Regards BetterBetting community, in this new post I will introduce about BetterBetting project and for more details let's just go to the following discussion:

Overview

Better Betting Foundation relies on effective technical implementation to achieve its goal of providing Global Betting Liquidity Pool. Along with the development of business needs, technical inquiry has been conducted with the aim to find the optimal technical solution. In essence, the intention is to provide a pool of global liquidity bets for use by targeted market creators and bettors. In principle, anyone can make a Bet Offer based on a real sporting event, this is more traditionally known as a bet.

Each Bet Bet will be grouped by market and event and listed in a searchable directory. Bettors who want to place bets can then search in the directories and find the bets they want. The betting acceptance process then involves blocking Ethereal to maintain an agreed bet contract which also has shares and liabilities in escrow - the system will use self-issued token bets (BETR). When the event is over, the bets associated with the event can be completed. To settle the bet, the result of the selection should be determined.

The smart bet contract will contain information about the parties that will supply the results of the selection. In the case of bets offered by these sports books generally the Bet Offer Creator (bet bet). Another solution is to direct a third party to the results (this could be a data feed) or point to a custom third-party node that is a knot node - it will be completed according to a set of rules based on all other similar settlements.

One Application and Two Linked Systems


The Ethereum Network will be used for the management of bet contracts and BETR tokens and interfaces to other systems on it to provide UX to Offer Bet and Bettors by running the betting directory service as a distributed database. This system we call 'Better Betting Node' (BBN).

BBN is a downloadable app that is installed on a user's device and includes an ethereum wallet. This is similar to blockchain applications as far as operating without central servers and nodes communicating with each other to maintain the state of the database. BBN does not need to store data indefinitely, and that is one aspect that distinguishes it from standard blockchain networks where each node (or miner) stores a full copy of the transaction ledger.

How it Works for Everyone

There are two parties who bet. In our terms, we call the party that creates (or lays) the Bets 11 Offers the BET Creator. Traditionally this would be a sports book but in our case, anyone could be a Creator Bet. On the other hand, the party receiving the offer bid (or its part) is called BETTOR.

From the point of view of Bettors, they basically want to see a list of sporting events and betting options with the available obstacles and limitations. By selecting a bet option and applying the bet amount, a bet can be made. For CREATOR BET, they want to be able to create a Bet Offer series with betting options, opportunities and limits (maximum risk exposure) and place them into the betting directory so Bettors can select them as above. It is predicted that a standard BBN API will be created allowing Creator Bet to integrate directly with their own systems so that they offer automatic creation offers.

Above all these systems need to know when the sporting event is scheduled and when the results. To do this, the same APIs available for sports books can be used to connect samples of BBN and data feed providers. This will facilitate the creation of automatic events, markets and selection and can also facilitate the results. One of the main features of this directory is to provide Event ID, Market and Selection so that event data can be paired with the betting creator system. The Event ID will include the Primary Feed Provider ID and may also include the Creator ID.

Structure of Three Layers of BBN
To provide a technical solution to these requirements, a three-tiered application is considered which may be described as follows:


ICO and token sale
At least $ 2 million, a maximum of $ 30 million will be raised through token publishing. This fund will be used for

Development and development of better betting protocols 
and open software and open source development Dapps and nodes 
Marketing becomes a key stakeholder and consumer 
Legal and administrative costs

Further Information:


Created by: citacititut

ETH My Address: 0x21a44C06903A23599666C79cD7e0B555d74eDc8b

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