Wikipedia describes decentralization as “(…) the process by which the activities of an organization, particularly those regarding planning and decision-making, are distributed or delegated away from a central, authoritative location or group”.
In our case, what matters the most is opening the door to innovation. Although incumbent gambling portals and apps have been able to provide an adequate experience to their customers thus far, barriers to entry for innovative new entrants and startups continue to be high. The financial, technological, and legislative hurdles are not trivial. Innovation in the gaming industry is out there, it just hasn’t been tapped yet due to these issues.
BetProtocol aims to solve these issues by building standardised tools to allow operators to build on top of our betting protocol, while satisfying the needs for compliance, cost savings, and player safety.
The harsh reality for any new gambling startup is that extremely high initial costs are involved. Product development and regulation costs are expensive. There are few standards or frameworks to bootstrap an MVP from quickly and cheaply. The upfront investment in a gaming license is a significant cash, time, and effort outlay.
It’s overwhelmingly difficult to kick-start any project in gambling due to the high startup costs.
The result of this high barrier-to-entry is that players tend to gravitate towards the few brands that happen to overcome these barriers. This leads to centralisation of the industry, and a resulting lack of consumer choice, and innovation.
However, what if anyone could build a Dapp on top of a fully decentralized, transparent, auditable and regulation-compliant betting protocol? Better yet, what if said protocol was blockchain agnostic and allowed for all players, from all tech-backgrounds, to build their own vision of how the future of gambling should be?
If we solve backend and regulatory issues for developers, that naturally means that they have more time for innovation, UI/UX, and product development. Ultimately this translates into a more varied and interesting experience for the consumer.
BetProtocol provides an out-of-the-box toolkit for developers, combining multiple frameworks; it becomes possible to develop certain modules (or blocks) at a time, and later add other features by connecting each module to one another.
Following the cryptocurrency cyber-punk logic of adding incentives and reputation, we’ve enabled developers to easily deploy innovative apps using standardized solutions, taking advantage of fully-decentralized infrastructure.
Not only that, but developing an economy around BetProtocol’s utility token, BPRO, enables incentives and rewards to be added to the player layer. Simply put, players will receive tokens for participating in governance and oracle services (such as curation). Each player may also spend tokens to access premium services and KYC tools.
Last but not least, there are considerable legislation and compliance barriers new incumbents need to face when entering the online betting arena, which can be off-putting for many potential startups.
There are two main issues developers face when building betting and gambling applications:
- There are different licenses within each region and each one has specific regulatory requirements,
- Applying to purchasing a license takes time, effort, and know-how.
BetProtocol handles this on the protocol level, and users of our white-label systems can benefit from our licenses.
Our goal is to build the best decentralized betting infrastructure; one that leverages developers’ creativity.
We want the most talented people to come and transform online gambling with beautiful new Dapps that leverage the real-power of blockchain: adding incentives to all layers, making sure the entire user-experience is unimaginably better than today.