Betbox is a fully decentralized ecosystem acting in various dapps with the assignment to provide a fully transparent, fair and yet challenging environment for people with a passion for gambling and a sense for competition.
Betbox users may contribute their knowledge and experience to the growing project by submitting ideas or solutions, which are ready for implementation, in return for OX.
Betbox smart contracts are developed to reimburse 20% of the commissions (ETH) taken by the company for betting, every quarter of the year to volunteering parties* in return for tokens to moderate the infl ation of betbox coin.
100 Mio. OX will initially be created. The closure of each bet in the betbox smart contracts will create a single OX and randomly distribute it to a user of the ecosystem. The RNG of betbox is based on issuance of future block hashes on Ethereum public mainnet.
Betbox main focus is to address our product to the mainstream and not only to cryptoenthusiasts. A necessary step to reach a large community, besides providing an easyto-use mobile and web application, is to enable FIAT transactions within betbox. As our
ecosystem is built up to handle native ETH and also ERC20 Tokens we can easily adapt our product to introduce traditional assets in the network as soon as all regulatory aspects have been cleared.
INTRODUCTION BETBOX APP:
Create individual bets for you and your friends or in public and become the king over betbox. All bets can be placed in cryptocurrencies and soon also in FIAT.
Set up crazy challenges and get 10% of the jackpot as a reward for the achievement. Everyone can predict if you can hold your word with a bet on or against you.
Decide what activity you want to see and customize your feed according to your preferences. With this feature you always see which bet is going crazy and maybe also peak on your friends challenges.
Betbox Map in iPhone X.Betbox Filter in iPhone X.Betbox Filter in iPhone X.Betbox Profile in iPhone X.Betbox Story in iPhone X.Betbox Details in iPhone X.
Our wallets provide the latest security features to store your assets. Even with few technical know-how you can easily manage your assets remotely from your device.
Our SmartContracts work without a centralized party and guarantee a fair and honest distribution of the jackpot. The voting mechanism is secured by Verity; a decentralized oracle.
In betbox there are several ways to earn money. Either you participate in the voting, accomplish personal challenges or you win a lottery or gambling game.
About our app
With the provided betbox alpha UI now only web via Metamask users can access smartcontracts to store, verify and fairly distribute assets at stake by placing individual or predefined bets and agree upon the outcome by private or public voting. Our aim is to build a global community challenging each other in a trusted and secure ecosystem. Betbox will gradually increase the variation of bets by deploying various smartcontracts with predefined cash-games or other specialties for entertainment.
The escrow of the assets at stake will be managed automatically by a trusted smartcontract whereas the election of the winning party is processed by an oracle. To call a bet in betbox a user needs to address a smartcontract predict the outcome. All ETH in the jackpot will be distributed to the winning party proportionally to the amount at stake of each user by the time of revealing.
PROBLEMS & SOLUTIONS :
Often the end-user cannot verify the integrity of a service-provider and is not able to assess the money fl ow within the engagement. This fact can be vanished with the usage of decentralized book-makers in smart contracts.
Trust and Transparency
We all want it; only some can provide it. We are aiming to build a transparent and immutable ecosystem. We do this by using smart contracts to perform all required money-related actions in any betbox feature. The only centralized party interacting in betbox is the user.
In contrast to industry standards our RNG is open source and performed on Ethereum public Mainnet and therefore impressionable and not predictable.
On contrary to traditional book-makers the odds are fair and the distribution of funds seamless and without delay.
To enable a fair and comprehensive decision-making process, in some of the features in betbox, we integrated an oracle which can be conducted in case of dispute or for voting. This means the real human beings are the sole decision-maker in all processes which cannot be concluded with a smart contract.
Service Availability / Down Time
Although the technology is taking huge leaps forward, many centralized service operators have limited service availability due to down times of servers or cyber-attacks. The betting industry also accommodates offl ine service providers which may have limited
opening hours or holidays.
Betbox smart contracts will always be running and available for serving our customers. Even if the dApp may be compromised the funds are safe at all time and accessiblethrough another blockchain access.
Scalability of the Ecosystem
In our point of view traditional operators do not have a disadvantage in terms of scalability.
Instead, the low TPS of Ethereum is limiting the interactions within betbox which need to be performed in a decentralized manner. This is why we will deploy an EVM sidechain with POA consensus and distributed community nodes. After this milestone is reached
we can easily compete with centralized competitors.
In terms of social scalability (target audience) betbox meets the requirements to target a global community from any kind and age* by using ETH and providing a broad device coverage.
After the creation of our basic decentralized infrastructure we now focus to bring betbox to the people around the globe. In the next few months our UI/UX department will create simple-to-use yet entertaining evenues to features in betbox.
