ICO

Betform ICO: A Social Betting Platform with Peer to Peer Support

Introduction

Last year alone, the gaming market managed $109 billion in revenues. Only five years before, the global market had barely gotten close to $70 billion. What accounts for a 56% growth in a span of five years? Part of the tremendous growth owes to the interest by game companies to pioneer new ways of engaging their consumers, and it was just as well because innovative business models are the future in this digital age.

However, the growth must not cloud one’s overview. The future of gaming will also demand that companies look at the market. As it is, most games entertain the consumer through viewing, playing or creating. Gaming companies will need to evolve to provide all-around entertainment so as to secure their place as an entertainment source. Traditional boundaries between sporting, media, and telecommunication will have to disappear to pave the way to a new era of gaming.

With more people spending a lot of their time on gaming, then investors will be interested in putting their money there. It will call for an approach that is community-centered to keep these people playing. One example where this is happening is with online gambling – Betform. Sites that offer this option give competitors large bonuses and loyalty points contributing to a shift in the way the games work.

About Betform

Betform is a blockchain project that focuses on social gambling. The platform is made in such a way that it supports peer-to-peer gaming. Naturally, the platform eliminates the middleman. It houses functions such as quarterly rewards for the players and winnings after a game. However, there is a twist, that is, the use of smart contracts.

According to the platform’s website, the platform is available for both the professional player and the amateur. You can simply play there for fun and get similar benefits as the pro. Expectedly, the gaming platform must come with a token to account for the currency used in there.

The Token

The Betform coin (BFC) is the native coin based on the Ethereum blockchain. It is used for all transactions within the platform and serves as the long-term market standard for betting in the platform.  It is the token that will also be used when integrating apps and games.

The Betform team believes that the token will gain value as more players and gamers join the platform. They base their expectations on the size of the gaming industry and the most recent growths in the different sectors of the industry. Betform will host different games including the Chinese board game – Mah-jong. It will also feature Big Two, Texas Hold’em and In Between. The image below shows the token distribution:


Figure 1: Token Distribution

The token’s open sale is expected to begin on January 8, 2019, with the team hoping to distribute 96 million tokens. Early birds will be able to get rewards and bonuses. The rewards can be spent on customizing the apps like in setting the background image, the music and so forth. For example, someone investing within the first 24 hours gets 20% more tokens. Every BFC is currently valued at $0.10. The token will be free for trade on major wallets with a compatibility with Ether wallets.

After every three months, 5% of the commission tokens will be burnt automatically. The idea is to lower the token supply gradually and drive up the value of the coin. The funds will be used as follows:


Figure 2: Allocation of Funds

Why Betform?

According to the team, the platform is created for four reasons:

  • Consumer ease – The platform is designed so that the interface will be easy to understand. A new user will simply follow prompts to create an account and to edit their profile. The social betting applications on the platform are decentralized and so the player can even invite friends to a game.
  • Transparency – One of the major concerns with gaming is around the safety of data and fairness during the game. Betform relies upon a PRNG system to generate game outcomes ensuring that it is transparent. The platform is based on smart contracts which guarantee safety.
  • User retention – Betform is meant to help the different games keep their users. One way it will achieve this is through events that give players rewards and keep them engaged.
  • New user acquisition – The team holds that the platform will also help the games to reach new players from markets that are considered to be emerging. Betform’s business model is based on the number of users as opposed to profit margins. This means that any user is always welcome to play the games.

How the platform works

In the beginning, Betform will only three games, but it will add features to support integrating third-party games. The user will pay and set up a game room. If there is chance involved in the game, the platform will rely on a cryptographic system for verification. The technology is also responsible for gamer histories.

All transactions will be managed through mobile and desktop wallets. Betform will get 3% from all winnings. Players get an opportunity to prevent themselves from accessing their accounts should they realize an addiction to gambling. Besides the rewards and bonuses, there will be a share of the revenues that will go to a jackpot designed to reward the players at the top of the leaderboard once every quarter.

Features of the platform

Betform boasts of the following features:

  • Fairness during a game – the PRNG system is lab certified.
  • Fun – Different from online casinos, you will be able to invite friends
  • Transparency – Operations are smart contract powered
  • Regulatory compliance – The platform is under licensing jurisdiction
  • Compliant wallet Apps – The app will be interlinked via APIs to third parties
  • Unlimited rewards
  • Quarterly jackpot

Further Reading

Website: https://www.betformcoin.io/

White Paper: https://betformcoin.io/whitepapers/Betform-White%20paper%202018_03%20English.pdf

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