Probably one of the most under-valued tokens out there now, BETR is a utility token delivering the foundation required to implement peer-to-peer betting – the escrow function. An initial tranche of BETR were sold at ICO in December 2017 which provided the funding to implement the system. The BETR peer-to-peer sports betting system has now been running for over a year.
Incorporating a sophisticated off-chain sports information and pricing dissemination network together with bet placement and settlement on-chain through smart contracts, the BETR system is leading the way in peer-to-peer sports betting on blockchain.
The BETR token incorporates an escrow function. Escrow removes access to a specified amount of funds (stake for the bettor or the risk for the layer) for a period of time until an outcome is determined, at which point the funds are directed to the winner. By implementing escrow in smart contracts on blockchain BETR eliminates the requirement for any organisation to sit in the middle of a peer-to-peer transaction between 2 parties who do not know one another.
While applicable and now demonstrable in peer-to-peer sports betting, the escrow technology has potential for use in other similar scenarios – think eBay, domain name transfers – any use-case where 2 parties who don’t know one another need to interchange value for something. These escrow agents have in the past been 3rd party companies which charge fees for the service – blockchain can replace them and reduce the cost for the end user.
The system was developed on Ethereum – at the time one of the only viable public blockchains with smart contract functionality. This comes at a cost, however, in gas fees and performance. While efforts have been underway for the past 2 years to resolve these issues, none have yet to make a substantial difference – leading BETR to look at alternative blockchains. There are a number of Ethereum clones which have resolved some of the issues for example TRON or VEChain. Probably the most promising alternative, however, is EOS which is an all new (as of last year) blockchain with very sophisticated data storage and programmability.
The BETR team is actively evaluating a move of the core technology and token to one of these competing blockchains. The move will be accompanied by a fund raise to facilitate marketing – to grow the user base and raise overall awareness for the system.
To see BETR at work visit https://betr.bet and take a position on some sports event/market. You will need a BetrWallet (https://betrwallet.com) to bet using ETH or BETR or can use any Scatter compliant wallet (Scatter, Lynx etc) to bet using EOS. BETR intends to roll out over many more betting currencies in months to come, cementing its position as the leading cross-currency sports betting opportunity on cryptocurrency.
All laying (the opposite side to the bet) on the system takes place in BETR – so as the use of the product increases so too does the requirement for the currency. Ultimately this demand will drive the price of the currency.