09 August 2018
With Block Sports you have a sports betting DEX that is driven by NEO blockchain technology that will offer users personalised head-to-head sports betting functions as well as real-world waging opportunities between persons achieved under NEO blockchain. Block Sports recently announced that it had released details of its forthcoming public token sale.
By developing a trusted and decentralised infrastructure, Block Sports Exchange hopes to resolve the problems of cyber-attacks, hacks and even theft associated with more centralised frameworks while offering a full-featured user experience via “an off-chain service layer.” With Block Sports, users avoid a central bookkeeping system, but rather utilise cryptocurrency in the placement of bets.
The risk of counterparty has been eliminated by the removal of centralized administrative control via a decentralised critical infrastructure and functionality that positively influences the funds of users. What’s more, escrow as well as the processing of funds will be implemented on the NEO blockchain.
Users will not need to register in order to make use of the Block Sports platform and they can place their bets using a wallet that has GAS. The decision of Block Sports to bid there platform on the NEO blockchain is mainly because of the following reasons;
While a sports betting exchange provides a marketplace where bettors can trade on the result of a specific sporting competition, with the introduction of blockchain technology, bettors can place bets against other bettors rather than just “the house” which is synonymous with traditional betting platforms.
The value of cryptocurrency under the traditional exchange is influenced by “bids and offers.” Likewise in a betting exchange “back” and “lay” directly influences the odds of a betting outcome. With a “back” made, users will be betting for an outcome while with a “lay” made, users will be placing bets against a possible outcome.
For starters, Block Sports will support renowned sporting markets that include; eSports, Basketball, Soccer and American football. However, it is the intention of Block Sports to include betting in the financial markets allowing users to bet on bonds, stocks and commodities. They also intend including political betting markets which will allow users place bets on political election outcomes.
Users of Block Sports can place their bets with the use of GAS. For every win, there will be a charge of a flat fee of 2%. The native cryptocurrency of Block Sports is the BSX token which also functions as a “divided-bearing token.” Holders of the BSX token will be entitled to a share of the accumulated Block Sports fees. These fees will be distributed as follows;
Prototypes for an open source, NEO blockchain-based smart contract that will run on the Block Sports platform has been developed this year as well as a demo for the decentralised exchange which is also functional displaying UX with mock data as well as results. The smart contracts will be for both the oracle consensus network and on-chain matching.
By September of 2018, the Block Sports public token sale is expected to be held. With the public token sale a total of $5.48 million USD is expected to be raised with contributions in NEO serving as the only acceptable cryptocurrency for token purchase.
It is expected that 16,000,000 BSX tokens will be generated with the allocation as follows;
Block Sports stated that a lottery will be conducted to select those that will have access to take part in the BSX token pre-sale. With the pre-sale Block Sports intends raising a total of $480,000 USD which is equivalent to 1,200,000 BSX and at a rate of $0.40 for each BSX token. For the public token sale a total of $5,000,000 or 10,000,000 BSX is expected to be raised and at a price of $0.50 for each BSX token.
In the not too distant future, Block Sports will commence the whitelisting process for both Know-Your-Customer (KYC) and Anti-Money Laundering (AML). For this process, all participants will have to provide their private information, a photograph and a form of identification. If you are interested in joining the Block Sports official mailing list for recent news and updates, you can visit this link right here.
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