CyBet – Simplifying the Online Betting Domain Using Blockchain Technology

by | Nov 25, 2018 | Blockchain, Cryptocurrency News, Press Release

cybet online betting | cybet blockchain betting

Owing to digitalization, more and more players are participating in online betting activities worldwide. In fact, the online betting industry is speculated to reach USD 128.2 Billion by the year 2026. While the growth opportunity of this landscape is exponential, participants still fail to garner optimum benefits out of their investments. An excessive control by centralized systems is one of the critical hindrances that impact the growth of the present online betting sphere.

Challenges of Centralized Online Betting Network 

Following are the pitfalls of centralized betting platforms:- 

  1. Administrative Operation
    Centralized betting operations reflect a dictatorial management form, wherein an intransigent process is adhered that focuses on platform’s benefits more than users. This impacts the efficiency of a player’s performance and their opportunities to earn more profits.
  1. Lack of Diversity
    In a centralized betting system, user’s access services on a particular network using a single complex process, thereby lacking the flexibility that today’s diverse online players expect.
  1. High Vulnerability to Security Issues
    Security is one of the critical challenges concerning online betting system. As a centralized betting system is governed by a single operating system they are highly vulnerable to security and privacy risks

How CyBet is Transforming the Present Betting Realm

CyBet is an unconventional betting platform that has harnessed the potentials of blockchain technology, in order to make the conventional betting system more efficient and profitable for the users. It envisions to become the world’s first decentralized betting platform and optimize the profit-making opportunities of the users.

Essential Features of CyBet Platform

Some important features that make CyBet system different from the standard betting platform are:-

  1. Powerful and Effective Design
    The tech experts of CyBet platform have incorporated latest mobile and web technologies into the network, thereby offering responsive design. This, in turn, ensures that users always have a seamless betting experience within the system.
  1. Optimum Security
    CyBet has incorporated smart contract into its system. This technology allows users to perform multiple betting activities without worrying about security or privacy threats.
  1. Efficient Communication
    The system offers both bookmakers and participants a dedicated communication panel for instant private messaging.
  1. Easy Exchange of Tokens
    Cybet has listed its CYBT token on major exchanges, therefore users can easily buy and sell token within this platform.

Smart Contract – Garnering Efficiency and Security

Smart contract is one of the central components of CyBet platform. It is responsible for storing vital sports information securely and offering it to the bookmakers upon their requests. Sports information that is collected from various reliable sources is stored in the blockchain. The bookmakers use this contract to decide or set the odds for a particular game and raise relevant stakes. Once the participants have placed their bets, the smart contract generates a game structure that acts as an interface for players.

CyBet – A Decentralized Betting Zone

With an aim to streamline the existing centralized betting system, CyBet has incorporated the latest technologies- blockchain and smart control. This has allowed the system to create a betting network that is more reliable, secure, and effective for the players across the globe.

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