Online betting saw its inception in the year 1994. Since then, this industry has rendered players an easy and effective way to participate in multiple betting activities from all around the world.
However, presently a majority of betting platforms focus on a centralized system of administration. While it offers uniformity in the process, setbacks such as security issues, prolonged processing, lack of flexibility, etc. cannot be overlooked. These challenges fail to offer users with reliable opportunities they expect from the modern betting platforms.
CyBet – World’s First Fully Decentralized Network
CyBet has identified the inefficiencies associated with centralized platforms and provided an effective solution that aims to transform the existing online betting realm. It offers participants solutions such as –
- Betting network that is entirely owned by the community
- CyBet enables token holders to participate in the platform as bookmakers and offer competitive odds
- As it is managed by community members no adherence to any regulations is required
- The system offers anonymous betting that conceals identities of all participants and bookmakers.
Functional Areas of the Platform
Three important functional areas of CyBet ecosystem are:-
- Bookmakers – Users can become their betting company and offer competitive odds for a particular game and gain enjoy benefits of a betting company.
- Participants – Through CyBet token users can place bets on different games as per their preferences.
- Miners – A determined percentage of transaction fee is used to pay the miners to allow processing of various transactions.
CyBet Token (CYBT)
The CyBet token is an ECR-20 compatible token that is symbolized as CYBT. It is used as a central medium of exchange, a unit of account, and to store value. Users can these tokens from:-
- Platform in-store token reintroduction
Smart Contract – An Eminent Security Component
The smart contract ensures security and transparency within the CyBet platform. It stores all the important sports-related data securely in a blockchain. The data is extracted from multiple authentic sources. Moreover, bookmakers use this contract to decide or set the odds for a particular game and place the bets. After players have placed their bets, the smart contract creates a game structure, which acts as an interface to participate.
Game Structure – An Extensive Interface
It is a mini contract that acts as an interface for players to effectively place their bets. The game structure is controlled by a smart contract. Once it is activated, participants can place their bets and their respective betting information is stored in this structure. However, the tokens they have used to participate in betting activities are secured in the smart contract.
When the bookmaker’s stakes are depleted, the main contract deactivates the game structure and secure within the blockchain. This ensures that there is no tampering with the data during the game session.
CyBet – A Democratized Betting Network
CyBet is a revolutionizing blockchain-based technology that aims to eliminate inefficiencies of the online betting realm. By offering a streamlined approach, the network envisions to offer optimized winning opportunities to the online players of this domain.
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