Sure, we will count this Friday to NEXT Sunday as one week. No spreadsheeting today, all is good

There will be no Facebook campaign, but if you admin a cryptocommunity or have a lot of likes and followers on your own account, you can post unique 500+ word posts there and use them for a bigger Media bounty.

Thanks! Token sale will start on February, 20th. Full announcement really soon

Yes, of course!

Betex ANN thread
Betex Telegram community


BETEX — P2P BINARY OPTIONS PLATFORM
BETEXLAB.COM | WHITEPAPER | MVP

Our official channels:

ANN thread | Twitter | Facebook | Telegram | Medium | Signature campaign

Betex brings indisputable transparency, fair conduct, and audible results to the binary options trading. With Betex, traders will be placing bets against each other and never against platform providers or any other intermediaries. Built with Blockchain technology, unlike traditional platforms, Betex will provide access to real-time data, thereby, ensuring absolute transparency of its system. So there is no doubt that all users are treated equally and fairly. During the first round of investor pre-sale Betex has raised $1,000,000.

BETEX BOUNTY CAMPAIGN

We’re happy to introduce the Betex bounty campaign, a great opportunity to help the project promotion, and to earn some BETEX tokens without investing. You will need to perform some tasks, which will be rewarded with certain amount of tokens. The bounty started on February 16th, 2018, the end will be announced additionally.

TOKEN ALLOCATION

0.5% (50,000 BETEX) is reserved for the bounty campaign. The tokens will be distributed as follows:

• Blogs and Video bounty — 40% (20,000 BETEX);
• Twitter bounty — 40% (20,000 BETEX);
• Telegram bounty — 20% (10,000 BETEX).

MEDIA AND VIDEO BOUNTY

Bounty is over • View the spreadsheet

Rules:

• You can post media and blog articles, YouTube videos and big forum posts under this bounty;
• Articles and posts should be unique and contain at least 500 words;
• Medium, Steemit, Golos and other blogging platforms are welcome;
• Videos should be at least 2 minutes long;
• Articles and video descriptions should contain links to https://betexlab.com/;
• Bitcointalk forum posts should also contain links to our ANN thread;
• We may reject the bounty if we will find the article or video of low quality or having poor traffic.

Rewards:

• 1 stake for a good article, post or video;
• 2 stakes for an excellent article, post or video;
• Each reward cannot be more than 500 BETEX tokens.

TWITTER BOUNTY

Bounty is over • View the spreadsheet

Week 5 Spreadsheet[/b][/size]

Rules:

• Follow us on Twitter;
• Your account should be at least 3 months old;
• Your account should have at least 250 followers;
• Only one account is allowed per 1 ETH address;
• You must make minimum 3 retweets from Betex twitter AND 3 own unique tweets mentioning @betex_tokens #betex #ico within one week;
• You must report your activity in the forms we will add to this post each Sunday, no later than following Wednesday.

Rewards:

• 250 - 750 followers: 1 stake per retweet, 2 stakes per post. Maximum: 15 stakes a week;
• 750 - 1500 followers: 2 stakes per retweet, 4 stakes per post. Maximum: 25 stakes a week;
• 1500+ followers: 4 stakes per retweet, 8 stakes per post. Maximum: 50 stakes a week.

TELEGRAM BOUNTY

Bounty is over • View the spreadsheet

Rules:

• Join and take part in our Telegram channel;
• Follow the guidelines and respect other chat members;
• Do not mention bounty in chat, or will be disqualified and banned;
• Stay in the chat until the bounty end.

Rewards:

• 1 stake for joining the chat;
• 5 stakes for taking part in the discussion;
• 15 stakes for active engagement in chat and helping other community members.
• Each reward cannot be more than 500 BETEX tokens.

BOUNTY PAYOUT

All bounties will be calculated earlier than April 1st. Payout day will be announced additionally.

