Wavesbet (WBET) is a custom application token that utilizes the Waves (WAVES) platform. According to the website, the Waves platform makes token creation quick and easy. New tokens can be launched with customized properties on the Waves platform in under 60 seconds. The Wavesbet token will primarily be used for gambling on the Wavesbet platform (a secure and decentralized online gaming network).
Wavesbet hopes to disrupt the online gambling market (predicted to reach $87.75 billion by 2024) by solving the primary problems related to the centralization of online gambling systems. It is not unusual for gambling companies to refuse a payout, especially if the person has won a large amount of money. Because the funds reside with the centralized third-party, the user has no recourse. In addition, since online gambling platforms are centralized, they are vulnerable to hacks. Finally, users are required to trust that the platform owners won’t close up shop and steal their funds.
Wavesbet seeks to address the centralization issues with its decentralized online betting platform. When users transact with the Wavesbet token, each transaction is executed through smart contracts on the Waves (WAVES) Network. Winnings are paid out automatically via smart contracts. According to the Wavesbet white paper, users manage their private keys so they have full control over their funds.
According to Wavesbet, their platform will include virtual games like roulette, slot machines, Sic bo, Black Jack, Baccarat, Poker, and dice. Gamers will be able to play on both desktop and mobile devices. The Wavesbet platform will give businesses the option of promoting their products and services to its users in the form of small banners and pop-up ads. The website claims that users will benefit from these ads because 100% of the ad profits will be shared with WBET token holders: 50% will go straight to token holders (shared equally); 25% will be used for weekly giveaways which token holders can win; and the last 25% will be used for a monthly lottery.
Wavesbet plans to offer a dividend to users who lock up their tokens in a special WBET
wallet. The dividend will be 1% of all commissions earned on the gaming platform.
This project was started in the 3rd quarter of 2018. There is a total supply of 60 billion WBET tokens.Read More