The BXTB Platform is being developed and launched to form a stable, decentralized platform for gambling solutions on the blockchain. For users, institutions and investors alike, it is crucial to have a thorough understanding of the mechanics of any blockchain platform’s ecosystem – but many projects obscure their function through innumerable buzzwords and confusing jargon. Read on to learn in plain English how the BXTB Platform operates to solve the pain points facing the online gambling industry.
Quick BXTB Platform glossary:
BXTB – the governance token
CHIP – the transaction token
BXTB Wallet – where users store BXTB, acquire CHIPs and interact with casinos
BXTB API – the BXTB Platform toolkit for businesses
BXTB is the governance token of the BXTB Platform. Holding BXTB entitles the holder to voting on any issues that must be decided relevant to the BXTB blockchain. Holding BXTB also entitles the holder to royalties and profit sharing. BXTB tokens are mined through the Proof of Capacity consensus algorithm, but after being mined, the tokens have no rights on the platform until they are staked. BXTB is tradeable on cryptocurrency exchanges. All BXTB will be mined – no ICO, no pre-sale, no air-drop.
BXTB is staked by adding $1 USDT/USD to the BXTB platform reserves. Doing so creates a CHIP (BXTB Platform Token). The staked BXTB is linked to its corresponding CHIP, though they serve different independent functions. Whenever a CHIP is used in a completed transaction on the BXTB platform, the holder of the linked BXTB will earn 0.0025 USDT (0.25%) in royalties, pro-rated for partial chips. These 0.25% royalties are funded by the BXTB’s 1% transaction fee – and it provides the economic incentive to ensure a robust and healthy blockchain network.
CHIPs are the BXTB Platform Token are the tokens that are actually used for transactions on the BXTB Platform. CHIPs have three key characteristics: they are stable, secure and frictionless. This means instant value transfer without banking overheads. Every CHIP is backed by US$1 or equivalent in the BXTB Platform Reserves. These reserves will be transparently published on the BXTB blockchain. Consequently, CHIPs can be used without any of the concerns about price volatility that comes with many crypto projects. Notably, CHIPs will not be available on secondary exchanges, in order to preserve their properties that make them so useful.
Rather than being available on external exchanges, CHIPs will be available through the BXTB Platform Wallet, which works seamlessly with online casino partners and requires little to no cryptocurrency knowledge. As well as being used to acquire CHIPs, the BXTB Platform Wallet plays a key role in the relationship between users and casinos, allowing blockchain-based betting to take place directly as well as facilitating bulk deposits and withdrawals.
On the business end, the BXTB Platform API empowers online casinos to quickly and efficiently integrate BXTB payment and settlement solutions into their own pipeline. BXTB also features a sidechain mechanism which allows casinos to issue their own tokens on the BXTB Platform – which will still be compatible with all aspects of BXTB.
The BXTB Platform is carefully designed from the ground up to provide simple, frictionless payment, settlement and transaction solutions to online gambling businesses and users. BXTB in the end will provide value to everyone – holders, investors, gambling businesses, and users.