Betex was built with a mission of bringing clear-cut transparency to the financial derivatives markets
as well as creating brand new instruments that would finally put an end to obsolete shady schemes. So
now we are proud to introduce our leading-edge platform for peer-to-peer binary options, powered
with Ethereum smart contracts Website
: https://betexlab.com/
What is Betex ???
Betex is a leading-edge platform for P2P financial derivatives trading. It enables users to place bets on future changes against each other.
As a platform provider, we cannot engage in betting. Thus, there is no way for us to benefit from it. We only profit from collecting service fees.
Built with Blockchain technology, unlike traditional platforms, Betex provides access to real-time data, thereby, ensuring absolute transparency of its system.
Determined to reinvent financial derivatives market, we strive to instill incorruptible business logic that would conclusively eliminate the issue of trust.
Binary options: basic concept
Binary options is a financial derivatives instrument that challenges traders to foresee the right direction of the price movement for an underlying asset at a given point of time in the future. Forecasting horizon varies from a few minutes up to several months.
To receive income for having defined the right direction, in which the price of an underlying asset happens to move, traders can use binary options instead of actually buying that asset. Thus, it is enough to forecast one of the two possible options — price increase or decrease. If the assumption is accurate for a given moment in time and asset price changes in the indicated direction, traders gain. And otherwise, they lose.
Any trading pairs that are comprised of quotes (currencies, indices, stocks, metals, minerals, oil etc.) may be considered as basic assets for binary options.
Mission
BETEX is on a mission to bring clear-cut transparency to all financial markets and, that can
conclusively eliminate the issue of trust.
First and foremost, though, we strive to reinvent binary options through instilling incorruptible
business logic into everybody‘s value system.
BETEX ECOSYSTEM
Basically, you can access and interact with Betex ecosystem, being a:
▸ Trader
▸ Investor
▸ Broker
BETEX PLATFORM
Business model
Betex is an innovative peer-to-peer platform for financial derivatives trading, using Ethereum smart contracts. Binary options will serve as the primary derivatives to begin with. Later on, other more complex instruments will be integrated.
Unlike trading the traditional binary options, Betex users place bets against each other. To our
knowledge, this is the only platform, where as much as 95% of funds are distributed among traders,
who make correct assumptions. Besides, they are forming a large common pool of liquidity for each
underlying asset in order to maximize users‘ gain.
Powered by Ethereum smart contracts, Betex brings undisputable transparency, fair conduct and
auditable results to the Binary Options trading. 5% of the amount of the transactions (bets) is the
platform‘s commission income.
All operations in the system are performed in the SBT Ethereum tokens of the ERC-20 standard with
a stable value of $1.00.
Current model: problems and disadvantages
We have analyzed the traditional binary options model to get a better understanding of all the reasons,
causing unfavourable attitude towards binary options and leading such a great idea to downfall.
▸ Traders bet against brokers. So trader‘s loss is broker‘s gain. Hence, the reason for brokers to
make sure traders mostly fail. There is a common belief that 90% of traders‘ funds eventually end
up in brokers‘ pockets.
▸ In general, trader‘s reward, in case he was right, stays fixed regardless of other factors, meaning,
sometimes you should have had way more than did. Maximum that‘s ever available varies from
75% to 90% of the rate.
▸ Trading process takes place in a broker‘s backend, so it is not transparent. Such system allows
manipulating data in a way that makes it difficult for anyone to find out the process was altered.
▸ At times, it‘s required to make a deposit to start trading, what takes time. Withdrawal takes even
more time. If funds get frozen, users have to order or buy something to be able to make
withdrawal.
▸ Quotations are often obtained from providers in a corrupt manner. And even then, it does not
guarantee accuracy and validity of the given data.
▸ Even if brokers treat you right, it is impossible to prove, making trust a critical factor in a
decision-making process.
Betex model: solutions and benefits
▸ Outcome of a bet makes no difference to us (as the platform provider), or to brokers, as neither of
us can actively take part in the betting process. We charge service fees, while traders place bets
against each other (peer-to-peer).
▸ No deposits are required and an instant automatic withdrawal of funds is ensured. It is mainly
possible due to the use of smart contracts.
▸ Traders who accurately determine future changes are rewarded with 95% of funds. In case of
success, trader‘s gain largely depends on the ratio of the correct and incorrect outcomes;
▸ Both the platform and brokers can always prove authenticity and accuracy of the results. In the
worst case scenario, if a mistake is made, it will be admitted or justified. Hence, it is no longer
needed to trust each other to be sure terms are fair.
▸ Trading is realized with ERC-20 tokens of stable value. It is stored and presented in the Ethereum
blockchain, making it possible to audit the platform operations in real time, or later. Open access
to data prevents intermediaries from altering results;
▸ 50% of the platform's profit made from commission is distributed among BETEX token holders.
40% goes to brokers.
▸ A composite rate, used in all calculations, is derived from several open sources by an established
algorithm, considering the value of each source that is defined by trading volume. Using multiple
sources makes entangles possible manipulations with the rate of an underlying asset, since they
would have to be done in several places simultaneously. Working out of the composite rate is a
completely open and transparent process: it is being logged and presented for public access in real
time.
Architecture and technology
Betex architecture is based on two major parts:
▸ Smart contract systems (to ensure transparency of bets).
▸ An oracle providing the reliable data on occurring events to a smart contract (in particular,
exchange rates).
SMART CONTRACTS ARCHITECTURE
Main purpose of smart contracts is ensuring a transparent betting mechanism for the common pool of
liquidity. Smart contracts were built under the following restrictions:
▸ The bet occurs by means of transferring the SBT token into a common liquidity pool for a given
event in the system;
▸ The network commission (Ethereum) should be as small as possible;
▸ Reward payout (including the transfer of the commission) is realized by a smart contract based on
the data received from the oracle.
The architectural system is based on the following smart contracts:
▸ SBT token contract complies with ERC-20 standard. SBT is a stable (relatively to the USD rate)
token, the exchange rate of which is artificially maintained, with emissions and burning made
during the exchange operations.
▸ Exchange contract is a smart contract for automatic exchange of ETH to SBT and vice versa.
ETH/SBT rate is regularly updated with an oracle and artificially maintained at 1:1 / USD level.
When crediting ETH, the required amount of SBT is being emitted. When withdrawing ETH,
corresponding amount of SBT tokens is being burned.
▸ It is also planned to implement time restrictions on the token use. If the token is not used in the
Betex system for a certain period of time, it is automatically exchanged back to the ETH source
address. This may prevent speculations with tokens.
▸ Betex smart contract is a management system for liquidity pools (betting baskets). It accepts bids
by moving SBT token to a specific pool (basket) for a limited period of time. After the waiting
time has expired, the payout is redistributed among the players based on the oracle data.
▸ Commission smart contract is the contract-aggregator of commission fees. It charges the entire
commission from operations in the system. The distribution of the commission is made by this
contract once in a certain period of time (currently, once in 24 hours).
▸ Referral smart contract is contract managing the referral program. Betex supports a single-level
referral program and redistributes part of the commission to the referral addresses. This smart
contract stores the necessary dependencies.
We have several possible solutions for the platform‘s scalability:
▸ Upgrade of the Ethereum network that will allow the capacity increase;
▸ Transition to an alternative block system if it also offers smart contracts or similar solutions that
will allow the business logic of the platform to be implemented at a higher rate and/or at a lower
cost;
▸ Transition to our own specialized blockchain that will be able to provide the platform with a level
of transparency and reliability not lower than the current one and at the same time it will be
sharpened directly to the needs of the platform
https://betexlab.com/betex-wp.pdf
Betex for Traders (Bettors)
Users can access and interact with Betex via:
▸ Web-based interface — ready;
▸ Mobile applications — in development;
▸ Desktop applications — in development;
Here‘s how our web-based user interface looks like (night mode is available too):
The interaction process is as follows:
A trader selects one of the trading pairs (Assets), then selects one of the six trading intervals (Time),
then decides on the amount to bet (Amount), and, finally, chooses a direction, in which the price will
move, in his opinion (Call or Put ).
As soon as the outcome is known, tokens of those traders, who happen to be mistaken, are distributed
among traders, whose assumptions happen to be accurate. Yet, first, a fee of 5% of the total amount of
bets placed is being charged for our services. Elements of user interface, key functions, processes and
principles of work, including examples, are presented in Section 4.6.
