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Blockchain Betting and Profit Sharing: A Look into the XWIN ICO
Bitcoinist | Jan 22, 2018 | 13:00
The XWIN ICO is off to a healthy start in the new year. Launched on January 1st, the project has raised over $2.4 at the time of writing. The offering will last until the end of the month, and currently, there’s still a 10% for buy-ins. As it now stands, one XWIN token goes for the price of 0.005 ETH.
80% of all tokens will be made available to players and investors through the ICO, while the remaining 20% will be made available to team members a year out from the ICO’s end date.
What is XWIN?
Per its website, XWIN is “the world’s first crypto bookmaker,” a sports and events betting platform built on Ethereum’s blockchain that guarantees revenue sharing for its stakeholders.
Under XWIN’s model, bets and payments are handled through Ethereum powered smart contracts. All XWIN CryptoBet operations take place within these smart contracts, and records of bets, losses, and wins are stored on the blockchain’s public ledger.
When compared to current practices, blockchain bookkeeping offers a number of benefits:
Increased Transparency: All prices, bets, and transactions are verifiable thanks to the blockchain’s public ledger, effectively eliminating any chance of fraud under XWIN’s system. Further, smart contracts govern every step of the betting process, ensuring players and investors their promised payouts as dictated by these contracts. Once a determined payout is entered into a smart contract, that payout is locked into the contract and cannot be altered after-the-fact. As such, arbitrage or account lock-outs due to due to frequent wins are avoided.
Security: Smart contracts protect against malicious betting practices and completely nullify the chance of embezzlement. No one party has control over the platform’s smart contracts, and as a result, smart contracts and their mandates cannot be tampered with once they are entered into the Ethereum network.
Stability and Efficiency: The Ethereum blockchain will keep XWIN’s platform robust and stable. Thanks to the blockchain’s decentralized infrastructure, XWIN will not fall prey to systemic inefficiencies and vulnerabilities that plague centralized networks. What’s more, Ethereum’s smart contracts act as arbiters for the entire betting process, streamlining the process and cutting out the need for unnecessary oversight over bets and payments.
How Does XWIN’s Profit Sharing Work
XWIN betting margins range from 6-20%, and all margins are managed autonomously through an XWIN smart contract account. 100% of all margin profits are divided up as follows:
- 25% to the fund of guaranteed payments to the players
- 35% to public relations, marketing, promotion, and advertising
- 20% to administration and legal support
- 20% to income distributed among the investors
So, players are guaranteed 25% of betting margins, while XWIN token stakeholders and investors will receive 20%.
According to the project’s whitepaper:
The XWIN token holders can sell tokens at a nominal price at any time, and the tokens are redeemed directly by the XWIN platform smart contract.
What Can You Bet On and Who Can Use the Platform?
XWIN will accommodate betting for the following sports/events: football, hockey, tennis, basketball, motorsports, American football, badminton, baseball, biathlon, boxing, volleyball, handball, darts, E-sports, politics, rugby, mixed martial arts, snooker, chess, show business and more.
All bids and bets will be placed through Ethereum-powered smart contracts, and users can verify their buy-ins, payouts, and bet results on XWIN.io, through XWIN’s API, or through applications that interface with the Ethereum blockchain, such as My Ether Wallet or Etherscan.
XWIN tokens all betters and third parties to access the XWIN platform to place bids and take advantage of its betting solution. For example, if a third party bookmaker’s office, casino, or betting house wanted to use XWIN’s blockchain platform to optimize their betting/bookkeeping process, they would need XWIN tokens to do so.
For more information about XWIN and its ICO please visit XWIN.io.
Images courtesy of XWIN
