Dexsport Employs Blockchain to Enhance Security and Transparency in Decentralized Betting
With the emergence of decentralized money (Bitcoin) and its establishment as a decentralized store of value, the question started to shift on what else technology can impact in the same manner.
What would be the next industry to feel the effects of reduced centralization, and while the answers may well still vary, betting, which expands by around 9% annually, has felt the consequences quite notably.
The utilization of blockchain technology in betting has undoubtedly brought impressive new features for the entire field. As such, Dexsport – a DeFi betting and prediction platform – wants to be a part of the evolution of the betting industry.
Blockchain, Betting, and Dexsport
Although the number of dollars changing hands on betting platforms continues to increase year-over-year, the genuine innovations in the field have disappeared since most outlets started providing online features a decade ago.
Blockchain technology has the capability to change all of that because of its unique decentralized nature that, if implemented adequately, could bring back people’s trust in betting companies and projects.
The integration of provably fair games was the first major blockchain usage, which caught the attention. It’s a fair method that allows users to verify the random number generator – the algorithm responsible for making all bets random.
Smart contacts, mostly through Ethereum, provided more transparency and security. Decentralized betting platforms write every bet into a smart contract, which can be seen by anyone on the blockchain. Separately, funds are stored in wallets that users have control over.
Having all of this in mind, Dexsport wants to combine the best from the traditional betting world and the innovations coming with blockchain.
It operates as a DeFi prediction platform containing multiple features, such as sports betting, play-to-earn games betting, prediction market, peer-to-peer predictions on cryptocurrency price fluctuations, and an NFT marketplace.
The team behind it promised all the perks coming from employing blockchain, such as transparency and enhanced security, while also making its platform fast and easy to use.
Dexsport is a decentralized betting platform that allows users to play with a shared liquidity pool and receive near-instantaneous payouts once a win is declared. Users will transact and receive payments on the blockchain. The platform will feature betting, a prediction marketplace, P2P betting on exchange rates, and a collection of NFT arts.