Future Value of the Betex Token Based on the Daily Turnover

In the table below, we have summarized some quantitative indicators by which one can understand how much one BETEX token can cost, depending on the daily turnover of the platform and personal expectations of the ROI.



For example, with a daily turnover of $100,000, the commission income will be $2,500 per day or 2,500/10,000,000 = $0.00025 per day for 1 BETEX token. With a token price of $2.00, this gives us a yield of 4.6% per annum.

Thus, having the turnover of the platform and the desired profitability, everyone will be able to decide what price of the BETEX token is fair at this point in time.

Information about the platform’s turnover will be publicly accessible.

The Betex Common Pool Lifecycle



Each pool of liquidity (basket) in the Betex system has following time characteristics:

• Time for bet placements;
• Waiting time for exit;

These time intervals are limited by:

• The moment of opening;
• The moment of closing;
• The moment of payment;

From the point of view of a smart contract, each of these moments is implemented using a special system transaction. The problem here is the uncontrolled time of the transaction (from the time it hits the transaction pool to the time it was confirmed), as well as the allowable deviation of the system variable (solidity block.timestamp) in 900 seconds compared to the real time.

The lifecycle of a pool includes the following:

Opening/creating a pool

During realization of the Betex smart contract it was decided to give up transaction at the moment of opening the pool for the sake of creating a system of identifiers. Thus, in order to execute a bet, you only need to know the pool ID. If there is no pool at the time of the bet, it will be created automatically.

Closing the pool

Closing the pool is implemented using a system transaction, which is carried out from a predetermined address (and is part of the Betex smart contract management system). The closure essentially means a ban on accepting bets from a certain moment. Closing the pool should occur faster with respect to other transactions (including bets), so this transaction is conducted with an increased gas price.

Payouts

Payouts are realized using a system transaction (or series of transactions), which is conducted from a predefined address. The calculation of winnings and the transfer of tokens is carried out inside the smart contract, so, potentially, such a transaction may not be invested in the gas limit of the block (with a large number of bets), so the system has the opportunity to pay winnings by sending a series of transactions, which makes it possible to work with a large number of users.

Betex Pre-Sale Extension and ICO Launch Date Announcement



Due to increased demand and high volume of KYC applications we have decided to extend the 2nd round of the pre-sale of BETEX tokens until February 18th, 2018. Thereby, you have extra 18 days to become the early birds and purchase the tokens at a very attractive price — $2.50 per token. We remind you that the token price during the main token sale will start at $3 and increase progressively, more details here.

The main ICO (token sale) will start on February, 20th. Within this crowdsale, all investors will be asked to go through a KYC procedure and will receive the personal investment wallet address afterwards, just like within the pre-sale rounds.

KYC procedure means providing our compliance team with the identity verification documents and signing a SAFT (Single Agreement for Future Tokens) agreement, which is a contract under which all BETEX tokens will be distributed after Token Generation Event (TGE) in April 2018. We understand that you, as investors, are more interested in getting the BETEX tokens right away, but with this agreement, you can rest assured that you will get your BETEX tokens within 10 days after TGE.

Betex platform will be launched on main network and open for users before the TGE, which makes it distinct from other projects who only start development after the ICO. All payouts will start accumulating right from the platform launch and will be paid out after the TGE to all eligible token holders.

https://betexlab.com/

Betex Main ICO: First Details
The main Token sale of Betex will start this February, the exact date is to be announced.

The BETEX token price will start at $3 and will gradually increase to $103 per token with minimal check of $1,000.

The price increase will be linear, meaning that each and every token will be a bit more expensive compared to the previous one. The token sale timeline is not limited, the ICO will end once all the tokens are sold. 40% of tokens total (4,000,000 BETEX) will be available during main token sale.

Before the TGE (Token Generation Event) we will be selling tokens under the Simple Agreement for Future Tokens (SAFT). After the TGE tokens will be available for immediate transfer.

To take part in the token sale all users will be required to pass KYC procedures.

