Blockchain is a digital ledger on which the cryptocurrencies run. All transactions on the blockchain are made with cryptocurrency and validated by cryptography which is done in several steps. These steps are recorded and stored publicly and are the blocks that create the blockchain.
The mechanisms and third-parties, such as banks, credit card companies, or online payment systems, which are needed to verify transactions with fiat and cash currencies, are not required with blockchain. It relies only on the integrity of the cryptography and the distributed network itself – this means no fees and no dependence on a single third-party.
Instead of a central administrator, every transaction is managed and verified by distributed users. Since there’s no central location, as the information is stored simultaneously across the network of users, it makes it difficult to hack. The proof-of-work consensus mechanism which verifies the transaction is referred to as mining, and the users are miners. Each block is mined by solving complex mathematical problems. The miner who solves the block is rewarded in cryptocurrency. It is a complicated process that requires special programmes and computing power which use significant amounts of energy. The algorithms made from the completed blocks create a chain of fingerprints which are consistent with the data. Public blockchains are open-source. Anyone can read and write the data and build upon it, so they can vary in purpose and function. For example, Bitcoin offers electronic peer-to-peer cash system and digital tracking, whereas Ethereum expands on this function by running programming code of any decentralised application, allowing developers to write their own language. It does this by using smart contracts. These hold the code that facilitate the exchange of money, content, property, and any other asset, and this becomes a self-operating computer program that executes when the pre-determined conditions are met. The transaction is accepted and executed through cryptography, and the exchange is public and permanent.
BETR’s BETR token runs on the Ethereum network. BETR Nodes (BBN) will be distributed across users and will interact with each other which will manage the lays, execute the bets, and verify the payment.
The BBN will provide access to a huge global liquidity pool, wholesale betting opportunities, no fees, plus a provably fair and robust payment system, offering attractive betting solutions for bet layers globally.