Peer-to-peer binary options platform

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. Binary Options is a financial derivatives instrument that requires traders to correctly indicate the price movement direction for the underlying asset at a given point of time in the future. The forecasting horizon can vary from a few minutes to several months. 

Market overview 

According to the utmost conservative estimates, the volume for the world market of binary options is at least $30 billion per year, with almost $5 billion yearly in Japan alone. Exact estimation of this figure is not easy to obtain since in most countries there is no reliable data on the binary options market turnover because of its extreme shadiness and untruthfulness as well as the lack of clearing from the overwhelming number of brokers

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.



BETEX ECOSYSTEM
Basically, you can access and interact with Betex ecosystem, being a: ▸ Trader ▸ Investor ▸ Broker

 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.

 TOKEN SALE 9.1.
 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)

During the preliminary rounds of BETEX tokens sale, the tokens will not be transferred to the buyers. According to the SAFT (or similar) agreement, the tokens will be transferred to the contributors later, after they are generated.

Start of ICO:

01.03.18 at 12:00 GMT

End of ICO:

31.03.18 or 3,000,000 of BETEX tokens are sold out

ICO BETEX token price:

$3.00

Max amount of tokens to be sold:

3,000,000 out of 10,000,000 (30%)

ICO hard cap:

$ 9,000,000

Min purchase amount:

0.5 ETH or 0.05 BTC

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