Web3 Bets Ecosystem is a decentralized, p2p betting platform, where players bet against each other instead of against a bookmaker or a betting exchange. It is built completely on blockchain technology, and powered by smart contracts.
Web3 Bets Ecosystem offers to bet players: anonymity, privacy, security, censorship resistance and trust, which are not obtainable in the traditional betting channels such as bookmakers or betting exchanges. There are two kinds of betting games in the ecosystem, pari bet games and fixed-odds games. In pari bet games, players bet on different possible outcomes. All bets on the same possible outcome are collected together to form a pool, the winning pool takes all values staked on the event. In fixed-odds games, players offer odds through lay betting for other players to wager against.
In traditional betting channels, players bet against the house (bookmakers and betting exchanges). But in the Web3 Bets Ecosystem, players bet against other players transparently on the blockchain. The implication is that the “bank can never be broken”, that is, there can never be a situation where a player wins and does not get his full reward.
BXB is the native utility token of the Web3 Bets Ecosystem that is used to: