CyBet – An Out-of-the-Box Solution for Online Betting

Nov 17, 2018 at 08:27 Update Date :Nov 27, 2018 at 10:02 UTC

The evolution in the internet realm has significantly revolutionized the betting industry. Presently, the overall internet betting market capitalization is over USD 50 Billion and speculated to grow exponentially in the coming years. However, traditional betting networks work with a centralized approach that makes the betting process rigid. There are challenges such as lack of privacy, high commission, inflexibility, etc. that keeps people away from betting on conventional platforms.
CyBet is an unconventional betting community that aims to eliminate the aforementioned challenges and present players with a secure and flexible ecosystem. The platform has leveraged blockchain and smart contracts to streamline the betting process and make it more effective for global players. It is a self-regulated betting system, where the process is controlled and managed by the community, thereby offering flexibility.

Smart Contract – A Smart Approach

A smart contract is the central contract of the CyBet platform. It is responsible for securing the relevant data of various sports and extending it upon the request of the bookmakers. The platform obtains the data from various authentic sources and stores it in the blockchain. Moreover, the bookmakers use the contract to choose or set the odds of a specific game and place the associated stakes. Once the odds are safely entered into the contract, it generates a game structure to place the bet.

The Betting Game Structure

It is similar to a subsidiary contract and managed by smart contract, that acts as an interface for players to place their bets. Once the contract is activated, gamblers can place bets and all the betting information will be stored in this game structure. However, the tokens that they invest for the bet will be stored in the main contract. When the bookmakers’ stakes are exhausted, the main smart contract deactivates the game structure and saves it in the blockchain. This is executed to ensure that the bets are not tampered with during the game session.

Post Game Procedures

Once a particular gaming session is completed and the scores have been retrieved, the primary smart contract recovers the game structure from the blockchain and a thorough analysis of the data of game structure is executed. The main contract computes the winning amount and then sends it to the relevant owner’s address.

CyBet Token Vault

A Token Vault is a separate contract that processes transaction fees. The vault takes 50% of the tokens and converts them to Ethers to fund the primary smart contract. These funds are used to pay off the gas fees required by the miners. The rest of the token revenue is taken out of circulation for around 1000 days. These tokens remain in a frozen state. Once the predetermined freeze period expires, the tokens become eligible to re-enter into circulation. This re-entry is typically done as a bonus giveaway or token sale.

CyBet – An Impartial Betting Ecosystem

The CyBet betting platform is an extensive and decentralized network that is controlled and managed by the community. It aims to transform the existing complex structure of betting and make it more flexible and secure for users across the globe. By rendering a streamlined approach, it has enabled betters and bookmakers to earn their moolah, in an ethical manner, minus the security hazards associated with online betting.

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