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Tuesday, April 3, 2018

BETEX - Peer-To-Peer Binary Options Platform Supported by Ethereum Smart Contract



Betex is built with a mission of bringing clear transparency to the financial derivatives market as well as creating new instruments that will eventually terminate outdated shady schemes. So now we are proud to introduce our cutting edge platform for the peer-to-peer binary options, backed by the Ethereum smart contract.

The Binary Option is a financial derivative instrument that requires the trader to precisely indicate the direction of price movement for the underlying asset at any point in time in the future. The forecast horizon can vary from a few minutes to several months.

Thousands of brokers and traders around the world massively used this instrument at the time. It is well-liked because of the simplicity of concepts and the likelihood of success. The industry is experiencing exponential growth until 2014, reaching more than $ 30 billion in its annual turnover. But something is wrong there.

In the following years, regulators from around the world have made rather strong statements, claiming that the binary option is a ruse and discourages traders to get involved. Evidently, the great concept behind Binary Options has been undermined by blind and dishonest brokers, their desire for profit and the fact that there is limitless possibilities for them to deceive their customers.

We have good news for you. We are launching a revolutionary peer-to-peer platform for binary options, BETEX, which will substantially improve how bets are made. We designed a very new business model to change the mindset of users from worrying about the integrity of platform providers to focus on their own capacity to generate profits.

With Betex, merchants will place bets against each other and never fight against platform providers or other intermediaries. Built with Blockchain technology, unlike traditional platforms, Betex will provide access to real-time data, thus ensuring absolute transparency of the system. So there is no doubt that all users are treated equally and fairly.

Users will form a large pool of liquidity for each base asset to maximize user acquisition. Platform commissions will be 5% only, liquidity will come from a collection of common brokers, and the broker itself will integrate into the platform through a white label mechanism. This is the only platform, where as much as 95% of the funds are distributed among merchants who make the correct assumptions.

We try to make the interface as simple as possible. The betting process looks like this: a trader takes one of the trading partners (Assets) and selects one of six trading intervals (Time), then decides the amount to be placed (Total Bets) and, finally, shows in which direction the price will move : Up (Call) or Down (Put).

Once the forecast results are known, the merchant token that makes a false prediction is shared among traders who make a correct estimate of the direction of price movements. At the same time, before paying the payment, this platform imposes a commission of 5% of the total bet amount placed.

During the initial two sales of BETEX tokens, we expect to attract funding of $ 4,750 million. This budget is planned for 1 year of active development and promotion of the project. According to our calculations, these funds will be enough to implement all planned technical solutions, comply with applicable regulatory requirements, provide legal support, fund research, finance marketing activities, and cover operational costs.

To clearly demonstrate the benefits of the common pool liquidity concept, two examples of platforms have been launched as MVP in the net test. They are at https://Betex.io and https://GoBet.io.

Backed by Ethereum's smart contract, Betex brings undeniable transparency, fair behavior, and auditable results into binary options trading.

Betex model: solutions and benefits

▸ The result of the bet is not
difference for us (as platform provider), or to broker, because no
none of us can actively take part in the betting process. We charge a service fee, while merchants place bets against each other (peer-to-peer).

▸ No deposit required and instant automatic withdrawal of funds
guaranteed. This is especially possible because of the use of smart contracts.

▸ Traders who accurately determine future changes are rewarded with 95% of the funds. In terms of success, trader profits depend heavily on the ratio of right and wrong results;

▸ Both platform and
the broker can always prove the authenticity and accuracy of the results. In
worst case scenario, if an error is made, it will be accepted or justified. Therefore, there is no need to trust each other to ensure that the provisions are fair.

▸ Trades are realized with ERC-20 tokens from
a stable value. These are stored and presented in the Ethereum blockchain, so
allows to audit platform operations in real time, or later. Open access to data prevents intermediaries from changing results;

▸ 50% of platform profits made from commissions are distributed among holders of BETEX tokens. 40% goes to the broker.

▸ The composite level, used in all calculations, comes from multiple open sources by an established algorithm, taking into account the value of each source determined by the trading volume. Using multiple sources to trap possible manipulation with the underlying asset level, as they must be done in several places simultaneously. Working from a combined level is a completely open and transparent process: it is being recorded and presented for real public access time.

Mission
BETEX is a mission to bring clear transparency to all financial markets and, which can conclusively eliminate the issue of trust.

First and foremost, we strive to rediscover binary options through instilling unfinished business logic into everyone's value system.

Betex MVP


We build two platform versions to give you a better understanding of the concepts behind general pools of liquidity and to demonstrate how they work.


BETEX TOKEN MECHANISM

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

1.Token Stable Stakes (SBT)
SBT (Stable Betting Token) is a token with a stable value of $ 1.00. This token is used to bet in the system, payment to winners and brokers. All operations are specified in the Ethereum blockchain. SBT tokens are published automatically by smart contracts with each exchange request.

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

2.Betex Token
BETEX is the main token in the system. 50% of platform commission revenue is distributed among holders of BETEX tokens at ETH. BETEX is issued once in the amount of 10,000,000 tokens. After that, the quantity remains constant.

Two pre-sale sales of BETEX tokens under SAFT (Simple Agreement for Future Tokens) are successfully completed.

Benefits received between platform launch and actual distribution of BETEX tokens, will be accumulated at public Ethereum addresses and will be distributed among holders of BETEX tokens for 2 weeks or less, after the distribution event is completed. The BETEX token distribution is planned to take place in April 2018.

