Introduction

A decentralized, p2p betting ecosystem on web 3.0

Web3 Bets Ecosystem is a decentralized, p2p betting platform, where players place wagers against each other instead of against a bookmaker or a betting exchange. It is built completely on blockchain technology, and powered by smart contracts.

Web3 Bets Ecosystem offers to bet players: anonymity, privacy, security, censorship resistance and trust, which are not obtainable in the traditional betting channels such as bookmakers or betting exchanges. There are two kinds of betting games in the ecosystem, pari-bet games and fixed-odds games. In pari-bet games, players bet on different possible outcomes. All bets on the same possible outcome are collected together to form a pool, the winning pool takes all values staked on the event. In fixed-odds games, players offer odds through lay betting for other players to wager against.

BXB is the native utility token of the Web3 Bets Ecosystem that is used to:

• pay the vigorish (fees) that is deducted from winning games in the ecosystem

• participate in some governance votes, such as development of new game products, addition of new game markets in existing products, creation of new roadmaps, adjustment of vigorish for winning games