BETEX

8 min readMar 17, 2018

Bringing clear-cut transparency to the financial derivatives markets

Greeting Community…

What Is Betex?

Betex is a leading-edge platform for P2P financial derivatives trading. It enables users to place bets on future changes against each other. As a platform provider, we cannot engage in betting. Thus, there is no way for us to benefit from it. We only profit from collecting service fees. Built with Blockchain technology, unlike traditional platforms, Betex provides access to real-time data, thereby, ensuring absolute transparency of its system. Determined to reinvent financial derivatives market, we strive to instill incorruptible business logic that would conclusively eliminate the issue of trust.

Advantages of Betex platform:

Transparency:

Blockchain technology will provide open access to information at all times, ensuring transparent processes, accurate data, fair and equitable requirements.

Fair Billing:

Whatever your bet results, we will benefit from the collection of service fees.

General Liquidity Association:

The objective is to consolidate the maximum liquidity of the derivatives market by establishing a common set of liquidity for each commercial source instead of creating multiples.

White label for brokers:

This system will enable fast connection of brokers that contribute to maintaining high liquidity and ensure increased platform turnover in a short time and at low cost.

No deposit:

Platform users will have instant access to all functions and resources without having to do any type of deposit first.

Instant Payout:

Payments will be automatically released by a smart contract directly to your ETH portfolio, ensuring immediate withdrawal without delay or cancellation.

Built-in exchange:

After all operations on the system are performed on the Ethereal token with a stable SBT value, the built-in exchangers will be used to exchange encryption or other tokens to the SBT via platform.

Reference Program:

This platform will offer a unique referral program. The bonus size will be chosen by the broker and will generally be equal to 0.5%. Thus, the user can earn up to 0.5% of the turnover of the person referred to by Him.

standalone model

0.5% of the global turnover will be used for platform support and development.

Scalability:

The Betex platform is designed for increased load time, will not affect platform performance. This is achieved by a true intelligent contract organization, a built-in architecture and hardware platform.

AWS Infrastructure:

Placement of infrastructure in the Amazon will provide the level of reliability, scale of hardware, the speed of delivery of content to anywhere in the world.

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

▸ Investors

▸ 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 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.

Unlike trading the traditional binary options, Betex users place bets against each other. To our knowledge, this is the only platform, where as much as 95% of funds are distributed among traders, who make correct assumptions. Besides, they are forming a large common pool of liquidity for each underlying asset in order to maximize users‘ gain. Powered by Ethereum smart contracts, Betex brings undisputable transparency, fair conduct and auditable results to the Binary Options trading. 5% of the amount of the transactions (bets) is the platform‘s commission income. All operations in the system are performed in the SBT Ethereum tokens of the ERC-20 standard with a stable value of $1.00. COMMON POOL OF LIQUIDITY For each trading pair all kinds of brokers will be brought together to form one common pool of liquidity, instead of making multiple tiny ones. This business model lets brokers work jointly, as a single unit, yet doesn‘t require transferring their users elsewhere. This is possible due to all bets being placed with SBT Ethereum tokens and then kept in the Ethereum blockchain system. All transactions are public and available for verification at any time. No one, including the platform providers, can alter the process. Thus, forming a common pool of liquidity by using Ethereum smart contracts, will finally eliminate the need in trusting each other throughout the process and makes manipulations impossible, while maintaining high liquidity for each trading pair.

DISTRIBUTION OF THE COMMON POOL

The Betex platform earns on commissions from each transaction (bet). The commission is 5% of the amount of each transaction (bet). The distribution of the total amount of transaction (bet) funds, including the commission income, is presented below.

▸ 95% of the turnover will form the reward fund for traders. These funds will be paid out to traders automatically, once each round is over.

▸ 2.5% of the total platform turnover will be distributed among the holders of BETEX tokens, according to the number of tokens they own.

▸ 2.0% will be granted to the brokers, connected to our platform. Payments for the referrals will be deducted from broker‘s commission.