Business model
We designed a radically new business model to shift user mindset from worrying about the integrity of platform providers to focusing on own capacity to make profit.
Betex is the only platform, where as much as 95% of funds are distributed among traders, who succeed.
Besides, we are forming a large common pool of liquidity for each underlying asset in order to maximize users’ gain.
Powered by Ethereum smart contracts, Betex brings undisputable transparency, fair conduct and auditable results to Binary Options trading.
DISTRIBUTION OF THE COMMON POOL
The Betex platform earns on commissions from each transaction (bet). The commission is 5% of the amount of each transaction (bet). The distribution of the total amount of transaction (bet) funds, including the commission income, is presented below.
▸ 95% of the turnover will form the reward fund for traders. These funds will be paid out to traders automatically, once each round is over.
▸ 2.5% of the total platform turnover will be distributed among the holders of BETEX tokens, according to the number of tokens they own.
▸ 2.0% will be granted to the brokers, connected to our platform. Payments for the referrals will be deducted from broker‘s commission
https://bitcointalk.org/index.php?topic=2518678
▸ 0.3% will go to the permanent contributions to the project‘s development fund. A year after the commercial launch, the project should break even.
▸ 0.2% of the platform‘s turnover will be transferred to the reserve fund. Its regular refill (from each transaction) will cover unexpected costs, if they arise.
Betex tokens distribution
- 5% Token Pre-Sale Round 1
- 15% Token Pre-Sale Round 2
- 30% Token Sale
- 10% Reserve for brokers (Vesting for 6 months)
- 8% Reserve
- 2% Bounty
- 30% Founders and team (Vesting for 6 months)
TOKEN SALE
Crowdsale summary
BETEX token sale will be carried out in two preliminary stages and one main stage.
▸ BETEX Token Pre-Sale, Round 1 (04.12.17 - 08.01.18)
▸ BETEX Token Pre-Sale, Round 2 (10.01.18 - 18.02.18)
▸ BETEX Token Sale (01.03.2018 – 31.03.2018)
Betex token pre-sale Round 1
Start of pre-sale round 1:
04.12.17 at 14:00 GMT
End of pre-sale round 1:
08.01.18 at 14:00 GMT or 500,000 of BETEX tokens are sold out
Pre-sale round 1 BETEX token price:
$2.00
Max amount of tokens to be sold:
500,000 out of 10,000,000 (5%)
Pre-sale round 1 hard cap:
$ 1,000,000
Min purchase amount:
15,000 BETEX
Betex token pre-sale Round 2
Start of pre-sale round 2:
10.01.18 at 14:00 GMT
End of pre-sale round 2:
18.02.18 at 14:00 GMT or 1,500,000 of BETEX tokens are sold out
Pre-sale round 2 BETEX token price:
$2.50
Max amount of tokens to be sold:
1,500,000 out of 10,000,000 (15%)
Pre-sale round 2 hard cap:
$ 3,750,000
Min purchase amount:
5,000 BETEX
Betex token sale
Start of main token sale:
01.03.18 at 16:00 GMT
End of main token sale:
31.03.18 at 16:00 GMT or 3,000,000 of BETEX tokens are sold out
Main BETEX token sale price:
$3.00
Max amount of tokens to be sold:
3,000,000 out of 10,000,000 (30%)
Main BETEX token sale hard cap:
$ 9,000,000
Min purchase amount:
0.5ETH or 0.05BTC
Betex ICO
Our Team
Our Advisors
Please Visit more informasion :
Website : https://betexlab.com/
Whitepaper : https://betexlab.com/betex-wp.pdf
Facebook : https://web.facebook.com/Betex-Lab-108138139938618/?ref=br_rs&_rdc=1&_rdr
Twitter : https://twitter.com/betex_tokens
Telegram : https://t.me/betex_ico
ANN Thread : https://bitcointalk.org/index.php?topic=2518678
Username : Ta.Form
Profile Bitcointalk : https://bitcointalk.org/index.php?action=profile;u=1109350
ETH : 0xaFA49103b15834D6bCF6ac5a2664b0c85e379b4E