Currently the 2nd pre-sale round is taking place until January, 31st. Within this round, BETEX tokens are being sold at $2.50 to those investors who have passed KYC procedure and are ready to purchase 5,000 BETEX tokens ($12,500) minimum.

Our CTO Mykhailo Tiutin is currently on a business trip to the Silicon Valley until February 2nd.

If you are in the area and would like to meet him to discuss the project and investment opportunities, drop us a line at info@betexlab.com to get started.

The business model, architecture, and smart contracts of the Betex platform are built in such a way that they can also be applied in related areas. We are considering the following alternative ways of using the Betex platform:

▹ Other types of binary options;
▹ Other derivatives;
▹ Betting on sports events;
▹ Betting on cyber sports events (eSports);
▹ Betting on irregular events;
▹ Betting for financial indicators;
▹ Betting on any other quantitative or qualitative indicators that imply the final small number of
options and were not listed above.

Our CEO Oleg Torkhov will be on a business trip to Switzerland on 22nd to 27th January, including the dates of the World Economic Forum.

If you're interested in getting in touch with him to discuss the project and investments, contact us at info@betexlab.com to set up a meeting!

That's great, thank you!

Let's get back in touch once we start bounties!

Architecture of Betex Smart Contracts

Main purpose of smart contracts is ensuring a transparent betting mechanism for the common pool of liquidity. Smart contracts were built under the following restrictions:

• The bet occurs by the means of transferring the SBT token into a common liquidity pool for a given event in the system;
• The network commission (Ethereum) should be as small as possible;
• Reward payout (including the transfer of the commission) is realized by a smart contract based on the data received from the oracle.

The architectural system is based on the following smart contracts:

• SBT token contract complies with ERC-20 standard. SBT is a stable (relatively to the USD rate) token, the exchange rate of which is artificially maintained, with emissions and burning made during the exchange operations.
• Exchange contract is a smart contract for automatic exchange of ETH to SBT and vice versa. ETH/SBT rate is regularly updated with an oracle and artificially maintained at 1:1 / USD level. When crediting ETH, the required amount of SBT is being emitted. When withdrawing ETH, corresponding amount of SBT tokens is being burned.
• It is also planned to implement time restrictions on the token use. If the token is not used in the Betex system for a certain period of time, it is automatically exchanged back to the ETH source address. This may prevent speculations with tokens.
• Betex smart contract is a management system for liquidity pools (betting baskets). It accepts bids by moving SBT token to a specific pool (basket) for a limited period of time. After the waiting time has expired, the payout is redistributed among the players based on the oracle data.
• Commission smart contract is the contract-aggregator of commission fees. It charges the entire commission from operations in the system. The distribution of the commission is made by this contract once in a certain period of time (currently, once in 24 hours).
• Referral smart contract is contract managing the referral program. Betex supports a single-level referral program and redistributes part of the commission to the referral addresses. This smart contract stores the necessary dependencies.

The implementation of smart contracts is carried out considering all modern practices and approaches, including the overflow checks, 100% test coverage and statistical control of Gas used.

BETEX STARTS 2ND PRE-SALE ROUND

Betex has successfully closed the 1st pre-ICO round by hitting the $1 million hard cap.

From January 10th, Betex starts the 2nd investor-only pre-sale round, which will last until all tokens are sold out or until 14:00 GMT on January, 31st. The 2nd round is to sell 1,500,000 BETEX tokens at $2.50, which sets the round’s hard cap at $3,750,000. The minimum purchase amount is 5,000 BETEX tokens.

To take part in the 2nd pre-sale, investors should pass the KYC/AML procedures. To get started, press ‘Invest’ button at https://betexlab.com/
The dates and details of public crowdsale of the remainder of BETEX tokens will be announced afterwards.