NATIVE CURRENCY «OX» :
Betbox introduces its native currency betbox coin (OX) to the betbox ecosystem. OX will be used as means of payment and will be utilized to participate in certain features and bets and act as staking currency to obtain a distributed Proof of Authority network. The OX token mechanics are unique as we introduce an activity-based minting process within the ecosystem. To moderate the infl ation of OX, the circulating OX tokens of volunteering users may be burned in return for ETH each quarter of the year.
Betbox aim is to fully decentralize the backbone of the environment provided to users. Therefore, we developed a smart contract bundle based on Solidity performing all actions within betbox in an immutable and transparent way without risking any attacks.
The smart contracts will be deployed on Ethereum public Mainnet to ensure the reliability and availability of the platform. In order to enable high throughput features we will outsource several mechanics to our OX-Sidechain in the upcoming months.
The main characteristic with RNGs on Ethereum public Mainnet is, that EVM execution results must be reproducible. This is required for other nodes to verify that a miner has properly executed a contract call. This prevents the use of an ordinary RNG, which usually employs a secret seed. The reproducibility requirement demands that the seed is known to all nodes, but knowing the seed makes the RNG completely predictable.
One way to work around this issue is to utilize pseudo-random information from the future. A source of pseudo-random information can be considered the block hash. The block hash is hard to predict prior to the block being mined, considering that it has to fit the diffi culty criteria in order to be accepted.
An important requirement is that the pseudo-random information needs to be from the future, since past block hashes and/or other pseudo-random information from the past is already known to everyone. In order to meet the requirement, the RNG result is scheduled to be obtained once a future block is mined.
The basic RNG is built out of two functions:
The Generate() function schedules a RNG call who’s result can be obtained only after “waitBlocks” number of blocks have been mined. This ensures that when the Generate() function is called, the hash of the block is not yet known. Calling GetResult() before “waitBlocks” number of blocks have passed returns an error. With the usage of this principle betbox can guarantee the result is unforeseeable and random.
ORACLE | OUTCOME CONSENSUS :
One of the most diffi cult aspects in decentralized betting is to fi nd a consensus for a bet outcome. The unlimited options of bets and different assessment requirements to fi nd a consensus, detains betbox to use a data stream through an external API. Surely such sources will be considered to optimize the ecosystem and broaden the availability of bets. However, we consider a crowd of people assessing certain topics as far more precise and trustworthy. Also, the approach of addressing real human beings as decision-makers is aligning the concept of betbox; to create a global betting infrastructure for people powered by people.
Oracle in Features
Betbox will subsequently review the application of the oracle in all features of betbox. Additional options for revealing disputes may be introduced to private betting enabling users to select a certain class of people to verify an event or outcome. Furthermore, some of our planned features will need a bullet-proof method to fi nd consensus on events and results to decide over the distribution of assets.
Possible applications for the oracle:
· Visual evaluation of proof
· Evaluation of facts and/or allegations
· Detection of fakes
· Real-time feedback regarding real-life events
· Verifi cations of occurrences
Betbox constantly develops more features and interactions for the betbox ecosystem but also our community is welcome to add own ideas and contracts to the ecosystem.
For this reason, betbox will create a development fund with the purpose to compensate the engagement of certain users with OX. The concept of a community-focused development environment is currently being elaborated.
At the beginning of the operations betbox will introduce only a few of the developed features to the community to reduce risks of failure at the beginning of operations and to allow the engineering department to adjust the parameters in the core of betbox ecosystem with the gathered information and feedbacks from our community.
We will roll out the features in roughly the following order. This list is limited and does not represent all innovation processes of betbox.
· Individual Bets
- Private P2P
Allows users to bet against friends on a peer-to-peer base with individual set up of the bet and private outcome consensus.
- Private Group
- Allows users to bet against multiple friends at the same time with individual setup of the bet and private outcome consensus.
Allows users to create global bets with individual set up of the bet and public outcome consensus.
· Shoot-Out (P2P — 50/50 Chance Game)
· Russian Roulette (P2P — High Stake Chance Game)
· Addict (Jackpot)
· Challenge (dApp)
· Crypto Rally (ERC721 + Interaction)
· Rich Me (Social Lottery)
· Further innovative features and dapps
Betbox will provide cross-platform betting clients for:
· Web-based betting client
· Android native client
· iOS native client
We will support English on all of our user interfaces. More languages will be added over time. Keep an eye on the bounty campaign for translation related incentives in OX.
The revenue of betbox is directly dependent on the activity on the platform.
Betbox community driven ecosystem allows active users to earn OX for doing certain tasks which give added value to betbox.
A user can earn rewards for:
· Contributions to the ecosystem
· Performing actions
Voting Rewards :
Participation in the voting for fi nding a consensus in public matters will be incentivized with a proportional amount of ETH. The exact amount of ETH distributed to a participant in the oracle is calculated according reaction time, total amount ETH at stake and number of participants within the voting for the particular bet. The voting reward will initially be set to 4% of the total ETH at stake* and will be automatically distributed through the smart contracts to the users account.