SWIMMING POOL DISTRIBUTION


The Betex platform generates commissions from each transaction (bets). Commission is 5% of the amount of each transaction (bet). The total distribution of transaction amount (bet), including commission income, is presented below.
  • 95% of turnover will form a prize fund for traders. These funds will be paid to the merchant automatically, after each round ended.
  • 2.5% of total platform turnover will be distributed among holders of BETEX tokens, according to the number of tokens they have.
  • 2.0% will be given to the broker, connected to our platform. Payments for referrals will be deducted from the broker's commissions.
  • 0.3% will get a permanent contribution to the project development fund. A year after the commercial launch, the project must break even.
  • 0.2% of the platform rotation will be transferred to the reserve fund. The regular refund (of each transaction) will cover the unexpected costs, if it appears.
Betex ICO

Starting from ICO:
01.03.18 at 12:00 GMT

Final ICO:
31.03.18 or 3,000,000 BETEX tokens were sold out

ICO BETEX token price:
$ 3.00

Max number of tokens to sell:
3,000,000 out of 10,000,000 (30%)

ICO hard hat:
$ 9,000

Minimum purchase amount:
0.5 ETH or 0.05 BTC

Betex token distribution


Roadmap

◼ 2017 Q4
╶ Launch and testing of the P2P binary platform platform (MVP) on net test;
╶ Pre-sale of BETEX tokens in accordance with SAFT or similar agreements;
╶ Smart platform contract audit;
╶ Web interface design from sections for p2p sports betting;

◼ 2018 Q1
╶ Address any special regulatory / licensing requirements that may apply in the relevant jurisdiction;
╶ Commercial launch of Betex, p2p binary platform platform;
╶ Development of available trade partner lists;
╶ Launch and test the MVP section for P2P sports betting on the net test;
╶ Mobile app development and testing for Android / iOS;
╶ Development and testing of desktop client applications;
╶ Development of sections with statistics;
╶ Development of a private cabinet for holders of BETEX tokens;

◼ 2018 Q2
╶ Commercial launch of parts for p2p sports betting;
╶ First broker connection to the platform;
╶ API development for trade bots;
╶ Launch of mobile app for Android / iOS;
╶ Run the desktop client application;
╶ Generation of BETEX tokens;
╶ Distribution of BETEX tokens among pre-sale participants;
╶ Distribution of profit accumulated among BETEX token owners;

◼ 2018 Q3
╶ Compliance with regulatory / licensing requirements that may apply in related jurisdictions to the main stage of BETEX token sales;
╶ The main stage of BETEX token sales;
╶ FIX API development and development;
╶ Development of parts for p2p bets on irregular occurrences;

◼ 2018 Q4
╶ Network scale and / or transfer to more efficient blockchain;
╶ Launch section for p2p bets on irregular events;

◼ 2019 Q1
╶ Global market expansion & adaptation;
╶ Project break even.

Bounty Betex Campaign
Betex brings undeniable transparency, fair behavior, and audible results on binary options trading. With Betex, merchants will place bets against each other and never fight against platform providers or other intermediaries. Built with Blockchain technology, unlike traditional platforms, Betex will provide access to real-time data, thus ensuring absolute transparency of the system. So there is no doubt that all users are treated equally and fairly. During the first round of pre-sale Betex investors had raised $ 1,000,000.

BETEX BOUNTY CAMPAIGN
We're excited to introduce Betex prize campaigns, great opportunities to help with project promotion, and to get some BETEX tokens without investment. You need to perform several tasks, which will be rewarded with a certain number of tokens. The gift begins on February 16, 2018, eventually to be announced additionally.

TOKEN ALLOCATION
  • 0.5% (50,000 BETEX) is reserved for a bounty campaign. Token will be distributed as follows:
  • Blog and Video bounty - 40% (20,000 BETEX);
  • Twitter Prize - 40% (20,000 BETEX);
  • Telegram Prize - 20% (10,000 BETEX).
MEDIA AND VIDEO BOUNTY

Rules:

  • You can post media and blog articles, YouTube videos and large forum posts under this gift;
  • Articles and posts must be unique and contain at least 500 words;
  • Media, Steemit, Golos and other blog platforms are accepted;
  • The video must be at least 2 minutes long;
  • Video articles and descriptions must contain links to https://betexlab.com/;
  • The bitcointalk forum post should also contain a link to our ANN thread;
  • We may refuse a reward if we will find low quality articles or videos or have bad traffic.
Gift:

  • 1 peg for a good article, post or video;
  • 2 pegs for excellent articles, posts or videos;
  • Each prize must not exceed 500 BETEX tokens.
BOUNTY TWITTER

Rules:

  • Follow us on Twitter;
  • Your account must be at least 3 months old;
  • Your account must have at least 250 followers;
  • Only one account is allowed for 1 ETH address;
  • You must create at least 3 retweets from twitter Betex AND 3 has a unique tweet that mentions @betex_tokens #betex #ico in one week;
  • You must report your activity in the form we will add to this post every Sunday, no later than Wednesday.
Gift:

  • 250-750 followers: 1 pegs per retweet, 2 pegs per post. Maximum: 15 bets a week;
  • 750-1500 followers: 2 pegs per retweet, 4 pegs per post. Maximum: 25 bets a week;
  • 1500+ followers: 4 pegs per retweet, 8 pegs per post. Maximum: 50 bets a week.
TELEGRAM BOUNTY

Rules:

  • Join and take part in our Telegram channels;
  • Follow the guides and respect other chat members;
  • Do not mention bounties in the chat, or will be disqualified and prohibited;
  • Stay on chatting until the end of the bounty.
Gift:

  • 1 peg to join the chat;
  • 5 stakes to take part in the discussion;
  • 15 pegs for active engagement in chats and helping other community members.
  • Each prize must not exceed 500 BETEX tokens.
PAYMENT BOUNTY
All prizes will be counted within 14 days from the end of the prize campaign. Additional payment day will be announced.

For more details about current social media betex, please follow some important Links below:


The bitcointalk name: Icaica22

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