Online betting is a very profitable business with lots of money being made by the large centralized companies which exert control over the industry.
Kryptium is a new platform and dApp that allows people from all over the world to connect, and make wagers. There is no centralized odds-maker or ‘house’, so it is possible for anyone to make or take bets with the Kryptium dApp.
Gambling is one of the most highly regulated businesses on earth. Even making a small bet with a friend isn’t possible to do legally in most places, which leaves the industry in the hands of a few major players (well-connected businesses).
Kryptium is aiming to change the way that betting can happen across the internet.
Instead of dealing with a company that makes money from all the wagering, Kryptium lets people use some of the world’s most popular cryptos to make bets directly with each other. Making P2P bets without a middleman is a new idea & it could be the start of some big changes in gaming.
Kryptium Lets You Make P2P Bets With Cryptos
One of the most powerful aspects of cryptocurrencies is their ability to connect people directly. Kryptium has tapped this to create an app that empowers people to make event-based wagers on just about any event they want: from typical sports bets, to fantasy games, to betting with your friends on how Game of Thrones will end.
There are already many betting sites out there that will let you gamble with your cryptos. Kryptium isn’t a gambling site at all. Kryptium isn’t an odds-maker, nor does the company influence how people who use the Kryptium dApp choose to bet.
Kryptium is very similar to a torrent program that connects peers over the internet, and lets them enjoy events with wagering. All you need is some Ethereum to use the dApp, but there are other Ethereum-compatible cryptos that will work on the dApp.
Transparent P2P Betting
The Ethereum smart contract allows Kryptium to bring a whole new form of betting to the global marketplace.
All transactions that take place on the Kryptium platform are recorded on the Ethereum blockchain, which is why Ethereum-compatible tokens are the only ones that will work with Kryptium’s dApp for the moment.
The good news is that using Kryptium is simple.
After you install the app on your computer, all you have to do is fund your wallet and betting account, and you can start wagering. The process of funding the wallet and betting account is straightforward, and you can watch a video tutorial that explains it here:
Why Bet on a P2P Platform?
In many ways, Kryptium is a lot more than a simple P2P betting platform.
One of the most innovative features that Kryptium has introduced is the ability for people or groups to set up online betting houses that are based on the blockchain instead of a server. When an online betting house is hosted on a server, it is possible that it will be forced to shut down, even if it has been doing business legally.
Kryptium allows people to wager with each other directly, either on a one-to-one basis, or as a group (pool betting). The big upside to all parties is that a Kryptium betting house works as an automated escrow, and that its counterparties are paid directly when they win.
No More One Sided Deals
If you look though the reviews of other major online betting hubs, it won’t take long to see that there are some big problems in the world of online gaming. Many of the online gambling sites treat their clients’ money like it’s theirs, and they don’t always pay out winnings in a timely fashion.
The app that Kryptium created addresses this problem directly. All the betting on Kryptium is based in Ethereum smart-contracts, which means that neither party can alter the terms of a bet once it is agreed to.
In simple terms, once the bet is agreed to by both parties, neither party can withhold payment.
Let’s say that you bet on a big football match using Kryptium. Once your team wins, the smart-contract will deposit your winnings in your account. There is no way for the betting house to stop the payout, and if you want cash, it is easy to transfer your Ethereum to an exchange that will swap it into fiat currency.
A Big Opportunity
The internet makes it very easy to create offshore entities that would allow a person or group to run an online betting house from a jurisdiction that allows such activity. There is a huge market for gambling at competitive rates, and Kryptium makes it very simple to start your own betting house.
In addition to the normal event-based betting options, there could be new opportunities emerging in areas like gaming tournaments, and other markets that are underserved by the major online gambling companies that concentrate on national and international sporting events.
While doing business from a known tax-haven would normally invite suspicion from potential clients, the Ethereum smart-contracts will help to assure the entire community that the betting house will make good on the bets it takes.
Still a Growing Market
Kryptium sees the potential for decentralized online betting, and they are working to create a robust platform that can grow with the demand that is out there.
The Kryptium platform is able to handle just about any kind of event-based betting there is, and the company is planning to expand its functionality to support bets on events in “complex” markets, such as stocks and forex. This will open a whole new spectrum of opportunities for Kryptium which will effectively be able to support peer-to-peer binary options.
There are numerous areas where Kryptium’s platform could fit into markets that aren’t being served at the moment. If you wanted to create an office pool, or bet with your friends on popular television or movies, Kryptium is a perfect fit. It is a totally scalable platform that can do just about anything in the world of event based betting.
Kryptium is off to a Great Start
For the moment the Kryptium supports betting with EthereumClassic (ETC), Expanse (EXP), PIRL (PIRL), Callisto (CLO), Ellaism (ELLA), POA (POA), Musicoin (MUSIC), and Ethereum (ETH). Kryptium hasn’t added Bitcoin (BTC) to the roster, but it may do so as the platform grows.
While it may be a little inconvenient that Kryptium doesn’t support the world’s most valuable crypto, the crypto space has become much more mature. It is very easy to swap BTC for any crypto out there and then add it to your betting account.
Kryptium is getting in on a growing market, which is achieving a deeper market penetration all the time. The big, bad crypto winter that started last year seems to be thawing, and that could mean another run in cryptos is coming soon.
One thing is for sure, crypto use is on the rise, and platforms like Kryptium will help the crypto community develop competitive services to the existing fiat system. The fact that Kryptium allows its users to have a much higher degree of safety than existing betting options is a big plus, and should help it grow into a massive, existing market.
The post Kryptium: Brings Decentralized P2P Betting to Blockchain appeared first on Blockonomi.