Social betting will become innovative with Bethereum’s social betting solution built on blockchain technology. Conventional betting has various key challenges but Bethereum’s social betting solution is designed to tackle all the obstacles encountered in conventional betting. Blockchain powered betting and unique social elements deliver the most engaging and secure betting platform on the market.
MarketMongers presents highlights of the conversation held with Bethereum’s co-founder Peter Gal. His passion for technology and business strategy already drew international attention, when his team ranked as finalist in the 2016 MWC mobile innovation award..
Rama: How and when the idea of Bethereum start ?
Peter Gal: The idea originated over an year ago. We as founders are passionate football fans and occasionally placed some bets online or with local betting agencies. From our own experience, we were not convinced that conventional betting offered the intuitiveness, security and user-friendliness that casual bettors deserved. So we involved a development team and started to design their our application. Soon, we realised that blockchain technology and especially Smart Contracts offered the perfect technology to complement our idea, and Bethereum was born.
Rama: What are current betting industry challenges and how will Bethereum overcome them ?
Peter Gal: The online betting industry is afflicted by a number of serious problems. Among other considerations, odds are vastly in favour of the bookmaker, payouts are not always honoured, and regular winners are restricted or banned. There is a lack of transparency and security, high fees and low returns, and low social involvement. These factors alienate a significant number of potential bettors from taking part in such systems.
Rama: Tell us about Bethereum social betting app and how it works ?
Peter Gal: To illustrate the basic functionality of the Bethereum social betting app, we made our iOS prototype available on the App Store (Bethereum Lite). It includes a selection of sports and leagues and can be tested using a free virtual currency. We truly care about community feedback and look forward to receiving suggestions. A simple interactive demo is also available on our website.
H O W I T W O R K S
1. In just 3 clicks, you can create a bet or join an existing one
2. Easily set up the bet conditions: Choose the bet amount, how the winnings will be split, and your favourite matches
3. Challenge friends, who are immediately notified and can jump right in on the bet
4. Have fun, as you watch the progress of your bet and get notified about winners, group members, and global rankings
5. After all bet events end, the Smart Contract pays out the winners instantly The first iteration of the Bethereum social betting app supports football, which is the most popular sport in online betting. The selection of supported sports and events will be gradually expanded, starting with mainstream sports such as basketball and ice hockey, followed by eSports, fantasy and real life events.
Rama: Tell us about your team.
Peter Gal: We are an international team of Silicon Valley entrepreneurs, corporate executives, talented product managers, software engineers, marketers, and graphic designers. We believe we can revolutionise the online betting market using cutting edge technology and unlimited passion.
Rama: Share your experience regarding being ranked in the top 3 in d10e pitching competition.
Peter Gal: Sunny weather, beautiful beaches and an island oozing with history and natural beauty of Malta. But we were here to do business. We entered the d10e pitching competition, looking to not only draw interest from the many blockchain contributors and syndicates in the crowd, but also to win recognition by placing high in the contest. Our CEO Giacomo Tognoni presented Bethereum to an excited crowd and he killed it! Despite the fierce competition from other projects, we ranked in the TOP 3, at one of the most respected events of this kind.
Rama: How does your token function within the platform and why is it required ?
Peter Gal: Bether is the digital token powering nearly every aspect of the Bethereum solution. It is the betting currency behind every platform transaction, the financial reward paid to third party developers for their games, and the fuel enabling key processes on the platform.
Rama:What are your plans after ending the ICO ?
Peter Gal: We are one of the very few blockchain projects with a working product prototype, already during the token sale. Prototype of our app can be downloaded from the App Store. For 2018, our plan is to launch Oracle / API feed, Bethereum wallet and Public beta app.