Los Angeles, CA -- (ReleaseWire) -- 11/30/2017 --The gambling industry is enormous. According to Statista, gambling winnings amount to over 400 billion U.S. dollars each year with sports betting makes up about 30 to 40 percent of the global gambling market. Nevertheless, despite its popularity, the sports betting industry is still an incredibly inefficient one.
Although sports betting has evolved throughout the years and made its way to the internet, online sports betting platforms still lack the necessary technology to ensure that the gambling process is transparent, safe and straightforward. As a result, gamblers are often forced to trust the platform operators while also being in charge of their security. That is where the XSports cryptocurrency gambling project excels.
XSports is a decentralized sports betting platform that aims to solve the issues mentioned above and make the sports betting experience a simple, trustless and safe one. To do so, XSports will leverage its blockchain network, ensuring that the process is entirely autonomous and trustless. Betting takes place with XSB, the native crypto-currency in the Xsports platform.
The use of a blockchain as a gambling platform has security as one of its main advantages. In XSports, the user can access the platform through his XSB wallet, requiring him to enter his private key. This security mechanism keeps the user safe from general hacks and social engineering attacks.
Once inside the wallet, users can bet on sports events using XSB, a cryptocurrency that acts as the sole medium of exchange for the platform. The use XSB ensures no additional transfer or payment processing fees are necessary when depositing or withdrawing funds.
Being a Proof of Stake cryptocurrency, XSB holders are also incentivized to hold their funds and to run a node, earning coins for leaving their funded wallets open. By doing so, holders are protecting the network and processing its transactions. A second layer network of masternodes provides near-instant and private transactions in the blockchain, ensuring that users can remain entirely anonymous if they so choose.
Although the XSports platform solves many of the inherent problems of the online sports betting industry, there will still be room to improve in the future which is why the XSB tokens also provide their holders with voting rights. Token holders can vote on how to spend the funds created by XSports "budget system" in which XSB funds get generated from superblock rewards.
Funding the development of the Xsports platform is the first step. The team will hold a crowdfunding campaign which will see the XSB token distributed to project supporters. The token sale will take place 1st of December until the 30th of December, 2017.