There are several different approaches in decentralizing betting applications on the market. Most companies are eager to deploy a similar solution as other centralized providers, just on a blockchain. Most of them are targeting the traditional sectors as sports betting, casino and card games.
From a technical point of view there are several options available to deploy a reliable infrastructure on a distributed ledger technology e.g. Ethereum, Gnosis, Wave or other proven protocols. Betbox’s core is built on Ethereum public mainnet to enable ETH wagering and to guarantee full transparency and security within all automated processes. Development with “React Native” technology allows us to provide a full-fl edged access to betbox features whereas all money-related tasks will be handled by smart contracts on the Ethereum public Mainnet itself.
In order to raise ourselves from the competition we are introducing a business model based on social interaction. The provided infrastructure enables our users to participate in innovative blockchain based games/bets within or outside their personal network. Our research has shown that there is no need to decentralize classic bets but rather introduce entertaining features which enable users to compete against each other in real-time and connect globally to shape a sustainable and challenging ecosystem.
At a later stage we will introduce further features on a relayed Proof of Authority sidechain to reduce transaction costs and introduce features with microtransactions or similar requirements with high-throughputs. Our main focus is to address our product to the mainstream and not only to cryptoenthusiasts. A necessary step to reach a large community, besides providing an easyto-use mobile and web application, is to enable FIAT transactions within betbox. As our ecosystem is built up to handle native ETH and also ERC20 Tokens we can easily adapt our product to introduce traditional assets in the network as soon as all regulatory aspects have been cleared.
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