Everything you need to know about Bethereum!
A regularly updated summary
We hope you will be as excited as we are with what we have achieved since the birth of the idea in March 2017. First thing you need to know is that Bethereum is a decentralised, social-betting platform, combined with unique gaming elements and based on Ethereum technology and Smart Contracts. It allows you to place customizable bets on sports (and later eSports) with your friends, excluding bookmakers and betting agencies from the process.
1. What have we achieved so far?
Our long term goal isn’t to develop just any betting platform, but rather to create an entire new way of betting, that will be the betting platform of the future. We are proud to say that our goal has been materialising sooner than expected.
At the very beginning, we decided to create a Bounty Campaign that isn’t just a spreadsheet or a Google document. The success exceeded even our most optimistic expectations. In the first 48 hours, we’ve hit every rate limit on Twitter, Facebook and Telegram. In addition to this, we’ve successfully resisted 1,649 hacking attempts and 21 bot attacks. We had to limit the signups after we reached 50 000 users! But we did not stop there…
With this extraordinary interest our fans showed for Bethereum, we felt obligated to create something extra for our forever-growing community. Although it wasn’t in our roadmap, we’ve taken the extra initiative and created the Bethereum Community Betting game. Using the points gathered in the Bounty campaign, fans could multiply their earnings by betting on the chosen matches in several leagues and sports. The Community Betting game not only served as a quick preview of our betting platform, but mostly as a test as it was already running on blockchain technology — the Ethereum test chain (Ropsten). The Betting Smart Contracts were independently audited, and the code was released to GitHub for all of you to see.
WORLD CUP BETTING
Of course we couldn’t miss the major international football event! In the World Cup betting game we started players off with anequal amount of points so they could bet on any national team participating in the World Cup and compete for a massive 6 million Bether tokens in prizes! As a result, we had 5150 players from 104 various countries registered on our platform, underlining our global ambitions. The World Cup betting game recorded over 117,000 bets. The largest pot was 1.9 million points, and he total betting volume was over 21 million.
We consider World Cup Betting Game as one of our greatest achievements, as it showcased how the competitive and fun nature of our future platform, read more here.
AWARDS AND CONFERENCES
The main focus of Q2 2018 was pitching our vision, creating awareness at conferences and competing in multiple contests all over the world. Giacomo and Martin took the opportunity to participate in this year’s ICO Race, where they advanced all the way to the finals amongst 150 startups. We entered the d10e pitching competition in Malta, where despite the fierce competition from other projects, we ranked in the TOP 3, at one of the most respected events of this kind. At New York’s Consensus 2018, we were interviewed by iHeart Radio, and shared our vision for the future. After being selectied by eTrend as startup of the month we are currently waiting for the results of CEEGC and CESA awards in both of which we are finalists!
We have dedicated a whole section on our medium for conferences and awards, read more here.
Working with our beloved crypto community has taught us the importance of recognising diversity and developing ways of communicating across multiple languages. We make it a priority to allow people access to information even if they are not native English speakers. What started off as an initiative from our #1 Fan, continued with Bethereum expanding to over 20 local communities, based on our helpful Telegram bot’s analytics!
Join one of them or read more about our international community here.
MORE THAN JUST AN IDEA
To illustrate the basic functionality of the Bethereum social betting app, we made our iOS prototype available on the App Store (“Bethereum Lite”). It includes a selection of sports and leagues, and can be tested using a free virtual currency. We truly care about community feedback and look forward to receiving suggestions. A simple interactive demo is also available on our website.
2. About the Bethereum Platform
We aim to become the leading social betting platform on the market. However, our vision does not stop there. Now we would like to introduce Bethereum in more complexity — what we stand for, how it all works and of course, what makes us special!
WHY BETTING INDUSTRY?
Through its unique combination of risk, excitement and potential financial gain, betting has been blessed with everlasting appeal. The global betting and gambling market is worth a massive 3 trillion USD (80% of which underground). Although it is a huge business, the online betting industry is plagued by multiple problems. There is an overall perception of unfairness due to security issues, lack of transparency and social character, skewed odds, high fees and low returns.
If you are interested in the history of betting, read our series of articles here.
The Bethereum solution leverages blockchain technology to ensure the safest and most transparent betting experience. There is no middleman involved: Players create the bets, set the rules, and provide the liquidity for fulfilling payouts. Smart Contracts protect funds, and automatically distribute winnings based on bet conditions and outcomes. The entire process is fully decentralised, secure, and self-regulating.
