Dexsport vs Traditional Betting: How Does Web3 Solve Current Problems In Betting
Since ancient times, betting system has always been developing, transforming and adopting to the changes of the world. With the advent of Web3, there has appeared a lot of opportunities in the digital area that can be easily applied to betting in order to eliminate current problems in the field. Let’s list some of them.
1. Centralization of companies
All companies that exist on the market now are centralized. This means that they have control over all the activities that are made inside a company and can interfere in the process if needed.
Know Your Customer (KYC) is designed to protect financial institutions against fraud. It involves establishing customer identity and understanding the nature of customers’ activities. Actually, people should provide companies with their personal information. Although it seems to have positive intentions, at the same time KYC discriminates some people and complicates entering the system.
3. The likelihood of hacking and theft of funds
As you consent to the processing of personal data, and companies, being centralized, can view and use them, you are already at risk. The likelihood of hacking and theft is very high and the possibility of data leaks should not be underestimated.
4. Lengthy withdrawal verification processes
In traditional betting system any transaction is carefully checked and in many countries the process involves withholding tax that takes long time before you get your prize.
5. Government bans
Government of many countries carefully control the gambling sector and introduces different bans that often have negative effect on customers.
All the flaws in traditional betting system can be easily solved by transferring betting to web3. Web3 enhances the internet as we know it today with a few other added characteristics. Web3 is verifiable, trustless, self-governing, permissionless, distributed and robust, stateful, native built-in payments.
Seeing the opportunity to implement web3 into betting, Dexsport has been created. Dexsport is the first to develop a decentralized betting platform, where users will play with a shared pool of liquidity and receive their winnings through the blockchain. The decentralized platform format has been carefully designed and selected due to the need for transparency of procedures and the growing popularity of DAO and DeFi.
Built on the Binance Smart Chain (BSC), Dexsport requires no registration, offers instant withdrawals and provide people with safe and at the same time transparent betting system.
The Dexsport main goal is to transfer betting to the Web3 world and change the way people think about betting. Platform is going to become one of the most efficient tools for crypto mass adoption and create solid bridge to decentralized future.
Dexsport is an innovative project that changes the way users think about betting. The platform is a DeFi prediction platform that includes: sports betting, play-to-earn betting, prediction market, P2P prediction on cryptocurrency rates, and NFT collecting.
The Dexsport ecosystem caters to users interested in betting and blockchain enthusiasts and investors interested in putting their money in a common liquidity pool.