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The XWIN ICO is off to a healthy start in the new year. Â Launched on January 1st, the project has raised over $2.4 at the time of writing. Â The offering will last until the end of the month, and currently, thereâs still a 10% for buy-ins. Â As it now stands, one XWIN token goes for the price of 0.005 ETH
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80% of all tokens will be made available to players and investors through the ICO, while the remaining 20% will be made available to team members a year out from the ICOâs end date.
What is XWIN?
Per its website, XWIN is âthe worldâs first crypto bookmaker,â a sports and events betting platform built on Ethereumâs blockchain that guarantees revenue sharing for its stakeholders.
Under XWINâs model, bets and payments are handled through Ethereum powered smart contracts. Â All XWIN CryptoBet operations take place within these smart contracts, and records of bets, losses, and wins are stored on the blockchainâs public ledger.
When compared to current practices, blockchain bookkeeping offers a number of benefits:
âIncreased Transparency: All prices, bets, and transactions are verifiable thanks to the blockchainâs public ledger, effectively eliminating any chance of fraud under XWINâs system. Â Further, smart contracts govern every step of the betting process, ensuring players and investors their promised payouts as dictated by these contracts. Â Once a determined payout is entered into a smart contract, that payout is locked into the contract and cannot be altered after-the-fact. Â As such, arbitrage or account lock-outs due to due to frequent wins are avoided.
âSecurity: Smart contracts protect against malicious betting practices and completely nullify the chance of embezzlement. Â No one party has control over the platformâs smart contracts, and as a result, smart contracts and their mandates cannot be tampered with once they are entered into the Ethereum network.
âStability and Efficiency: The Ethereum blockchain will keep XWINâs platform robust and stable. Â Thanks the blockchainâs decentralized infrastructure, XWIN will not fall prey to systemic inefficiencies and vulnerabilities that plague centralized networks. Â Whatâs more, Ethereumâs smart contracts act as arbiters for the entire betting process, streamlining the process and cutting out the need for unnecessary oversight over bets and payments.
How Does XWINâs Profit Sharing Work
XWIN betting margins range from 6-20%, and all margins are managed autonomously through an XWIN smart contract account. Â 100% of all margin profits are divided up as follows:
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- 25% to the fund of guaranteed payments to the players
- 35% to public relations, marketing, promotion, and advertising Â
- 20% to administration and legal support
- 20% to income distributed among the investors
So, players are guaranteed 25% of betting margins, while XWIN token stakeholders and investors will receive 20%.
According to the projectâs whitepaper, âThe XWIN token holders can sell tokens at a nominal price at any time, and the tokens are redeemed directly by the XWIN platform smart contract.â
What Can You Bet On and Who Can Use the Platform?
XWIN will accommodate betting for the following sports/events: Â football, hockey, tennis, basketball, motorsports, American football, badminton, baseball, biathlon, boxing, volleyball, handball, darts, E-sports, politics, rugby, mixed martial arts, snooker, chess, show business and more.
All bids and bets will be placed through Ethereum-powered smart contracts, and users can verify their buy-ins, payouts, and bet results on XWIN.io, through XWINâs API, or through applications that interface with the Ethereum blockchain, such as My Ether Wallet or Etherscan.
XWIN tokens all betters and third parties to access the XWIN platform to place bids and take advantage of its betting solution. Â For example, if a third party bookmakerâs office, casino, or betting house wanted to use XWINâs blockchain platform to optimize their betting/bookkeeping process, they would need XWIN tokens to do so.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.