The decentralized sports betting markets are quite new and BX will be presenting itself as a go-to-platform in this promising industry, especially as a decentralized betting exchange with a focus on Sports. The co-founder Christian Lenz, will be discussing the BX project with us in this interview.
Please tell us your name and about yourself?
My Name is Christian Lenz and I am one of the Co-Founders of BX. I have worked for big IT and Telco companies for the past years. I was responsible for the technical project lead of big IT projects. Additionally, I concentrated on implementing more entrepreneurial and innovative spirit into these companies, by bringing in innovative ideas and creating an in-house startup. Since 2010 I’ve developed an intense fascination with the idea behind Bitcoin, which was the beginning of an ongoing journey of discovery in the field of blockchain technology. When Ethereum came out, I taught myself how to code in solidity to understand the full potential behind the opportunity to run code on a distributed ledger, what’s so-called blockchain 2.0. I am highly fascinated by the impact that this technology had and will have on so many industries. Combining this with my passion for gambling, together with the great team of BX, made me fall in love with this project.
What is BX and what problems are you solving?
BX is a blockchain-based betting and prediction market ecosystem, designed to change the way the world bets. The online gambling industry has experienced decreasing levels of trust and diminished reputation in recent years. We tackle these problems at source by creating a decentralized betting exchange without a middleman and centralized structures, that has the ability to disrupt and redefine the traditional betting industry by offering its users a unique and enhanced experience. With BX, we are giving back betting in the hands of the players. Betting on BX is transparent, secure, fair and without any interference by a centralized operator, meaning the users won’t be restricted or limited in any manner.
What are the major features and services you provide at BX.Bet?
BX is a decentralized betting exchange, that means all betting transactions are taking place without any centralized authority in place. On BX any user can take over the role of the bookmaker, create their own markets, place and offer bets with self-determined odds, and even participate in the outcome determination of a market. These features create a whole new experience for the players. With our tremendous experience in this industry, we are creating an ecosystem that is, in our opinion, by far the most thought out and mature project available.
To go a little bit more into details:
First of all, the underlying betting system of BX is based on the functionality of a betting exchange. We are implementing the full functionality of a betting exchange with all its advantages, meaning full transparency on the order book and the opportunity for every user to place buy and sell orders, with their own odds. The great thing about it is that the odds on BX are not set by a centralized authority but by the BX users themselves and thus solely reflect the accumulated opinion of all users about the probability of an outcome.
One of the core problems of peer-to-peer betting markets is the lack of liquidity so that no bets are available and the markets dry out. With our Market Owner concept, we are introducing a solution for these problems in P2P betting markets. Every user can become a bookmaker and create their own betting markets to directly participate in the success of the market and get incentivized for providing constant liquidity in the form of odds/bets availability.
As nowadays betting mainly takes place online, it has lost most of its social character. With BX we have designed an ecosystem that will change the way the world bets and bring back what betting should be mainly about: fun and excitement. On BX, you are not betting against a faceless operator but against other players with full transparency, no middleman, and no centralized odds. Furthermore, we are creating the possibility to create private markets for closed groups without any fees so that a new social and secure betting experience arises.
Another unique feature of BX is its multiple market focus – We are not solely focussing on sports but also on Prediction and Finance Markets, as these markets verticals can be covered perfectly with our betting exchange functionality. This wide-ranging focus creates an extremely diverse and exciting variety of markets, which has never been seen before and will create a unique experience.
What is the technology behind BX.Bet?
The BX ecosystem is based on the latest technology on the market with Ethereum being the enabler for the decentralized and blockchain based nature of BX. The core of the functionality is implemented in the BX Market Smart contracts. All BX betting transactions, as well as payouts, will run safely, autonomously and transparently on the blockchain by using the Smart Contract Technology of Ethereum. Thus, we ensure that all transactions are completely secure and tamper-protected.
To access the BX ecosystem, we are implementing our multi-platform strategy, with a strong focus on an intuitive and clear user interface and user experience. Betting on BX will be extremely simple and easy-to-use. We are building a web application, a desktop application, which will also contain a wallet to store your BX tokens in a secure and safe manner, as well as native mobile apps. These multiple interfaces support a seamless omnichannel access to the whole ecosystem. Additionally, we are creating a comprehensive and powerful API to enable developers to create applications for the BX ecosystem and the opportunity to generate attractive revenue streams according to the success of their apps or platforms. We hope to embrace creative entrepreneurs and developers to create innovative solutions and add-ons that will enrich the BX ecosystem with exciting new features.
