated already not considering the rate from this exchange. Thus, such data provider will be temporarily “disqualified” in the Betex system.

For each oracle in the Betex system, we also plan to publish the source data and the methodology for obtaining the result, according to which the composite rate was calculated at each time point.

 

[Betex]

Architecture of Betex Smart Contracts

Main purpose of smart contracts is ensuring a transparent betting mechanism for the common pool of liquidity. Smart contracts were built under the following restrictions:

• The bet occurs by the means of transferring the SBT token into a common liquidity pool for a given event in the system;
• The network commission (Ethereum) should be as small as possible;
• Reward payout (including the transfer of the commission) is realized by a smart contract based on the data received from the oracle.

The architectural system is based on the following smart contracts:

• SBT token contract complies with ERC-20 standard. SBT is a stable (relatively to the USD rate) token, the exchange rate of which is artificially maintained, with emissions and burning made during the exchange operations.
• Exchange contract is a smart contract for automatic exchange of ETH to SBT and vice versa. ETH/SBT rate is regularly updated with an oracle and artificially maintained at 1:1 / USD level. When crediting ETH, the required amount of SBT is being emitted. When withdrawing ETH, corresponding amount of SBT tokens is being burned.
• It is also planned to implement time restrictions on the token use. If the token is not used in the Betex system for a certain period of time, it is automatically exchanged back to the ETH source address. This may prevent speculations with tokens.
• Betex smart contract is a management system for liquidity pools (betting baskets). It accepts bids by moving SBT token to a specific pool (basket) for a limited period of time. After the waiting time has expired, the payout is redistributed among the players based on the oracle data.
• Commission smart contract is the contract-aggregator of commission fees. It charges the entire commission from operations in the system. The distribution of the commission is made by this contract once in a certain period of time (currently, once in 24 hours).
• Referral smart contract is contract managing the referral program. Betex supports a single-level referral program and redistributes part of the commission to the referral addresses. This smart contract stores the necessary dependencies.

The implementation of smart contracts is carried out considering all modern practices and approaches, including the overflow checks, 100% test coverage and statistical control of Gas used.

 

[Betex]

Betex Pre-Sale Extension and ICO Launch Date Announcement

Due to increased demand and high volume of KYC applications we have decided to extend the 2nd round of the pre-sale of BETEX tokens until February 18th, 2018. Thereby, you have extra 18 days to become the early birds and purchase the tokens at a very attractive price — $2.50 per token. We remind you that the token price during the main token sale will start at $3 and increase progressively, more details here.

The main ICO (token sale) will start on February, 20th. Within this crowdsale, all investors will be asked to go through a KYC procedure and will receive the personal investment wallet address afterwards, just like within the pre-sale rounds.

KYC procedure means providing our compliance team with the identity verification documents and signing a SAFT (Single Agreement for Future Tokens) agreement, which is a contract under which all BETEX tokens will be distributed after Token Generation Event (TGE) in April 2018. We understand that you, as investors, are more interested in getting the BETEX tokens right away, but with this agreement, you can rest assured that you will get your BETEX tokens within 10 days after TGE.

Betex platform will be launched on main network and open for users before the TGE, which makes it distinct from other projects who only start development after the ICO. All payouts will start accumulating right from the platform launch and will be paid out after the TGE to all eligible token holders.

 

[Betex]

The Betex Common Pool Lifecycle

Each pool of liquidity (basket) in the Betex system has following time characteristics:

• Time for bet placements;
• Waiting time for exit;

These time intervals are limited by:

• The moment of opening;
• The moment of closing;
• The moment of payment;

From the point of view of a smart contract, each of these moments is implemented using a special system transaction. The problem here is the uncontrolled time of the transaction (from the time it hits the transaction pool to the time it was confirmed), as well as the allowable deviation of the system variable (solidity block.timestamp) in 900 seconds compared to the real time.

The lifecycle of a pool includes the following:

Opening/creating a pool

During realization of the Betex smart contract it was decided to give up transaction at the moment of opening the pool for the sake of creating a system of identifiers. Thus, in order to execute a bet, you only need to know the pool ID. If there is no pool at the time of the bet, it will be created automatically.

Closing the pool

Closing the pool is implemented using a system transaction, which is carried out from a predetermined address (and is part of the Betex smart contract management system). The closure essentially means a ban on accepting bets from a certain moment. Closing the pool should occur faster with respect to other transactions (including bets), so this transaction is conducted with an increased gas price.

Payouts

Payouts are realized using a system transaction (or series of transactions), which is conducted from a predefined address. The calculation of winnings and the transfer of tokens is carried out inside the smart contract, so, potentially, such a transaction may not be invested in the gas limit of the block (with a large number of bets), so the system has the opportunity to pay winnings by sending a series of transactions, which makes it possible to work with a large number of users.