What Is ZenSports?
ZenSports is a peer-to-peer sports betting marketplace, which allows anyone to create, accept sports, and bet right from their phones with anyone else in the world with no need of a centralized bookmaker. Participants can fund their specific accounts, place bets on the platform, pay commissions, and thereby cash out their winnings directly—all through the applications.
The platform is a decentralized sports betting zone and does not get involved during the making of bets, settling of bet results, or handling of disputes. The bet creators called Makers can create any type of bet they want with the given ability of self-reporting betting results whereas takers of the bets can accept any type of bets that the makers offer and dispute the results that they do not agree with. The disputes are resolved through the voting marketplace, with the specific penalties assessed to either the maker or taker if they are found to be on the losing end of the particular dispute.
How ZenSports Blockchain Sports Betting Cryptocurrency Works
Makers create any kind of a sports bet in their liking using their own odds, wager amount, and payout. The takers can then accept the entire bet placed by a maker or just a bit of it if they want to wager an amount less than the one offered by the maker. When the bet is over, the maker submits the results of the outcome of the bet. In order to prevent the maker from giving in false results, the platform has placed an escrow fee that is equal to 10% of the maker's bet set aside in case a dispute by the taker arises.
If the taker of the bet disputes the results of the maker, they have an escrow fee equivalent to 5% of their placed bet set aside that prevents a taker from submitting false disputes. The dispute goes directly to the marketplace for a vote on it. All bet winnings are accordingly paid out.
ZenSports’ token is called SPORT, which powers the ZenSports ecosystem. The bettors can use the SPORT tokens to place bets, pay for bet winnings, to pay the betting fees, earn dividends and passive income from the betting fees that is paid by others; it’s also used for the escrow fees and the payouts for placed disputes and to get ownership percentage for voting eligibility.
Create Own Bets
Users of the platform can create their own bets on their specific terms that are accepted by others. Anyone can be a bookmaker without the need of having a gaming license.
Settling Of Disputes
ZenSports is a decentralized platform that contains smart contracts built on ICON's protocol, which ensures it is a trust-less system that allows the marketplace to settle bet results as well as disputes.
The betting fees on the platform are redistributed back to the marketplace with a basis on the SPORT token ownership percentage. Users can earn passive income on a monthly basis while holding the platform's SPORT tokens.
ZenSports SPORT Token ICO Details
Parameters Of The ICO
- Token symbol: SPORT
- Token sale date: December 1, 2018 – January 5, 2019
- accepted payment method: ICX, USD, FIAT
- Total Token supply:10,000,000,000
- Hard Cap: $12,000,000