Fairness Rewards :
To motivate users to vote fairly within a private environment our smart contracts distribute fairness rewards for users who admit their defeat. The fairness reward will be distributed proportionally to all honest voters of the loosing party. It will initially be set to 4% of the total ETH at stake and will be automatically distributed through smart contracts to the users account.
PROOF OF AUTHORITY OX-SIDECHAIN:
Our users can apply to become a member of the consortium for our OX-Sidechain. The deployment of a secondary blockchain responsible for processing small transactions is a necessary step to enlarge the applications in the betbox ecosystem. Apps with high frequency smart contract interaction need to be run cost-effi ciently and still in a reliable environment. OX Token Holders with at least 100’000 OX may participate in the consortium of betbox and provide a decentralized infrastructure to all users alongside collecting OX for their availability.
Betbox offer our users the possibility to obtain a seat in betbox consortium by staking 100’000 OX in the Validation Nodes account. In return for the service all commissions from the OX-Sidechain will be spread along the OX-Nodes. The seats are limited, and applicants will underlie Proof of Identity. Applications of participants in the TGE will be prioritized.
RELAY FROM ETHEREUM PUBLIC MAINNET TO OX-SIDECHAIN :
Betbox will provide a reliable relay between the Ethereum public mainnet and the OX-Sidechain. To guarantee a seamless integration betbox works together with a partner company specializing on this subject.
To kickstart the betbox ecosystem we want to initially distribute OX to members of betbox community. The participation in the sale is strictly limited to selected users with an official participation ticket.
TOKEN ALLOCATION :
We will mint a total of 100 Mio. OX within our TGE. 80 Mio. OX will be distributed to the public within a sales period and 8 Mio. OX within a huge bounty program. 12 Mio. OX will be kept by the company as a reserve.
SALES PERIOD :
The sales period will be held within a private circle of investors. If you are interested to participate in our sales period, you may apply to betbox through our online form or participate in the ticket lottery and attend the offi cial Private Sale.
Acceptance criteria for Private Pre-Sale :
Only selected investors are allowed to purchase OX in the Private Pre-Sale. Please use to online form to get in contact with the company.
· Min 100 ETH allocation
· Accredited investor
· Internal KYC/AML standards
Acceptance criteria for Private Sale :
Only users who win a ticket in the provided lottery may attend the TGE.
· TGE Participation Ticket
· Internal KYC/AML standards
Funds usage :
We will use the funds collected as following:
· 35% of the funds will be used to build the betbox ecosystem and perform up grades to the system, which includes team recruiting, training, and the development budget.
· 50% will be used for betbox branding and marketing, including continuous promotion and education of betbox and blockchain innovations in industry mediums. A suffi cient budget for various advertisement activities, to help betbox become popular, and to attract active users to the ecosystem.
· 15% will be kept in reserve to cope with any emergency or unexpected situation that might come up.
The first ever ERC20 token based on an activity minting consensus with unlimited supply and integrated moderation of monetary infl ation.
· Minted through activity in betbox on Ethereum public Mainnet and therefore w/o limitation of max supply.
· Needed for nodes in OX-Sidechains to decentralize the authorities.
· Can be burned in return for quarterly commission share of betbox.
· Will be required to participate in certain events.
PROOF OF ACTIVITY TOKEN MINTING CONSENSUS :
OX Tokens can be earned by participants of an event in betbox*. Each closure of a event randomly distributes a single betbox coin to one of the participants of the bet. The election of the winner will be based on RNG on Ethereum public Mainnet. The chance of winning the newly minted etbox coin depends on the particular event contract, responsible to host the bet ,and will include individual weighting of the chance for the different roles of participation. The weighting of chance in the minting mechanism of OX will be published beforehand of deployment of any new contract.
There is no other way to create new OX than betting in betbox on the Ethereum public Mainnet. The total supply of OX is not limited. The company shall not mint betbox coin on its behalf nor allow additional minting of betbox coin by third parties at any given time in the future besides the initial TGE (100 Mio. OX).
Betbox have a solid team with experience in business management, developing centralized and decentralized applications, design and marketing. We have a track record of successful startups under our belt and are looking for a new challenge.
Together with a strong set of partner companies we are able to make this dream come true and deliver the worlds most finest monetized social media and gambling ecosystem. Aiming to become the leading provider for any kind of social event.
To contact BETBOX visit our website: https://betbox.app/
Whitepaper : https://betbox.app/required/whitepaper_betbox_v1.pdf
Ann thread : https://bitcointalk.org/index.php?topic=5026661.0
I invite you to join this Dedicated # Community HERE, as well as to follow they work on:
✅ Telegram Community: https://t.me/betboxGlobal
✅ Twitter: https://twitter.com/betbox_OX
✅ Medium: https://medium.com/betbox-ox
✅ Github: https://github.com/betbox
Bounty0x username : sadoza
“This article was created in exchange for a potential token reward through Bounty0x”