If you haven’t already, please join our Telegram to join the conversation! Please make sure to also read this article for an in depth discussion on the $BEPRO economy and our Charity and Operator Bootstrap Funds!
1. Gas Fees in a Staking Model
- BEPRO tokens are spent as gas for betting volume generated by betting dApp operators. Operators must first “fill the tank” and stake BEPRO to start gaming activity. As their betting volume increases, the BEPRO stake is spent proportionally to the value of the bets — this is our revenue. When operators’ BEPRO stakes run low, they must replenish by purchasing more from the secondary markets.
- BetProtocol will be making money from Day 1 of live operations.
- BetProtocol will commit a percentage of BEPRO tokens it earns through gas fees to a permanent Charity Fund and Operator Bootstrap Fund — beneficiaries voted upon by the Community.
- See Page 35 of the Whitepaper for more details and this article for how the $BEPRO Economy works.
- Prevents Wash Trading: Operators pay a percentage of the value of each bet in BEPRO as gas fees. The bigger the wager, the bigger the amount of BEPRO due. Therefore wash trading becomes prohibitively expensive the more they do it, so operators will not want to do it.
- Liquidity-As-Last-Resort: Operators must maintain enough liquidity in the wagering currency they use for gaming (ETH, BNB, etc.) inside their dApps to cover all outstanding bets, plus a large buffer to account for volatility in the ETH/USD or BNB/USD markets, to ensure the fiat value of all outstanding bets is always covered. In case this liquidity and buffer are insufficient for payouts, staked BEPRO gas will be liquidated for the wagering currency and used to payout winning bets.
- BEPRO stakes inside Oracle Masternodes are taken from malicious/incompetent oracles who falsely report event outcomes, and redistributed to honest and performing oracles.
- See this in depth article on token utility for more details.
3. Oracles as BEPRO Masternodes
- Future roadmap includes Sports betting, Esports betting, and Prediction markets that depend on APIs and community driven consensus for events resolution from Oracles (who report who really won a game, etc.) to settle bets.
- Oracles will set API data for ecosystem wide event reporting or gather consensus among voters, and will need to setup a Masternode funded by BEPRO tokens to participate.
- Trustworthy oracles and voters will be rewarded with more BEPRO; malicious oracles or voters reporting fake outcomes will have their BEPRO redistributed to the trustworthy oracles and voters.
- Betting Operators will share a percentage of their revenue in the form of BEPRO with Oracles to pay for their services; Oracles will distribute a portion of their BEPRO revenue to honest voters.
- See Page 15 of the Whitepaper for more details.
- BetProtocol is a general purpose betting protocol for blockchains.
- BetProtocol will be initially deployed on Ethereum, but we are working on deploying on multiple base chains.
- Since other base chains will be added soon, it does not make sense to have one currency (ETH) to pay gas fees.
- The failure of a base chain should not jeopardize the viability of BetProtocol, therefore our own native token is key to build the staking ecosystem on solid ground.
- See Page 8, 41 of the Whitepaper for more details.
- A percentage of BEPRO tokens earned by BetProtocol through operators’ gas fees will be distributed to a Operator Bootstrap Fund and a Charity Fund. The community signals with their BEPRO holdings in a coinvote on how these funds should be spent.
- Future BEPRO coinvotes will be held for protocol update initiatives such as Community Driven Premium Features
- BEPRO Coinvote will be needed to approve 3rd party developer games in our Developer Marketplace for testing and eventual deployment as an option for Operators to offer to their players.
- Disputes on event resolution require BEPRO to be staked and redistributed after dispute arbitration to prevent dispute spam.
- See Page 17, 35 of the Whitepaper for more details.
The CMVM, the Comissão do Mercado de Valores Mobiliários in Portugal (Portuguese Securities and Exchange Commission, a European Union level regulator) has officially ruled BEPRO token as not a security. No Action Letter furnished to necessary parties upon written request.
BetProtocol enables entrepreneurs and developers to create betting platforms in minutes. No coding required. Thanks to BetProtocol’s blockchain technology, these platforms are secure, scalable and regulatory compliant. Its vision is to enable anyone in the world to dream of being a betting platform owner one morning, and actually be one that same day.
Join the conversation on Telegram.