All this is based on our BX token, which will be the key component to enable all betting transactions within the ecosystem. It is used for all placed bets, the determination of the outcomes and the incentivization for all affiliates and developers within the BX ecosystem.
If you like to see, how betting on BX feels like, please take a look at our MVP, which allows full blockchain and exchange based betting.
What is the market size of Betting on Blockchain?
As decentralized sports betting markets are quite new and characterized by a high degree of dynamism, there are not many statistics about this specific market. Especially for a decentralized betting exchange with a focus on Sports, Prediction and Financial markets, there are no numbers and figures out there, as BX will be the first of its kind. Nevertheless, statistics for online sports betting and prediction markets do exist and give reliable statements of the market potentials.
In recent years the online sports betting industry has been characterized by strong growth and remains a fast-growing and highly-segmented market with millions of players. Since 2009 the online gambling market has doubled in size and currently has a volume of nearly 60 billion USD per year. The innovative approach of the BX ecosystem offers even additional growth and market opportunities with the prospect to disrupt and revolutionize the whole betting industry.
Tell us about your Token Sale, why should we participate, what are the advantages?
We are in the private sale phase at the moment and getting fantastic feedback from the community, experts, and investors. Potential investors, who like to participate in the private placement can e-mail firstname.lastname@example.org and include their desired investment amount.
Our official pre-sale will start at the end of October. For all early-adopters, we offer some nice token bonus. The main sale will take place at the end of the year. Join our community, and we will keep you updated on all upcoming sale events.
There will be a total supply of 200m BX token, whereas 60% will be distributed with the token sale event. The Softcap is 5m USD, and the HardCap 20m USD. 1 BX token will be 0.19 USD.
Tell us about your Token Economy and how your token works.
The BX token is conceived to become the global standard for all betting transactions. It is the enabler for all betting transaction in the ecosystem, which makes it an integral part of BX. With the BX token, you will be able to place bets, create betting markets, determine outcomes of a market and claim rewards and betting profits.
How can we invest in the BX.Bet Token?
The contribution in the BX token sale is really easy and accessible for everyone. Just visit our website https://bx.bet and click on register now. After you’ve created an account, you will be able to login to our BX TokenSale dashboard. You then just have to go through our secure and convenient KYC process and set up your ERC-20 compatible masterwallet. After that, you are ready to purchase your tokens either with BTC, ETH or Bank transfer.
Could you tell us about your team and customer support?
The team is one of the key components of the BX.bet project. No other iGaming blockchain project out there can represent such a high level of iGaming industry experience as the creator team behind BX. We truly know and understand the industry inside and out, we know its strengths, weaknesses, its users and what makes a product successful. Our team members have worked for the biggest betting companies like Betfair, Betsson or Bwin and we have successfully launched and sold several own iGaming ventures. We will bring all our iGaming experience and knowledge into the blockchain sphere to create the best decentralized betting ecosystem in the market. Together with our top-notch development team we are working with full throttle and passion for making BX a huge success with the vision to revolutionize the whole industry.
But BX is not just about the team behind it. What makes us really special is our community whose day-by-day support is truly overwhelming. We are trying to be as available as possible for our community. The easiest way to reach out to us is in our official telegram group, where we will try to answer your questions 24/7.
How Safe is BX.Bet, would you like to talk about your legal and security measures?
While we’ve created the concept of BX, we had intense discussions about the potential tradeoff between full decentralization and the opportunity to make the BX ecosystem a safe and legal place. In the end our tremendous experience in the betting industry and the importance of precise control mechanism, which caused the betting industry to be as successful as it is today, led to the choice to implement some community-based control mechanism within the ecosystem.
Another important topic are the gambling regulations. These have been an important and crucial topic in the last years and helped the whole industry to become a mature and professional business area. For an innovative and utterly revolutionary concept like BX, the current regulatory frameworks are difficult to apply. That’s why BX continues to work together intensively with the authorities to ensure that BX is in line with all regulatory requirements and to establish BX as a fully compliant player in the gambling industry. We shall be liaising with our advisors and the relevant regulatory authorities to obtain any necessary licenses if and when required.
Additionally, we are working on being fully compliant with the current Maltese regulatory framework for issuing virtual financial assets. We will seek any required approvals from the competent authorities once the relevant laws are in force and thus be regulated under the VFA-Regulations on Malta.
Do you have more information for our readers?
Make sure to check out our website, as well as our MVP (mvp.bx.bet). I would like to invite you to join our telegram community, so you can stay up-to-date with all future updates and developments of BX. Let’s revolutionize this industry together. BX is the future of betting.