22 February 2019: Launching multi-currency betting, BETR Founder, Adriaan Brink said, “Today we introduce native ETH betting – a bettor can now bet in either BETR or ETH. If you bet in ETH you will be paid winnings in ETH. Simple. And it works. Seamlessly.”
A bettor simply chooses the currency that they wish to bet in. The system is now multi-currency – bets can be stored in any one of the supported currencies and mixed on the bet history and in the underlying smart contracts.
Fundamental to this innovation is the underlying escrow, which is always in BETR.
Once a bettor has chosen a currency, the bet is recorded with a fixed exchange rate which is used to calculate the winnings (if applicable). The bet is laid against the peer-to-peer layer at the BETR amount according to this rate.
From the layer’s perspective this is a BETR bet – layers will always lay in BETR and the underlying escrows will always happen in BETR. Affiliate payouts and any other rev shares will also remain in BETR. The underlying liquidity pool remains in BETR.
The tokenomic effect for BETR of this new technology will be that net losses in other currency betting will require further BETR being used in the system. These will be sourced from treasury reserves and by buying on exchanges. Ultimately this leads to increased liquidity in the BETR system
Brink, commenting on the possible implications of this technological innovation said, “Looking to the future this brings an exciting addition to our platform. We are working on adding cross-chain crypto currencies such as EOS and LTC to the client and hope to have more news on these soon.
“We are also, as a part of this change, moving to a technical architecture where we will be able to operate across multiple core systems, be it Ethereum, EOS or any other performant crypto currency.
The BETR Foundation was established in 2017 in Estonia, aiming to integrate blockchain technology into sports betting for a decentralized peer-to-peer betting system. Founded by Adriaan Brink and David Vanrenen, BETR is a non-profit organisation which develops sophisticated software solutions for peer-to-peer betting using smart contracts on the blockchain to enable the bet between a layer and bettor.
For enquiries about BETR please contact:
Tel: +44 (0)7500662977