Since its inception in 1994, online betting industry has been a popular concept. It has offered players with many prolific opportunities to participate in multiple betting activities across the globe. While the existing centralized approach has proven to be beneficial in many ways, there still remains setbacks that impact the player’s efficiency on the betting networks.
Hindrances of Centralized Betting Ecosystem
Some of the critical challenges of existing betting systems are:-
- Directorial Control
Centralized platform adheres to dictatorial forms, wherein an inflexible process is followed. The process is more focused on the platform’s profit rather than users, thereby it impacts the performance of the players.
- Inadequacy of Options
Users access various services in a specific network using a single complex process. This generates inflexibility in the centralized system.
- High-Security Risks
Being operated by a single operating system always put centralized platform vulnerable to security and privacy concerns.
CyBet – A Transformational Solution
CyBet is an online betting platform that envisions to be the World’s first fully decentralized network. It has leveraged blockchain technology to accomplish this objective. Furthermore, the platform also allows users to participate in various betting activities as a player as well as a betting company.
Smart Contract – Assuring Secure Betting Experience
The smart contract is one of the eminent components of CyBet platform. It is primarily responsible for securing vital sports data and offering it to bookmakers upon their requests. The data is derived from multiple reliable sources and secured into the blockchain. Moreover, bookmakers use this contract to choose or set odds of a particular game and place bets accordingly. Once it is incorporated into the contract, the smart contract creates a game structure that acts as an interface for gamblers to place their bets.
The Game Structure – An Interactive Interface
The Game Structure is a mini contract that also acts an interface and enables players to place their bets efficiently. This structure is managed by smart contract and once it is activities place betting activities are securely stored in it. However, tokens that players used while placing the bets are secured in the main contract itself.
Once the game is initiated or stakes of bookmaker have been depleted the smart contract deactivates the game structure. This is done to ensure that data does not tamper during the game session.
Subsequent to a Gaming Session
Once a particular game session is over and the scores have been retrieved, the smart contract restores the game structure from the blockchain. Extensive analysis of the game structure’s data is executed to determine the winnings. Once calculated, the winnings are sent to the relevant address of the owner so that they can withdraw tokens.
CyBet – A User-Centric Betting Zone
The centralized betting system follows a stringent process that fails to offer diversity and flexibility to the players. By implementing a decentralized approach, CyBet is transforming conventional betting system and making it more efficient, effective, secure, and flexible for users across the globe.
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