Overview
The Better Betting Foundation relies on effective technical implementation to achieve its goal of providing Global Betting Liquidity Pool. Along with the development of business needs, technical inquiry has been conducted with the aim to find the optimal technical solution. Basically, the intention is to provide a pool of global betting liquidity for use by targeted market creators and bettors. In principle, anyone can make a Bet Offer based on a real sporting event, this is more traditionally known as a bet. Each Bet Bet will be grouped by market and event and listed in a searchable directory. Bettors who want to place bets can then search in the directories and find the bets they want. The betting acceptance process then involves blocking Ethereal to keep an agreed bet contract that also holds shares and liabilities in escrow - the system will use self-issued token bets (BETR). When the event is over, the bets associated with the event can be completed. To settle the bet, the result of the selection must be determined. The smart bet contract will contain information on the parties that will supply the results of the selection. In the case of bets offered by this sports book generally it is Bet Offer Creator (bet bet). Another solution is to point third parties to the results (this can be a data feed) or designate a special 3rd party node that is a knot node - it will complete according to a set of rules based on all other similar settlements.
One Application and Two Linked Systems.
This system we call 'Better Betting Node' (BBN).
BBN is a downloadable app that is installed on a user's device and includes an ethereum wallet. This is similar to blockchain applications as far as operating without central servers and nodes communicating with each other to maintain the state of the database. BBN does not need to store data indefinitely, and that is one aspect that distinguishes it from standard blockchain networks where each node (or miner) stores a full copy of the transaction ledger.
How it Works for Everyone
There are two parties who bet. In our terms, we call the party that created (or put) a Bet 11 Offer a BET CREATOR. Traditionally this would be a sports book but in our case, anyone could be a Creator Bet. On the other hand, the party who took the offer offer (or part of it) is called BETTOR.
From the point of view of Bettors, they basically want to see a list of sporting events and betting options with the available obstacles and limitations. By selecting a bet option and applying the bet amount, a bet can be made. For CREATOR BET, they want to be able to create a Bet Offer series with betting options, opportunities and limits (maximum risk exposure) and place them into the betting directory so Bettors can select them as above. It is predicted that a standard BBN API will be created that allows Creator Bet to integrate directly with their own systems thereby offering automatic offer of creations.
Above all this system needs to know when the sporting event is scheduled and when the results. To do this, the same APIs available for sports books can be used to link samples of BBN and data feed providers. This will facilitate the creation of automatic events, markets and selection and can also facilitate the results. One of the main features of the directory is to provide Event ID, Market and Selection so that event data can be paired with the betting creator system. The Event ID will include the Primary Feed Provider ID and may also include the Creator ID.
Structure of Three Layers of BBN
To provide a technical solution to these requirements, a three-layer application is considered that can be described as follows:
The system will be funded through the issuance of token bets (BETR). BETR will be limited based on the number of tokens available and will be issued according to the following schedule:
At least $ 2 million, a maximum of $ 30 million will be raised through token publishing.
These funds will be used for the development and release of better bet protocols Development and open source software dapps and nodes Marketing to key stakeholders and consumers Legal and administrative costs.
For more information:
WEBSITE: https://betterbetting.org/
WHITEPAPER: https://betterbetting.org/BETTER_BETTING_Foundation_White_Paper.pdf
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