BETEX - Bringing clear-cut transparency to the financial derivatives markets
Betex is a leading-edge platform for P2P financial derivatives trading. It enables users to place bets on future changes against each other. As a platform provider, we cannot engage in betting. Thus, there is no way for us to benefit from it. We only profit from collecting service fees. Built with Blockchain technology, unlike traditional platforms, Betex provides access to real-time data, thereby, ensuring absolute transparency of its system. Determined to reinvent financial derivatives market, we strive to instill incorruptible business logic that would conclusively eliminate the issue of trust.
Executive Summary
Betex was built with a mission of bringing clear-cut transparency to the financial derivatives markets
as well as creating brand new instruments that would finally put an end to obsolete shady schemes. So now we are proud to introduce our leading-edge platform for peer-to-peer binary options, powered
with Ethereum smart contracts.
Binary Options is a financial derivatives instrument that requires traders to correctly indicate the price movement direction for the underlying asset at a given point of time in the future. The forecasting horizon can vary from a few minutes to several months.
Problems and disadvantages
We have analyzed the traditional binary options model to get a better understanding of all the reasons,
causing unfavourable attitude towards binary options and leading such a great idea to downfall.
➤ Traders bet against brokers. So trader‘s loss is broker‘s gain. Hence, the reason for brokers to make sure traders mostly fail. There is a common belief that 90% of traders‘ funds eventually end up in brokers‘ pockets.
➤ In general, trader‘s reward, in case he was right, stays fixed regardless of other factors, meaning, sometimes you should have had way more than did. Maximum that‘s ever available varies from 75% to 90% of the rate.
➤ Trading process takes place in a broker‘s backend, so it is not transparent. Such system allows manipulating data in a way that makes it difficult for anyone to find out the process was altered.
➤ At times, it‘s required to make a deposit to start trading, what takes time. Withdrawal takes even more time. If funds get frozen, users have to order or buy something to be able to make withdrawal.
➤ Quotations are often obtained from providers in a corrupt manner. And even then, it does not guarantee accuracy and validity of the given data.
➤ Even if brokers treat you right, it is impossible to prove, making trust a critical factor in a decision-making process.
Solutions and Benefits
➤ Outcome of a bet makes no difference to us (as the platform provider), or to brokers, as neither of us can actively take part in the betting process. We charge service fees, while traders place bets against each other (peer-to-peer).
➤ No deposits are required and an instant automatic withdrawal of funds is ensured. It is mainly possible due to the use of smart contracts.
➤ Traders who accurately determine future changes are rewarded with 95% of funds. In case of success, trader‘s gain largely depends on the ratio of the correct and incorrect outcomes;
➤ Both the platform and brokers can always prove authenticity and accuracy of the results. In the worst case scenario, if a mistake is made, it will be admitted or justified. Hence, it is no longer needed to trust each other to be sure terms are fair.
➤ Trading is realized with ERC-20 tokens of stable value. It is stored and presented in the Ethereum
blockchain, making it possible to audit the platform operations in real time, or later. Open access to data prevents intermediaries from altering results;
➤ 50% of the platform's profit made from commission is distributed among BETEX token holders.
40% goes to brokers.
➤ A composite rate, used in all calculations, is derived from several open sources by an established algorithm, considering the value of each source that is defined by trading volume. Using multiple sources makes entangles possible manipulations with the rate of an underlying asset, since they would have to be done in several places simultaneously. Working out of the composite rate is a completely open and transparent process: it is being logged and presented for public access in real time.
Business model
We designed a radically new business model to shift user mindset from worrying about the integrity of platform providers to focusing on own capacity to make profit. Betex is the only platform, where as much as 95% of funds are distributed among traders, who succeed. Besides, we are forming a large common pool of liquidity for each underlying asset in order to maximize users’ gain. Powered by Ethereum smart contracts, Betex brings undisputable transparency, fair conduct and auditable results to Binary Options trading.
Token sale
BETEX token sale will be carried out in two preliminary stages and one main stage.
BETEX token pre-sale Round 1
➤ Start of pre-sale round
1: 04.12.17 at 14:00 GMT
➤ End of pre-sale round 1:
08.01.18 at 14:00 GMT or 500,000 of BETEX tokens are sold out
➤ Pre-sale round 1 BETEX token price:
$2.00
➤ Max amount of tokens to be sold:
500,000 out of 10,000,000 (5%)
➤ Pre-sale round 1 hard cap:
$ 1,000,000
➤ Min purchase amount:
15,000 BETEX
BETEX token pre-sale Round 2
➤ Start of pre-sale round 2:
10.01.18 at 14:00 GMT
➤ End of pre-sale round 2:
18.02.18 at 14:00 GMT or 1,500,000 of BETEX tokens are sold out
➤ Pre-sale round 2 BETEX token price:
$2.50
➤ Max amount of tokens to be sold:
1,500,000 out of 10,000,000 (15%)
➤ Pre-sale round 2 hard cap:
3,750,000
➤ Min purchase amount:
5,000 BETEX
BETEX Token Sale
➤ Start of main token sale:
01.03.18 at 16:00 GMT
➤ End of main token sale: 3
1.03.18 at 16:00 GMT or 3,000,000 of BETEX tokens are sold out
➤ Main BETEX token sale price:
$3.00
➤ Max amount of tokens to be sold:
3,000,000 out of 10,000,000 (30%)
➤ Main BETEX token sale hard cap:
$ 9,000,000
➤ Min purchase amount:
0.5ETH or 0.05BTC
During the preliminary rounds of BETEX tokens sale, the tokens will not be transferred to the buyers.
According to the SAFT (or similar) agreement, the tokens will be transferred to the contributors later,
after they are generated.
After the main round of BETEX token sale, the BETEX tokens will be issued and transferred to the
buyers directly within 7 days after TGE (Token Generation Event).
Important! The sale of BETEX tokens during ALL rounds is subject to satisfactory KYC/AML
procedure.
Any of the BETEX tokens that are not sold during one of the rounds will remain at the company‘s
disposal.
Betex token distribution
Roadmap
➤ Q4 2016
- Idea
➤ Q1 2017
- Research & Development
➤ Q2 2017
- Proof of Concept
➤ Q3 2017
- Website Launch
➤ Q4 2017
- Launch and test of the p2p binary options platform MVP in the test net;
- Pre-sale of BETEX tokens in accordance with SAFT;
- Audit of the platform smart contracts;
- Web interface design of a platform section for p2p sports betting;
➤ Q1 2018
- Obtaining a license for betting; Commercial launch of the p2p binary options platform Betex;
- Development of the available trading pairs list;
- Launch and test of a section of the platform MVP for p2p sports betting in the test net;
➤ Q2 2018
- Commercial launch of a platform section for p2p sports betting;
- Connecting to the platform of the first brokers;
- Development of an API for trading bots; Launch of the platform mobile app for Android / iOS;
- Running the platform desktop client application;
➤ Q3 2018
- Registration of the BETEX token in the SEC;
- Carrying out the main stage of BETEX token sale;
- Developing and connecting to FIX API;
- Development of the platform section for p2p betting on irregular events;
➤ Q4 2018
- Scaling the network and / or moving to a more productive block;
- Launch of the platform section for p2p betting on non-regular events;
➤ Q1 2019
- Global Market Expansion & Adaptation
- Project Breakthrough.
Our team
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