ICO Analysis: Bethereum – Decentralized Social Betting Platform
Bethereum is a decentralized, social betting platform built on Ethereum technology. In Bethereum, players bet with friends and other players, not against a bookmaker with house odds. All bets on the platform are carried out via the Bether token (BTHR).
The Bethereum solution leverages blockchain technology to ensure the safest and most transparent betting experience possible. Players create the bets, set the rules and provide the liquidity for fulfilling payouts since there is no middleman involved. Smart contracts protect funds and automatically distribute winnings based on bet conditions and outcomes. The entire process is fully decentralized, secure and self-regulating.
Bethereum has ambitions to create the most user-friendly betting application and to support it with social virality and gaming elements (e.g., alliances, achievements, leaderboards, chat). Bethereum will initially enable sports betting and then extend to eSports, live betting and even third-party games. Unlike other solutions limited to simply a blockchain sportsbook, Bethereum is creating a platform catering to the needs of multiple consumer and business parties: casual players, high rollers, white-label customers, conventional betting agencies and third-party developers. Their vision is to develop a broad B2C and B2B ecosystem and establish their Bether token as a global betting standard.
Bethereum is designed to be intuitive and simple to use in order to attract casual bettors, including players who’ve never placed bets before. On the other end of the spectrum, Bethereum’s High Roller Club will cater to high rollers. With Bethereum’s social betting solution, every bet needs to be matched by someone else so high rollers can safely, easily, and legally bet as high an amount as they wish. This is a major advantage offered to high rollers over conventional centralized operators (which limit maximum bet amounts in order to protect the “House” from high payout liabilities).
The Bethereum social betting app will be available for Android, iOS, and Web including the following:
– 24/7 betting on a large set of sport teams
– jackpot and time-based events
– built-in player chat
– unique social features (leaderboards, group events, achievements, alliances)
– betting on local teams
– exclusive High Roller Club
– detailed bet history and stats
– secure wallet and withdrawal options
– easy to navigate, personalized experience
– live scores and news on favorite teams
– integration of third-party games
*** Bethereum already has an MVP available on the App Store.
The betting process on Bethereum is as follows:
Step 1 – Create a bet or join an existing bet
Step 2 – Set up the bet conditions: Choose bet amount, how the winnings will be split
Step 3 – Challenge friends, who will be immediately notified and can join right in
Step 4 – Watch the progress of your bet and get notifications about winners and rankings
Step 5 – Smart Contract pays out the winners automatically and instantly after the conclusion of all bet events
Bether (BTHR) is a deflationary and un-mineable utility ERC20 token fuelling the entire Bethereum solution. It is the digital token used for every platform transaction, for paying third-party developers for their games, and for enabling key platform processes.
Smart contracts will ensure bets are secure and not manipulated, as well as automatically distribute winnings. 5% of all winnings will be charged to players in order to cover the cost of third-party services (e.g., smart contracts, data feeds, statistics). Ten percent of this commission will be automatically burned, resulting in a decrease of token supply while increasing value of BTHR. Token burning will end December 31, 2022, or when 50% of all tokens distributed during the token sale has been burned, whichever event comes first.
The price will be 1 ETH = 17,500 BTHR with a hard cap of 25,000 ETH. The public presale will begin April 11, 2018, followed by the main sale in May 2018. 60% of tokens will be available for the token sale with all unsold and unallocated tokens being destroyed. Tokens allocated to the team and advisors will vest over a period of 72 weeks. You can view the vesting schedule here: bethereum.com/token.html.
The token distribution is as follows:
- 60% Token Sale
- 20% Team & Advisers (vested for 72 weeks)
- 12% Long-Term Budget
- 5% Token Sale Costs (includes marketing)
- 3% Bounty Program
The team and advisors are 20+ strong with experienced entrepreneurs, corporate executives, managers, marketers, software engineers, and graphic designers. Co-founder Peter Gal is Former Director of Strategy & New Business Development at Slovak Telekom (the largest Slovak multimedia operator) and a seasoned executive with 16 years’ experience leading strategic initiatives in Telco, IT, and banking. Co-founder Martin Herman is a development expert and was already founding startups in Silicon Valley at the age of 18. CEO Giacomo Tognoni is a marketing and gamification expert, former Chief Commercial Officer for a Telco operator, and an international executive with 20 years’ experience in mobile gaming, Telco, and IT. Bethereum has multiple advisers including Philip Staehelin, former CEO of €500M company and managing partner of Roland Berger consulting. Philip is also the co-owner of StartupYard (CEE’s longest running accelerator).
To view the complete list of team and advisers, visit: bethereum.com/#team
Bethereum is a social betting platform that allows people to play against each other, eliminating bookmakers and third-party betting agencies from the process. Smart Contracts automatically distribute winnings and eliminate the risk of human error or manipulation. This should attract casual bettors as well as seasoned bettors. The high roller section Bethereum is including is definitely a plus and has very strong revenue potential.
Their B2B angle could create solid demand for the token, well beyond consumer adoption. Not only will Bethereum appeal to first-time bettors, casual bettors, seasoned bettors, and high rollers, they will also integrate selected games and apps from third-party developers. Bethereum has an excellent team and idea. However, implementation, adoption and how they fare against their competitors will be the determining factors.
- Although Bethereum is aiming to be different from other betting platforms, they will still have to compete with others in the industry such as NoLimitcoin, LuckBox, and a number of others. -1.5
- We are not sure how they would be enforced, as some governments have anti-gambling laws currently in place. -1
- In the current climate of ICOs, hype is playing an important role in the success or failure before and after token sales. With a project’s community driving a lot of the hype, Bethereum is capitalizing with a large, growing community that’s active with over 53k Telegram members, 20k Twitter followers, and 17k Facebook followers. +2
- With the price of Ethereum having dropped dramatically recently, a project with their token price pegged to ETH instead of USD can be viewed as an excellent value opportunity. +1
- Bethereum has a large team capable of performing the workload required to achieve their goals and ambitions, as well as bringing the experience needed in the necessary fields. +4
- Any ico that has a working prototype prior to their public sale is ahead of the game. Bethereum has a prototype app available in the app store for iOS devices called Bethereum Lite includes a selection of sports and leagues. +3
Bethereum aims to bring back engagement and the social interaction to betting by allowing players to bet against each other instead bookies while using blockchain technology and smart contracts for transparency and security. Bethereum seeks to distinguish itself from other betting platforms by attracting casual gamblers with an interface that is user-friendly, intuitive as well as make it simple to create an account, and through the use of gamification (the application of game design principles and techniques to non-gaming contexts) which enhances player engagement, satisfaction, and loyalty. Blockchain technology and smart contracts are the perfect fit for this betting platform. With Bethereum’s unique approach, they may just be an ico worth betting on. Bethereum receives a 7.5 out of 10 rating.
- Token Symbol: BTHR
- Platform: Ethereum
- Token Price: 1 ETH = 17,500 BTHR
- Token Supply: 1,000,000,000 BTHR
- Available for Purchase: 600,000,000 BTHR
- Hard Cap: 25,000 ETHPresale: April 11, 2018
- Main Sale: May 18, 2018 – June 18, 2018
- Payments Accepted: ETH
For more information regarding Bethereum:
Website: bethereum.com (team, detailed roadmap, whitepaper)
Telegram: t.me/bethereum (53,000+ members)
Twitter: twitter.com/bethereumteam 19.9K followers