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FIFA World Cup 2018- Betting Meets CryptocurrenciesBy Amit Dudani | June 28, 2018, 1:38 p.m. GMT
Fan of FIFA? Love your team and want to bet on it? Well, here is some incredible news for you.
The mighty FIFA World Cup 2018 has begun and fans are very excited to bet on their favorite team. Here’s how a new betting team is helping people bet using Ether.
EtherWorldCup. What is it?
EtherWorldCup is a new platform created specifically for this event and intends to solve the problems of the betting industry such as high fees, no or very less transparency, fear of getting revealed, and lack of trust on the people handling your money.
Now, smart contracts and the Ethereum Blockchain are ready to tackle these problems by leveraging their features of transparency and the lack of requirement of a central authority; here, smart contracts can be used as tools with no need of trust that will automatically initiate the transaction or deliver your money as soon as you win the bet.
The EtherWorldCup creators decided against using an ICO for this event because it is created for a special date using Ethereum, one of the most famous cryptocurrencies in the market and will be easy for anyone to get involved. They also said, “We believe that ICOs should not limit to the way of companies getting money and should only be used when the idea is really having the potential to bring some new and great value to the community.”
How does this actually work?
Finding out the easiest way possible while developing the platform by the company, the only thing you are expected to do to participate is to install get metamask on your device and own some ETH to bet on your team.
The company says the auditors usually have high fees and don’t want to increase the fees on the bet; keeping it as low as possible will decrease the cost of investment for the platform users so that the bets will not be audited. There won’t be even any need to give any personal information as all the trading is done on smart contracts. The company also has assured that they have taken important measures to avoid any mishaps and keep your money safe.
On this portal, you get charged only when you decide to give up on the bet or withdraw your money. Fees are usually low and smart contracts limit the fees to below 7%. The system is touted to be simple to use so you can bet with just a few clicks and uses two sports APIs that determine the winner.