bx, bx bet

Interview: Joschka Kupich on BX.BET and Its Advantages

Avatar Guest Author 1 year ago

Co-founder of BX.BET talks about the platform and its advantages over other online, blockchain-based gambling platforms.

Q: We have seen few blockchain platforms entering the online gambling space. How does BX stand out from the rest?

A: The main advantages of BX lie in the team and in the BX ecosystem itself.

No other iGaming blockchain project out there can present such a high level of iGaming industry experience as the creator team behind BX. We truly know and understand the industry inside and out, we know its strengths, weaknesses, its users and what makes a product successful. Our team members have worked for the biggest betting companies like Betfair, Betsson or Bwin and we have successfully launched and sold several own iGaming ventures. We will bring all our iGaming experience and knowledge into the blockchain sphere to create the best decentralized betting ecosystem in the market.

When it comes to the USPs of the BX ecosystem itself, one of the advantages is its betting exchange functionality allowing every user to place bets while setting their own odds. Every user can place buy or sell orders which are being accumulated and matched in the fully transparent order book – just like on a stock exchange. Therefore, the odds on BX are not set by a centralized authority but by the BX users themselves and thus solely reflect the accumulated opinion of all users about the probability of an outcome.

To ensure a high availability of bets, every user can become a market owner by creating a new betting market and providing liquidity to participate directly on the success of his market. This will lead to a wide range of betting options and odds availability.

There are many other advantages like the multi-platform approach, enabling other developers to create apps and platforms for BX, private betting markets for closed groups, prediction markets, financial markets, esports focus etc. Please have a look at the BX.bet website and whitepaper to get to know all the advantages of BX: https://bx.bet/en/

Q: Please explain how the platform works and its benefits?

A: BX is a blockchain-based betting and prediction market ecosystem, designed to change the way the world bets. We have the vision to create a whole new betting experience, where any user can take over the role of the bookmaker, create their own markets, place and offer bets with self-determined odds, and even participate in the outcome determination of a market. All by using the BX Token, which is conceived to become the global standard for all betting transactions and without a middleman in place.

With BX we are creating an ecosystem, that is on the one hand free of limitation and restriction and on the other hand still highly secure, transparent and easy to use. We are tackling the problem and disadvantages of the current betting industry at its source by creating a unique and unprecedented betting experience at the same time.

For a demo and explanation of the functionality of the betting exchange, I invite you to check out www.bx.bet/exchange.

Q: What are the different events/games that users can bet on the BX platform?

A: One of the key paradigms of BX is our belief that betting should not be restricted and limited, and that the control and power of all betting transactions should be given back to the community. On BX everyone can become a Market Owner and create their own market.  After the market is created, it must be pre-approved by the community. To this end, every betting market will be listed in a separate category (new markets) and will need a certain number of approval votes from the community before it will be listed as a public betting market.

So in general, you can bet on anything as long as the community approves it. This approval mechanism was established to keep joke, harmful or illegal markets away from the BX ecosystem.

Additionally, the BX ecosystem provides its users the unique opportunity to trade bets in different types of markets such as sports (including esports), prediction markets and financial markets. We use an interactive approach to develop each market type with full attention to their individual characteristics and requirements. Our vision is to create an ecosystem which fully supports each of these vertical markets, and provides a truly unique and engaging experience for all players. And even other developers can create new apps, platforms, and features for BX. The opportunities on BX are endless…

Q: Can you elaborate on the “prediction market ecosystem” part in BX platform?

A: Prediction markets are a very fascinating field whereby users can buy or sell predictions of certain event outcomes they believe will happen (buy) or will not happen (sell). This is similar to a betting exchange, but in prediction markets the focus lies more on the trading long-term prediction such as “Who will win the US presidential election” or “Which team will win the FIFA World Cup”. The price of a prediction arises from its probability, so you could have bought Hillary Clinton or Trump during the presidential campaign when their prices were at a low and sold them when they were high, just like stocks. In the FIFA World Cup, you could pick a few favorite teams before the beginning of the tournament, and then sell them when a few other teams have already dropped out and the price of your favourite teams has increased.

There have been multiple approaches to make this model successful and mainstream as a stand-alone product but so far it has never reached the popularity of traditional sports betting. Due to the similarity, we are convinced that it makes the most sense to combine both worlds because really and truly, prediction markets are just a variation of betting on a betting exchange – it all comes down to placing bets (buy) with the option to cash out (sell). Of course, the user interface will vary a bit but the core functionality is the same.

Q: Are you entering into partnerships with existing providers to include their offerings in the ecosystem?

A: Yes, that’s something we are already working on. As everyone is allowed to create markets on BX, we highly appreciate and invite existing providers to enter the BX ecosystem and offer their odds, create their own markets and even their own platforms and features. The whole ecosystem is designed to be fully distributed.

Because of its decentralized nature, the BX ecosystem is not a closed system like we see on traditional bookmakers. With our multi-platform strategy, we enable developers to create applications on top of the BX ecosystem. We hope to embrace creative entrepreneurs and developers to create innovative solutions and add-ons that will enrich the BX ecosystem with exciting new features. Furthermore, with the use of the BX webmaster plugins (e.g for WordPress), it will be possible to embed all or certain BX markets on any website, to create a unique, distributed and decentralized betting community.

Q: Tell us more about the team behind the project and how they add value to BX.bet

A: The BX team has collectively more than 90 years’ diversified experience in the iGaming industry and brings a holistic grasp of the online betting ecosystem to the project. Our team has been working with the biggest players such as Betfair, Betsson or Bwin. We live and breath entrepreneurship, and have been launching and developing new iGaming ventures with exceptional efficiency and an outstanding success rate for years. Our passion, creativity and professional execution skills are the three building blocks underpinning our success. Our tremendous experience in the iGaming industry helps us to understand the needs of the players, and implement solutions to create the ultimate user experience. This together with our extremely talented development team is a guarantee that the BX ecosystem will be a success.

To get more information about our team, we invite you to take a look at our Team intro video:

 

Q: What is the current stage of platform development? Can you give our readers a sneak peek into what they can expect in the coming months?

A: We’ve just released our MVP, which is a web application that allows full blockchain-based betting. We implemented the functionality of a betting exchange with all its advantages in there. This shows how easy and accessible betting on the BX ecosystem will be.

In parallel to that, we are continuing to develop more parts of the later platform. We are doing a lot of R&D to ensure we are implementing the ecosystem in the most suitable way with a high focus on security and performance. We will release and show more updates periodically. Be excited, as there will be a lot of new and innovative things coming up…

Q: The website has a token sale announcement. How much do you intend to raise and what will it be used for?

A: We will hold our token sale soon. The pre-sale will be held from Oct 15 till Oct 29, followed by the main ICO which will begin on Nov 19 and end on Dec 17, 2018. We intend to raise up to 20m USD. The collected funds will be mainly used to develop the BX ecosystem with full throttle and a high emphasis on quality and security. Another big part will be used for marketing. With our experience within the iGaming space, we know how important well-planned and executed marketing campaigns will be for the overall success of the ecosystem.

Q: Anything else you think our readers should know?

A: At this point, I like to invite you to join our community and stay tuned for all upcoming news and updates. We are a really communicative team and always happy to hear feedback and answer your question.  BX is the future of betting.

 

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