CRYPTOCURRENCY: Betex

BETEX - Bringing Clear Transparency to All Financial Markets.

https://betexlab.com/

what is Betex ?
Betex is a new generation platform that successfully leads to blockchain as a base, so any transaction that occurs will be more secure and will also have a good level of transparency, this will make our users feel more comfortable.

Mission

BETEX is on a mission to bring clear-cut transparency to all financial markets and, that can conclusively eliminate the issue of trust.

First and foremost, though, we strive to reinvent binary options through instilling incorruptible business logic into everybody‘s value system.

BETEX ECOSYSTEM

Basically, you can access and interact with Betex ecosystem, being a:

▸ Trader

▸ Investor

▸ Broker

As the diagram below shows, all elements of the ecosystem are interconnected with Ethereum blockchain and smart contracts, which, in this case, play a role of backend. This form of organization provides many advantages but has one major drawback — the limited scalability.

Betex for Traders (Bettors)

Users can access and interact with Betex via:

▸ Web-based interface — ready;

▸ Mobile applications — in development;

▸ Desktop applications — in development;

Here‘s how our web-based user interface looks like (night mode is available too):

The interaction process is as follows:

A trader selects one of the trading pairs (Assets), then selects one of the six trading intervals (Time), then decides on the amount to bet (Amount), and, finally, chooses a direction, in which the price will move, in his opinion (Call or Put ).

As soon as the outcome is known, tokens of those traders, who happen to be mistaken, are distributed among traders, whose assumptions happen to be accurate. Yet, first, a fee of 5% of the total amount of bets placed is being charged for our services. Elements of user interface, key functions, processes and principles of work, including examples.

Betex for investors

Investors can interact with the platform through their personal dashboard where both platform‘s general and investor's personal statistics will be stored.

After the main BETEX Token Sale (01.03.2018-31.03.2018) BETEX token holders will be receiving their share of the platform's profit made on commission (see section 7.3 for details). Number of tokens they own will directly define their share of the aggregate amount of distribution made to token holders.

Betex for Brokers

In the first quarter of 2018, brokers will be offered a ready-to-use solution allowing engaging 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 a broker‘s own domain and user base. Also, Betex Lab Limited, as a developer of the platform, will provide consultations and technical support.

BETEX TOKEN MECHANISM

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

Stable Betting Token (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 and brokers. 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 Token

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

Two pre-sale rounds of BETEX token sale under the SAFT (Simple Agreement for Future Tokens) are successfully completed.

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 April of 2018.

BETEX PLATFORM

Business model

Betex is an innovative peer-to-peer platform for financial derivatives trading, using Ethereum smart contracts. Binary options will serve as the primary derivatives to begin with. Later on, other more complex instruments will be integrated.

Platform Scalability

The Betex platform was originally designed in such a way that the increase in the number of trading pairs, users, brokers and transactions, the speed and quality of the platform is not affected. This applies to both the hardware and network infrastructure, as well as the architecture of software components.

At the moment, considering the average load of the Ethereum network at the level of 50%-60% and the average gas volume necessary for the platform operation, the maximum amount of transactions per day without increasing the Ethereum network capacity is about 100,000.

We have several possible solutions for the platform‘s scalability:

▸ Upgrade of the Ethereum network that will allow the capacity increase;

▸ Transition to an alternative block system if it also offers smart contracts or similar solutions that will allow the business logic of the platform to be implemented at a higher rate and/or at a lower cost;

▸ Transition to our own specialized blockchain that will be able to provide the platform with a level of transparency and reliability not lower than the current one and at the same time it will be sharpened directly to the needs of the platform.

The fulfillment of the first two conditions does not depend on us in any way. Our team monitors the situation in terms of significant changes. As for the latest point, work is being done in this direction. At the moment, we are at the initial stage. The results should appear in the second half of 2018. All issues should be resolved within a year.

INTERFACE ELEMENTS OVERVIEW

1 - Header - In this block, you see the available balance of ETHEREUM and SBT tokens that you can use for bets. Also, here is a link to the profile, by clicking on which you can make a token exchange and see statistics on referrals.

2 - Assets - This block contains a list of available trading pairs (basic assets). The current composite rate is displayed next to each trading pair respectively.

3 - Composite rate - This block displays the current composite rate of the selected trading pair (the basic asset). The oracle of this block is engaged in constant monitoring of the rates on the main exchanges (each trading pair has a separate list of exchanges with significant volume for this particular pair).

At each moment of time, the Betex composite rate is calculated as the weighted average of the exchange rates on the main exchanges. Thereby, the weight factor is the trade volume on each of the exchanges. The ratio of the trading volumes is visually displayed using a diagram.

The list of exchanges rates used in the composite rate calculation is displayed under the diagram. For each exchange, the rate and weight (in %) in the composite course are displayed respectively. Such approach makes it difficult for individual traders /exchanges to manipulate the exchange rate and makes the platform more transparent and fair.

4 - Price chart - This chart is a graphical display of the history of changes in the composite exchangerate of the basic asset for the selected period, as well as the

display of the current exchange rate.

5 - Current state of the pool - This block displays the status of the total bet pool for the current round for the selected trading pair and time slot. For each of the two types of betting (up and down), the amount of bets in the current round, the bet/interest ratio, and the number of bets are displayed.

The state of this block is updated after each new block appears in the Ethereum network. Reward ratio of those traders who won in the current round is based on the ratio of the sum of the bets for each of the outcomes.

6 - Time period - In this block, you can select one of the six time intervals for placing bets. At the bottom of the block for the selected interval, the time remaining until the end of the bets in the current round is displayed, as well as the total pool of the current bets.

7 - Strike rate - This block shows basic rate of a current trading pair, time slot and round. At the end of the round, this rate determines where the price went — up or down.

8 - Bet amount input - In this block, there is a field for entering the betting amount. On the right side of this block, the current coefficients and the amount of possible wins are displayed with a bet on each of the outcomes. The important point here is that these values are not final and can change until the current round is open for bets. This is due to the fact that the winning ratio is determined based on the ratio of the sums of the rates for growth and the rates for a decrease.

9 - Option types - In this block, there are 2 buttons with which you actually place the bet in the system after you have decided on the trading pair, the time interval and the betting amount. By pressing the green "Call" button, you bet that the composite rate at the end of the current round (Outcome Rate) will be higher than the basic rate (Strike Rate), which was fixed at the beginning of the current round.

By pressing the red "Put" button, you bet that the composite rate at the end of the current round (Outcome Rate) will be lower than the basic rate (Strike Rate), which was fixed at the beginning of the current round

10 - Your orders - This is a table that displays your current open bets. This table also shows closed bets. To view thee closed bets, you must press the switch on the right side of this block to the "Expired" position. Here‘s a brief description of the columns of this table:

▹ Order ID - ID of the bet;

▹ Round ID - ID round (service information);

▹ Asset - The name of a trading pair or a basic asset;

▹ Type - The type of bet (on increase or decrease);

▹ Order Time - The time of the bet placement;

▹ Strike Rate - The basic rate in this round;

▹ Current Rate - The current asset rate;

▹ Bet Amount - The amount of the bet;

▹ Expected Win Amount - The expected possible win;

▹ Time Left - Remaining time until the final rate is determined in the current round;