The BetherNet protocol is the blockchain-based engine powering our entire solution, including the Bethereum Wallet, our Smart Contracts, and a set of other tools. Read more here.
WHAT MAKES US SPECIAL?
- Working prototype: Not only do we have a working prototype, we’ve also tested several of our products in alpha tests, many other projects are just in idea phase.
- Gamification: We aim at delivering the most intuitive and innovative betting application in the market, supporting content ranging from sport betting to eSports, fantasy, and even third-party games (e.g., casino). In combination with powerful gamification elements, to deliver players with a truly rewarding experience. For example, we will integrate social chat, achievements and badges, leaderboards, and alliances — and have a number of competitions and events to keep players engaged at all times.
- Broad ecosystem: But we’re not limiting ourselves to a “fancy” sportsbook on the blockchain. Our vision is to develop a broad B2C and B2B ecosystem and to establish our Bether token as a global betting standard. For this reason, we are creating a platform catering to the needs of a broad consumer and business base: casual bettors, high rollers, white-label customers, conventional betting operators, third-party game providers, and marketing affiliates — all fueled by our ERC20 Bether token and running on our BetherNet betting protocol.
Find out more about our competitive advantage here.
WHERE ARE WE PLANNING TO GROW?
Bethereum is not just about better betting. The platform has versatility and scalability ingrained in its DNA. Starting from sports betting, it will expand to include a variety of content (such as eSports) and third-party games. It is designed to support a whole ecosystem, ranging from casual bettors to high rollers, through white-label customers and conventional betting agencies, to third-party developers and affiliates. All fuelled by our ERC223 digital token: the Bether.
SOMETHING MORE ABOUT THE BETHER…
Bether is a deflationary and unmineable token with strong potential for increase in value and liquidity. Fully compatible with the ERC20 standard, it is easily transferable and storable in widely used Ether wallets. Demand for Bether will grow as the number of players increase and more businesses and operators join the ecosystem.
Players will be charged 3.75% of all winnings in order to cover the cost of third-party services (e.g., Smart Contracts, data feeds, statistics). Smart Contracts will automatically burn 10% of this commission. This will result in a decrease of the token supply, driving up the value of the Bether token.
HOW DO WE MAKE MONEY?
Our business model is based on the following revenue streams:
- Fees and commissions from the Bethereum platform (e.g. sponsored groups and bets, inapp purchases for special services, High Roller Club).
- Commissions from partners adopting the Bethereum Core Framework fees for white-label solutions.
- Revenue share from third-party developers. We will generate returns not only from the Bethereum platform, but also from the underlying technology. This ample revenue stream diversification is not only likely to result in better financial performance, but also bears lower operational risk.
3. What are we currently working on?
(November 5, 2018)
The past week in Bethereum was all about details. The team has been working indefatigably to improve the platform, changing and adding to make sure the players get the best UI/UX.
We have a lot more we are about to bring you, but can share with you how pleased we are with the success of the competition, with already more than 100K bets placed in less than two weeks! We’ve been listening to suggestions and comments from the community, and are happy to tell you that some significant improvements have been already implemented with the release of the new Version 0.12 of the platform.
Among other features, you can already enjoy a detailed bet result card added to My Bets section, various Bet Slip improvements and fixes, a better chat user experience, clearer live match indicator, and much more. You are welcome to read the detailed release notes here. The team would love to hear your suggestions for more features and matches, send them to us here.
After the successful launch of Version 0.12 it’s full-steam-ahead with the mobile version. Soon we will announce the release date, and everyone will be able to bet anytime, anywhere!
Last but not least, we’re about to be featured in a major cryptocurrency influencers livestream! SkrillaKing brings the latest news on crypto and blockchain projects to more than 25-thousand people. Skrilla and his community is coming live to our Betting platform on Tuesday. Make sure you tune-in on November 6th, 5 PM GMT +1.
We hope this sums everything up! Here on our Medium Publication we frequently post different articles, not only about the project itself, but topics that are closely related to everything we do. You can find pieces about crypto, blockchain, history, betting, industry, business, marketing, and many more. Transparency is one of our core values, that is why you can expect nothing but honesty across all of our channels!
If you have any more questions, you are more than welcome to join us in out TELEGRAM GROUP and ask anything.
If you would like to find our more about the project, here is our whitepaper.
Your Bethereum Team
Because life is a game