What Is CyBet?
CyBet is one of the world’s first blockchain-based betting platforms that seeks to create a decentralized community betting club solution to solve some of the major challenges in the betting industry such as lack of competitive betting odds, regulation by centralized companies, and betting companies extorting betting participants.
The blockchain-based CyBet community will use its cryptocurrency CyBet Token combined with secure smart contracts to bet and to make payments. The CyBet tokens can also be used by the holders to launch their own betting companies where they can list their odds.
How CyBet Decentralized Blockchain Betting Platform Works
The CyBet Club platform, run by the CyBet tokens, will enable users to set odds or bet on some of the major sports worldwide using smart contracts. CyBet will allow users to bet anonymous bets. Besides, it is created to accommodate large stakeholders who are known as bookmakers.
Through CyBet, the bookmakers can gamble on large stakes without regulation from a centralized organization. Other smaller gamblers can subsequently place their bets on the bookmaker’s odds and have the chance to win huge returns.
The Verified Smart Contract is the platform’s main smart contract whose main function is to secure any relevant sports data and to provide it to the bookmakers once they request it. All the sports data on CyBet is collected from trusted sources and stored on the blockchain, which ensures that it is secure and unalterable.
A Clear Game Structure
CyBet will have a game structure, which is a mini contract that facilitates that bets placed by the gamblers. When the game is about to begin or when the stakes of the bookmaker are completed, the smart contract will deactivate the game structure and save it on the blockchain to prevent tampering of the bets placed once the game has begun.
At the end of the game, the main smart contract will retrieve the game structure, calculate the winnings of both the bookmakers and the gamblers, and send the specific winnings to the address provided by the owners. The owners can then withdraw their tokens after they have paid the transaction fee.
Competitive Betting Odds
By investing in CyBet, the token holders can be part of the betting company that offers its users with the most competitive odds in order to attract more betting participants. Investors that will have the most attractive bets will receive priority listing on CyBet.
Complete Decentralized Network
Compared to the traditional betting where a central company fully controlled the betting odds, the CyBet tokens that power the CyBet club will provide a decentralized solution to the betting industry, which is owned by the community meaning that no regulation will be required.
Continuous Value Increase
The CyBet tokens will be removed out of circulation for 1000 days after the transaction, which will guarantee the token holders that the value of their tokens will increase after every transaction therefore benefiting the token holders.
CyBet CYBT Token ICO Details
Parameters Of The ICO
- Token: CYBT
- Total token supply: 210 Million
- Token supply during ICO: 60 Million
- Token sale date: November 12, 2018 – December 11, 2018
- Token price: 1 ETH = 1,000 CYBT
- Accepted currencies: ETH
- Soft Cap: 25 Million
- Hard Cap: 60 Million