BETEX PLATFORM

https://betexlab.com

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.

Distributio of 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.

▸ 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.

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.

SYSTEM RESTRICTIONS

Since transactions are accepted and confirmed by the network in asynchronous mode, it creates a number of problems when the system is running. Let's view them in more details using the figure below.

ORACLE

The basis for deciding the outcome of each round in the Betex system is the resulting composite rate (Outcome Rate) provided by the oracle, so the oracle is a critical component of the system that is located separately from the rest of its parts. The work of the oracle is built on the principle of publicity and transparency. The results of its work (in the form of payment transactions) will be available for verification through the blockchain explorer (etherescan.io for the Ethereum network).

Every time, the Betex composite rate is calculated as the average weighted of the exchange rates on the main exchanges. Each trading pair has a separate list of exchanges with significant volume for this particular pair. Thereby, the weight factor is trade volume on each of the exchanges.

In case one of the exchanges stops delivering data on the rates, its rate (the latter value) continues to participate in determining the composite rate, the strike rate of which includes the data of this exchange. This prevents sharp artificial jumps of the composite rate due to the redistribution of weight values.

With a fixed rate from one data provider, the courses of the remaining suppliers continue to move the composite course according to the current market situation. This is how we smooth out such an abnormal situation as correctly as possible.

If the data supply by this exchange is not resumed by the start of the new round, the strike rate will be calculated already not considering the rate from this exchange. Thus, such data provider will be temporarily "disqualified" in the Betex system.

Market Overview

1 - Header - In this block, you see the available balance of ETHEREUM and SBT tokens that you can use for bets. Also, here is a link to the profile, by clicking on which you can make a token exchange and see statistics on referrals.

2 - Assets - This block contains a list of available trading pairs (basic assets). The current composite rate is displayed next to each trading pair respectively.

3 - Composite rate - This block displays the current composite rate of the selected trading pair (the basic asset). The oracle of this block is engaged in constant monitoring of the rates on the main exchanges (each trading pair has a separate list of exchanges with significant volume for this particular pair).

4 - Price chart - This chart is a graphical display of the history of changes in the composite exchange rate of the basic asset for the selected period, as well as the display of the current exchange rate.

5 - Current state of the pool - This block displays the status of the total bet pool for the current round for the selected trading pair and time slot. For each of the two types of betting (up and down), the amount of bets in the current round, the bet/interest ratio, and the number of bets are displayed.

6 - Time period - In this block, you can select one of the six time intervals for placing bets. At the bottom of the block for the selected interval, the time remaining until the end of the bets in the current round is displayed, as well as the total pool of the current bets.

7 - Strike rate - This block shows basic rate of a current trading pair, time slot and round. At the end of the round, this rate determines where the price went — up or down.

8 - Bet amount input - In this block, there is a field for entering the betting amount. On the right side of this block, the current coefficients and the amount of possible wins are displayed with a bet on each of the outcomes. The important point here is that these values are not final and can change until the current round is open for bets. This is due to the fact that the winning ratio is determined based on the ratio of the sums of the rates for growth and the rates for a decrease.

9 - Option types - In this block, there are 2 buttons with which you actually place the bet in the system after you have decided on the trading pair, the time interval and the betting amount.

By pressing the green "Call" button, you bet that the composite rate at the end of the current round (Outcome Rate) will be higher than the basic rate (Strike Rate), which was fixed at the beginning of the current round.

By pressing the red "Put" button, you bet that the composite rate at the end of the current round (Outcome Rate) will be lower than the basic rate (Strike Rate), which was fixed at the beginning of the current round.

10 - Your orders - This is a table that displays your current open bets. This table also shows closed bets. To view thee closed bets, you must press the switch on the right side of this block to the "Expired" position. Here‘s a brief description of the columns of this table:

▹ Order ID - ID of the bet;

▹ Round ID - ID round (service information);

▹ Asset - The name of a trading pair or a basic asset;

▹ Type - The type of bet (on increase or decrease);

▹ Order Time - The time of the bet placement;

▹ Strike Rate - The basic rate in this round;

▹ Current Rate - The current asset rate;

▹ Bet Amount - The amount of the bet;

▹ Expected Win Amount - The expected possible win;

▹ Time Left - Remaining time until the final rate is determined in the current round;

More information you can also update on :

Website : https://betexlab.com/