Interview with Christian Lenz, Co-Founder of BX; A Decentralized Betting Exchange

Because the decentralised sports betting markets are still relatively young, BX will be positioning itself as a go-to platform in this potential industry, particularly as a decentralised betting exchange with a particular emphasis on sports. Christian Lenz, one of the project’s co-founders, will be speaking with us about the BX project in this interview.

Please provide us with your name and a brief description of yourself.

My name is Christian Lenz, and I am one of the Co-Founders of the BX Corporation. For the past many years, I have worked for large information technology and telecommunications organisations. I was in charge of the technical project management of large information technology initiatives. Additionally, I emphasised on instilling a more entrepreneurial and innovative spirit into these organisations, which I accomplished by bringing in innovative ideas and establishing an in-house company. My deep infatuation with the concept underlying Bitcoin began in 2010, and it marked the beginning of a long and fruitful voyage of exploration in the realm of blockchain technology. When Ethereum was first introduced, I taught myself how to code in Solidity in order to fully grasp the possibility of the ability to run code on a distributed ledger, also known as blockchain 2.0, and to fully comprehend the entire potential behind this opportunity. I am extremely intrigued by the influence that this technology has had and will continue to have on a wide range of sectors. Combining this with my interest in gambling, as well as the excellent staff at BX, led me to fall in love with this project.

What exactly is BX, and what difficulties are you attempting to resolve?

BX is a blockchain-based betting and prediction market ecosystem that aims to revolutionise the way people wager around the world. In recent years, the internet gambling sector has witnessed a decline in trust and a deterioration in its reputation. This is accomplished by developing a decentralised betting exchange that operates without the involvement of a middleman or the use of centralised infrastructure. This exchange has the potential to disrupt and redefine the traditional betting industry by providing its users with a unique and enhanced experience. With BX, we are putting the power of betting back in the hands of the participants. Betting on BX is transparent, secure, fair, and free of any interference from a centralised operator, which means that users will not be restricted or limited in any way when using the service.

What are the most important features and services that BX.Bet offers its customers?

A decentralised betting exchange, or BX for short, is one in which all betting transactions take place without the involvement of a centralised authority or authority. On BX, any user can assume the position of a bookmaker, build their own markets, place and accept bets at odds that they set themselves, and even participate in the outcome determination of a market by voting on the outcome. These elements provide the players with an entirely new gaming experience. With our extensive industry knowledge and expertise, we are developing an ecosystem that is, in our opinion, the most well-thought-out and mature project currently accessible on the market.

Let’s get a little more technical about it:

A betting exchange’s operation is the basis for the underlying betting system of BX, which is the first step in understanding how it works. As part of our implementation, we are providing the full functionality of a betting exchange, including all of its benefits, such as complete transparency in the order book and the ability for every user to place buy and sell orders with their own odds. That is because the odds on BX are not determined by a central authority, but rather by the BX users themselves, and so exclusively reflect the collective opinion of all BX users about the likelihood of an outcome.

One of the most serious issues facing peer-to-peer betting platforms is a lack of liquidity, which results in no bets being offered and the markets drying up. These issues in P2P betting marketplaces will be addressed by our Market Owner idea, which we are offering for the first time. In order to directly participate in the success of the market, every user can register as a bookmaker and develop their own betting markets. In exchange for maintaining consistent liquidity in the form of odds/bets availability, users will receive a monetary reward.

Because betting is now primarily conducted online, it has lost much of its social component in recent years. With BX, we have created an ecosystem that will revolutionise the way the world bets and return betting to its original purpose: to be a source of entertainment and excitement. On BX, you are not betting against a faceless operator, but rather against other players who are completely transparent, there is no middleman, and there are no centralised odds to contend with. We are also developing the ability to construct private markets for closed groups without charging any fees, resulting in the creation of a new social and secure betting experience for our customers.

Our betting exchange functionality can be used to cover a wide range of markets, which is another distinguishing aspect of BX. We are not just focused on sports but also on prediction and finance markets, since these market verticals can be covered excellently by our betting exchange functionality. This broad-based approach results in an exceptionally diversified and interesting array of marketplaces that has never been seen before, and it will provide a one-of-a-kind experience for visitors.

What is the technology that underpins BX.Bet’s operations?

This ecosystem is built on the most recent technology available on the market, with Ethereum serving as the platform that enables BX’s decentralised and blockchain-based nature. The BX Market Smart contracts are responsible for implementing the majority of the functionality. Through the use of Ethereum’s Smart Contract Technology, all BX betting transactions and payouts will be conducted on the blockchain in an extremely secure, autonomous, and transparent manner. Consequently, we make every effort to ensure that all transactions are absolutely safe and tamper-proof.

Accessing the BX ecosystem is being accomplished through the implementation of our multi-platform strategy, with a heavy emphasis on an intuitive and clear user interface as well as on the user experience. Betting on BX is going to be really basic and straightforward. Web applications, desktop applications, which will also include a wallet for storing your BX tokens in a secure and safe manner, as well as native mobile applications are all in the works for the time being. These numerous interfaces enable smooth omnichannel access to the whole ecosystem through a single point of contact. We are also developing a complete and sophisticated API to enable developers to construct applications for the BX ecosystem, as well as to provide them with the chance to generate attractive revenue streams based on the success of their apps or platforms. We intend to attract talented businesses and developers that will contribute to the development of new solutions and add-ons that will enhance the BX ecosystem by introducing exciting new capabilities.