Also, Betex has simplified the signup procedure for its MVP. To register and try out the MVP, you can enter your email on the login page at https://betex.io/ to get a private key of a wallet on test network faster. The other details on using the MVP can be found in our guide here: https://medium.com/@b…/how-to-use-the-betex-mvp-2ffd30e140f3

Website: https://betelab.com/
Whitepaper: https://betexlab.com/ico/betex-wp.pdf

Betex Platform Scalability

The Betex platform was originally designed in such a way that the increase in the number of trading pairs, users, brokers and transactions, the speed and quality of the platform is not affected. This applies to both the hardware and network infrastructure, as well as the architecture of software components.

At the moment, considering the average load of the Ethereum network at the level of 50%-60% and the average gas volume necessary for the platform operation, the maximum amount of transactions per day without increasing the Ethereum network capacity is about 100,000.

We have several possible solutions for the platform’s scalability:

• Upgrade of the Ethereum network that will allow the capacity increase;
• Transition to an alternative block system if it also offers smart contracts or similar solutions that will allow the business logic of the platform to be implemented at a higher rate and/or at a lower cost;
• Transition to our own specialized blockchain that will be able to provide the platform with a level of transparency and reliability not lower than the current one and at the same time it will be sharpened directly to the needs of the platform.
  The fulfillment of the first two conditions does not depend on us in any way. Our team monitors the situation in terms of significant changes.

As for the latest point, work is being done in this direction. At the moment, we are at the initial stage. The results should appear in the second half of 2018. All issues should be resolved within a year.

The Betex Oracle

The basis for deciding the outcome of each round in the Betex system is the resulting composite rate (Outcome Rate) provided by the oracle, so the oracle is a critical component of the system that is located separately from the rest of its parts. The work of the oracle is built on the principle of publicity and transparency. The results of its work (in the form of payment transactions) will be available for verification through the blockchain explorer (etherescan.io for the Ethereum network).

Every time, the Betex composite rate is calculated as the average weighted of the exchange rates on the main exchanges. Each trading pair has a separate list of exchanges with significant volume for this particular pair. Thereby, the weight factor is trade volume on each of the exchanges.

In case one of the exchanges stops delivering data on the rates, its rate (the latter value) continues to participate in determining the composite rate, the strike rate of which includes the data of this exchange. This prevents sharp artificial jumps of the composite rate due to the redistribution of weight values.

With a fixed rate from one data provider, the courses of the remaining suppliers continue to move the composite course according to the current market situation. This is how we smooth out such an abnormal situation as correctly as possible.

If the data supply by this exchange is not resumed by the start of the new round, the strike rate will be calculated already not considering the rate from this exchange. Thus, such data provider will be temporarily “disqualified” in the Betex system.

For each oracle in the Betex system, we also plan to publish the source data and the methodology for obtaining the result, according to which the composite rate was calculated at each time point.

Historic And Economic Background of Binary Options

The first regulated binary options took place in the US in 2008. In early May 2012, the Cyprus Securities and Exchange Commission (CySEC) included Binary Options to the list of financial instruments recognized by the law of the Republic of Cyprus on Investment Services, Investment Activities and Regulated Markets of 2007.

Thousands of brokers and traders worldwide were massively employing this instrument back then. It was greatly favored for the simplicity of concept and high chances of success. The industry was experiencing exponential growth until 2014, reaching tens of billions of dollars in its annual turnover.

But something went wrong there. In the following years, regulators from all over the world have been making rather strong statements, claiming that binary options is a deceit and discouraging traders to get involved.

For instance,

American Regulators have issued a “Warning to Investors,” which explained that legitimate platforms for binary options trading must be registered with authorities and comply with a set of rules. And yet, no web-platforms, brokers, or whatsoever, possess the relevant registration in the US.

„The Times Of Israel‟ magazine has published a series of articles entitled “Wolves Of Tel Aviv: The Grand Immoral Cheating Of Binary Options,” exposing the binary options industry as a big scam.

The Commodity Futures Trading Commission warns that “online platforms for binary options mislead users, promising huge gains at a limited risk. In reality, users lose their money in days while companies make profits.”

https://betexlab.com/