Token Sale: Blockchain to bring transparency in online betting
Online betting is a scammer haven. With dubious algorithms that ensures only the house wins, to a completely closed structure, online betting has many pitfalls. Moreover, it is completely regulated and monopolised. CyBet plans to change this power structure.
CyBet is a fully decentralized platform that is going to revolutionize the betting industry. It is a blockchain-based betting platform that runs on smart contracts. Every bet is stored is in a smart contract (even bookkeepers) therby ensuring equal opportunities to both players as well as betting companies to leverage latest technologies and earn substantial return.
With smart contracts, all the stakeholders receive their payments in a safe and secure manner. Each of these contracts is verified by the miners and each transaction is irreversible. Additionally, the platform facilitate anonymous betting that allows players to protect their identities.
The Cybet Token
For their platform Cybet is raising funds through a token sale. The token is called CYBET Token. The CyBet token (CYBT) is an ERC-20 utility token. Each token holder can work as a bookmaker and as a betting participant. This token will also be used to pay to the miners for verifying transactions between different parties. After this sale, users can buy this token on various exchanges or by laying bets.
CyBet Token ICO
There will be two kinds of token sales.
Private token sale
In this sale 1000 tokens were sold to private parties like developers, people into sales development etc.
Users can buy the CYBT token by accessing the token sale address on the CyBet website. This address has not been decided yet. The company has allocated 60 million tokens for the crowdsale. If users buy the CYBT token then they will get a 20% discount in the next round of token sales. Buyers of the CYBT token can immediately start laying bets on their favorite sports. Presently , 1 ETH = 1,000 CYBT. The sale of tokens is on till December 2018.
The soft cap of the crowd sale has been put at 25 million tokens. This means that the promoters expect that the crowdsale will generate this many tokens at least. If this target is not reached then the project will be terminated.
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