Betting On the Blockchain: Altbet Places The Right Bets

Project Reviews / 27.03.2019

‘The subject of gambling is all encompassing. It combines man’s natural play instinct with his desire to know about his fate and his future.’  – Franz Rosenthal

Gambling and betting are sports which have co-existed and evolved as mankind has evolved, and today they happen to be an integral part of entertainment in many parts of the globe. Gambling is an established global industry, clocking turn-over to the tune of approx 500 billion USD. With the surge of the internet, a sub-domain emerged in form of online casinos, which has been making progressive headway and already clocking close to 75 billion USD turnover. However, the industry faces a unique set of intrinsic challenges:

  • Centralized operations which are pegged in favor of the house (in form of house edge);
  • Lack of transparency leading to situations where the players cannot fully trust the system;
  • Compliance challenges where the local laws do not allow people to participate in betting/gambling;
  • High licensing cost which eventually reduces the reward outputs;
  • System manipulations to make the house win;
  • High transfer and transaction costs to arrange funds across the border.

On the reverse side of every challenge there is an equal or better opportunity and that’s exactly what a new emerging project called Altbet has done. Altbet was conceptualized in May 2018 while their gaming platform went live in October 2018. The project is industry first to leverage blockchain in mutual betting domain which encompasses gambling, sports betting, market betting, event betting (e.g.: election results), horse racing etc. Along with it, Altbet platform covers the complete bouquet with offering ranging from e-sports, Dice games, Penalty skill game, Coin Flip, Roulette, Online Slots, and Crash. In addition, Altbet has also created a native coin of its own – ABET, which acts as the underlying asset of the complete platform.

Which Gambling Challenges Is Altbet Solving?

Decentralized Transactions: When playing betting games on the Internet, many players value anonymity for many different reasons. Firstly, the situation of online gambling in many countries is uncertain. Secondly, they might be afraid of a possible data leak, which could cause them problems with the law or provide additional knowledge to people for whom the possession of this data would be unwelcomed by the players. A lot of players also don’t like revealing information about their losses or even winnings. Altbet solves this challenge, as they are based on blockchain technology, which is independent of centralized  like governments and banks. Therefore, transactions are almost entirely anonymous. Only Altbet wallet address is required to create your seed and log-into the portal, unlike in traditional casinos, where you need to provide your discrete data like name, address, bank account number, phone number and even identity proofs. Sometimes in traditional casinos, you must also provide your ID, such as passport or driving license.

Faster deposits and withdrawals: Another advantage of Altbet over traditional online casinos is that blockchain technology ensures transactions are much quicker, usually instant withdrawals and deposits. It is a significant factor for players who are worried about the safety of their funds. In major traditional online casinos, withdrawals usually last from 24 to 72 hours, and in less known poker sites they might last from a few days to even few months.

Trust &Transparency: While major traditional casinos are regularly verified and licensed by individual agencies, players may still have suspicions about the honesty of the operators. Many people give up on playing in major casinos only because of this sole reason. In the past we have seen many such examples of systems been rigged by the casino/developers. Altbet uses Provably Fair SHA-256 3 hash mechanism for every roll/bet/game which is cryptographically secure, transparent and immutable, which means that even the creators cannot interfere with it. This can be at any time analyzed and verified for fairness on the part of the service operator.

Better Rewards: Apart from entertainment, players play primarily for money. Altbet offers 0% house edge on certain games which means the house and players have equal probability of winning. Also given the reliability and transparency blockchain provides Altbet doesn’t need to spend loads of money on obtaining the gambling license, and the transactions between players and Altbet omit bank fees. It is a very significant advantage for Altbet over traditional casinos, because excluding these fees means thousands of dollars saved every day.

One stop Shop: Another unique feature is that unlike traditional betting where we need to hop from casinos to race courses to stadiums, with Altbet all this is possible from the user’s device itself which is real time and is executed with just a few clicks.

How Does Altbet Stand Out?

Technology: ABET Coin is based on the Proof of Stake (PoS) Quark protocol whereby mining / transaction verification is done based on the amount of ABET coins held. Moreover, the team integrated Masternodes to ensure transactions on the the network are lighting fast and the network is strengthened even more. The Quark protocol adopted by ABET team also ensures reduced transaction fee due to optimum utilization of the resources deployed across the network.

Masternode & PoS Rewards: The reward ratio generated of masternode:POS stands at 4:1, the current ROI for masternode stands at an amazing approx 345% while for POS on wallet is approx 86%. This is obviously expected to come lower as the spread increases and block mining difficulty increases, which will make the system more stable in days to come. Early adopters and investors surely end up gaining more. Currently there are 1279 masternodes active and average time to generate a block is about 60 seconds.

ABET blockchain follows a bell-curve reward structure, where the rewards are less at the initial and later stage and peaks at the center. Masternode set-up requires a collateral of 1000 ABET coins, but you can also use one of the third party services which offer shared masternode and staking services for ABET Coin. Should you wish to use the official wallets, for Windows, Linux and MAC,you can download them from the wallet section of their website.

Whitepaper & Website: These are the first impression of any project. ABET whitepaper covers the basics and is detailed enough to share relevant information. The website is where all the live gaming happens and it’s scaling up well to handle multiple games/bets simultaneously; it also covers the basic aspects of the project.

Social Media: In the digital space social media is one of the strongest tools available to create a huge global customer base. A legit team will strongly invest a lot of time and energy to build up their social media presence. ABET is mainly focusing on Discord (approx 5000 members), while other social media platforms Twitter (with 2633 followers) , Telegram (with 1382 members) and Bitcointalk gradually gaining momentum. The engagement levels on the social platform are quite interactive and are exhibiting clear growth trends. Feel free to check them out.

Supply & Premine: A legit project will always have a clear defined roadmap for coin release and distribution. ABET scores well here too. The total supply of ABET coin stands at 21 millionthe current supply in the market is 1.63 million. The distribution ratio is as per the pre-defined mining grid. Only 1% of the overall supply was pre-mined for initial set-up process inclusive of the team developer budget. This adds onto the credibility of the project as 99% of the supply is up for community to mine and leverage the growth.

Closing Thoughts

The simple feature that makes Altbet model work is that betting on the platform is performed using in-house ABET coin. The supply of ABET is fixed, so as demand and adoption of Altbet grows, so does the value of ABET. Therefore, ABET does not only perform certain functions on the platform, but it also presents itself as a viable long-term investment due to its design and PoS rewards. Having already an working product it is more easier for them to scale.

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.