Our BX token will serve as the foundation for all betting transactions inside the ecosystem, and it will be the primary means of facilitating these transactions. In the BX ecosystem, it is utilised to process all bets placed, to determine the outcomes, and to provide incentives to all affiliates and developers who participate.

You can try out our MVP, which allows for full blockchain and exchange-based betting, if you’d want to see what it’s like to bet on Bitcoin.

What is the current market size of Blockchain-based betting?

Due to the fact that decentralised sports betting markets are relatively new and characterised by a high degree of dynamism, there aren’t many statistics available on this specific market. However, there are some statistics available. BX will be the first of its type, which means there will be no stats and figures available for a decentralised betting exchange with an emphasis on sports, prediction, and financial markets. In spite of this, statistics for online sports betting and prediction markets are available, and they provide solid estimates of the market’s future potentials.

In recent years, the online sports betting sector has experienced rapid expansion, and it continues to be a rapidly expanding and highly segmented market with millions of players. Since 2009, the online gambling market has more than doubled in size, reaching a current annual turnover of nearly 60 billion US dollars (USD). The creative strategy used by the BX ecosystem opens the door to even more development and market prospects, with the potential to disrupt and reinvent the whole betting industry.

Inform us about your Token Sale, including why we should participate and what the benefits are.

We are currently in the private sale phase, and we are receiving overwhelmingly positive response from the community, industry professionals, and investors. Potential investors interested in participating in the private placement should send an e-mail to info@bx.bet with their desired investment amount in the subject line.

The beginning of our formal pre-sale will be at the end of October. We are offering a substantial token bonus to all of our early adopters. The bulk of the sales will take place near the end of the calendar year.. Join our community, and we’ll keep you informed about all upcoming sales and other special events.

There will be a total amount of 200 million BX tokens, with 60 percent of the total supply being allocated during the token sale. The SoftCap is 5 million dollars, and the HardCap is 20 million dollars. The value of one BX token will be 0.19 USD.

Inform us about your Token Economy and the operation of your token.

All betting transactions will use the BX token, which is intended to become the global standard for all betting transactions. It is the enabler for all betting transactions in the ecosystem, making it a critical component of the BX platform. Place bets, create betting markets, predict market outcomes, and claim awards and betting winnings will all be possible with your BX token in hand.

How can we go about investing in the BX.Bet Token?

Everyone can make a contribution to the BX token sale because it is so simple and straightforward. Simply go to our website https://bx.bet and click on the “Register Now” button. The BX TokenSale dashboard will be accessible after you have registered for an account with us. Simply complete our secure and convenient Know Your Customer (KYC) process and set up your ERC-20 compatible masterwallet to be ready to go. Following that, you will be able to purchase your tokens using either Bitcoin, Ethereum, or a bank transfer.

Could you tell us a little bit about your staff and your customer service?

The BX.bet initiative relies on a number of crucial components, one of which is the crew. Aside from BX, there is no other blockchain project in the iGaming business that can claim to have the same amount of iGaming industry expertise as the team behind it. We know and understand the industry from the inside out; we are familiar with its strengths and weaknesses, with its users, and with what it takes to make a product successful. The vast majority of our team members have worked for the world’s largest betting companies, such as Betfair, Betsson, and Bwin, and we have successfully founded and sold a number of our own online gaming businesses. The blockchain will allow us to transfer all of our iGaming experience and knowledge into the blockchain space in order to establish the best decentralised betting ecosystem on the market. Together with our world-class development team, we are putting forth our all to make BX a big success, with the goal of revolutionising the entire industry as a result of our efforts.

However, BX is more than just the people who work on it. What actually distinguishes us is the support we receive from our community on a daily basis, which is simply overwhelming. We are making every effort to be as accessible as possible to our community. The best way to get in touch with us is through our official telegram group, where we will do our best to answer your inquiries around the clock.

BX’s level of security.

Would you be interested in discussing your legal and security measures with me, Bet?

As part of the process of developing the BX concept, we engaged in lengthy talks on the potential tradeoff between complete decentralisation and the opportunity to make the BX ecosystem a secure and legal environment. Finally, our extensive expertise in the betting industry, as well as the significance of precise control mechanisms, which has enabled the betting sector to achieve its current level of success, led us to the decision to integrate some form of community-based control mechanism within the ecosystem.

Gambling restrictions are yet another significant matter to discuss. Over the last few years, this has become a significant and crucial topic, and it has assisted the entire sector in developing into a mature and professional business area. When it comes to a unique and completely revolutionary concept like BX, the current regulatory frameworks can be challenging to implement and enforce. As a result, BX continues to collaborate closely with regulatory authorities in order to guarantee that BX complies with all applicable regulations and to establish BX as a fully compliant player in the gambling sector. We will be working closely with our consultants and the relevant regulatory authorities to ensure that we secure the necessary permits as soon as they become available.

Aside from that, we are working hard to ensure that we are completely compliant with the present Maltese regulatory framework for the issuance of virtual financial assets. Once the applicable laws are in effect, we will seek the necessary permits from the appropriate authorities, and we shall be governed by the VFA-Regulations on the island of Malta in the future.

Do you have any further information you’d want to share with our readers?

Visit our website, as well as the MVP page, for more information (mvp.bx.bet). As a result, I’d like to extend an invitation to you to become a member of our Telegram group so that you can keep up with all future updates and advancements of BX. Let’s work together to change the face of this sector. BX is the betting platform of the future.

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Evangeline Christina is a Cyber Security Enthusiast, Security Blogger, Technical Editor, Certified Ethical Hacker, Author at Cyberspecial.net. Previously, he worked as a security news reporter in a reputed news agency.