Introducing the BetherNet Protocol
The infrastructure of the Bethereum platform
In this article, we’re introducing the BetherNet Protocol. This is a system encompassing the five pillars of our betting platform.
So, you may ask, what is it exactly?
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. This is the technology that enables transparent, fair, and secure betting on our platform. The BetherNet Protocol meets all the requirements for supporting a successful betting network: stability, versatility, scalability, security, performance, and cost effectiveness.
Building a platform capable of working on multiple systems while simultaneously opening it up to an extensive network of B2B partnerships is a challenge that Bethereum aims to conquer with the BetherNet Protocol.
Parts of the protocol, such as the Bethereum Wallet and Smart Contracts, will be open-sourced to facilitate community usage and expansion. We will also provide modified versions of the BetherNet Protocol to third parties, as part of our business model.
Think of betting in its most basic form: you enter a betting shop, place your bets, pay the wager and await the result. Betting offline is a one-way street. You place bets, wait for the results and usually have to cash out the reward in the same shop (or franchise) you placed the bet.
The digital revolution has allowed us to copy the process from a PC or a mobile device. This means we can now access a multitude of betting services online, but these companies keep it closed-source and rarely allow developers much insight into what they’re doing, let alone allowing them to participate in the business with them.
The BetherNet protocol will not only allow users of Bethereum to bet from virtually any type of net-capable device, but also opening up our tech to others with our Smart Contract builder and our developer SDKs, in addition to creating a easy-to-use wallet for our ERC223 token that is fully compatible with standardly used Ether wallets such as MyEtherWallet.
Here are the five pillars of the BetherNet protocol:
Developer SDKs
SDK stands for ‘software development kit’ and they will be released over time to allow external developers to easily integrate their applications with Bethereum. These SDKs will include a set of tools, libraries, guidelines and templates that will greatly assist in developing their own betting apps and accessories, the condition being the utilization of the Bether token.
Oracle service
Oracles are the gates between the real world and blockchains. They analyze, process and then feed real world data into the blockchain, allowing it to communicate with the physical world without overwhelming the capability of individual blockchains. Bethereum will use multiple-feed oracles in order to verify every match result, in case one of the feeds does not add up, the money will be returned to the bettors.
Bether Token
We need to have our own token in order to utilize Smart Contracts and ensure transparency and security on our betting platform. The Bether token will fulfill this role.
Bethereum Wallet
We’re planning to release an open-source Bethereum Wallet app for iOS, Android, PC and Mac. In addition to strong fund protection and other exclusive features, the Bethereum Wallet will allow players to easily obtain Bether tokens, as the app will be interlinked with third-party exchanges via their APIs and a payment gateway for fiat money transfers.
Smart-contract builder
We’re planning on creating a Smart Contract builder with a graphic interface. This will allow an unprecedented amount of third-party developers to build their own Smart Contracts and make full use of the blockchain’s potential for business.
We are already testing parts of the BetherNet protocol on 2 different products that you might have participated in recently: the World Cup betting contest and the Community betting game that preceded it. The results and feedback have been tremendous and it’s giving us confidence in our ability to deliver a truly secure, transparent and technologically-sound betting platform!
Stay tuned for updates: https://t.me/BethereumNews
Bethereum is a decentralised, social-betting platform based on Ethereum technology and Smart Contracts. Want to know more? Start here.
If you would like to ask us anything or interact with our forever growing community, join one of our Telegram groups in your language.
In addition, if you like what we are doing and would like to stay updated, signup for our newsletter.
Bethereum Team
Because life is a game