▸ 0.3% will go to the permanent contributions to the project‘s development fund. A year after the commercial launch, the project should break even.

▸ 0.2% of the platform‘s turnover will be transferred to the reserve fund. Its regular refill (from each transaction) will cover unexpected costs, if they arise.

Architecture and technology Betex architecture is based on two major parts:

▸ Smart contract systems (to ensure transparency of bets).

▸ An oracle providing the reliable data on occurring events to a smart contract (in particular, exchange rates).

SMART CONTRACTS ARCHITECTURE

Main purpose of smart contracts is ensuring a transparent betting mechanism for the common pool of liquidity. Smart contracts were built under the following restrictions:

▸ The bet occurs by means of transferring the SBT token into a common liquidity pool for a given event in the system;

▸ The network commission (Ethereum) should be as small as possible;

▸ Reward payout (including the transfer of the commission) is realized by a smart contract based on the data received from the oracle. The architectural system is based on the following smart contracts: ▸ SBT token contract complies with ERC-20 standard. SBT is a stable (relatively to the USD rate) token, the exchange rate of which is artificially maintained, with emissions and burning made during the exchange operations.

▸ Exchange contract is a smart contract for automatic exchange of ETH to SBT and vice versa. ETH/SBT rate is regularly updated with an oracle and artificially maintained at 1:1 / USD level. When crediting ETH, the required amount of SBT is being emitted. When withdrawing ETH, corresponding amount of SBT tokens is being burned.

▸ It is also planned to implement time restrictions on the token use. If the token is not used in the Betex system for a certain period of time, it is automatically exchanged back to the ETH source address. This may prevent speculations with tokens.

Betex smart contract is a management system for liquidity pools (betting baskets). It accepts bids by moving SBT token to a specific pool (basket) for a limited period of time. After the waiting time has expired, the payout is redistributed among the players based on the oracle data.

▸ Commission smart contract is the contract-aggregator of commission fees. It charges the entire commission from operations in the system. The distribution of the commission is made by this contract once in a certain period of time (currently, once in 24 hours).

▸ Referral smart contract is contract managing the referral program. Betex supports a single-level referral program and redistributes part of the commission to the referral addresses. This smart contract stores the necessary dependencies.

Betex ICO

Pre-SaleCompleted

Main ICO

Betex token sale starts on March 1st, 2018

Start of ICO:

01.03.18 at 12:00 GMT

End of ICO:

31.03.18 or 3,000,000 of BETEX tokens are sold out

ICO BETEX token price:

$3.00

Max amount of tokens to be sold:

3,000,000 out of 10,000,000 (30%)

ICO hard cap:

$ 9,000,000

Min purchase amount:

0.5 ETH or 0.05 BTC

Attention! To participate in the Betex ICO, the participants should complete KYC procedure in the personal proﬁle.

Betex token distribution

Coming in 2018

5% Pre-Sale Token Round 1

15% Pre-Sale Token Round 2

40% Token Discount

2% Bounty

8% Reserve

30% Founder & Team

Betex brings with it transparency, fair fair, and unassailable audible results to binary option trading. With Betex, traders will place bets on 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, ensuring absolute system transparency. So there is no doubt that all users are treated equally and fairly. During the first round of pre-sale investors Betex has raised $ 1,000,000.

BETEX BOUNTY CAMPAIGN

We’re excited to introduce the Betex prize campaign, a great opportunity to help promote the project, and get some BETEX tokens without investing. You need to perform several tasks, which will be rewarded with a certain number of tokens. The prize begins on February 16, 2018, eventually to be announced additionally.

TOKEN ALLOCATION

0.5% (50,000 BETEX) is reserved for gift campaigns. Token will be distributed as follows:

Blog and Video bounty — 40% (20,000 BETEX);

Twitter Gifts — 40% (20,000 BETEX);

Telegram Donation — 20% (10,000 BETEX).

RoadMap