Altbet (ABET) is an open source cryptocurrency focused on fast private transactions with low transaction fees. It utilizes a custom Proof of Stake protocol for securing its network and uses an innovative variable seesaw reward mechanism that dynamically balances block reward size between masternodes and staking nodes.
The main goal of Altbet (ABET) is to achieve a decentralized sustainable cryptocurrency with near instant full-time private transactions. ABET is planned to be the only one cryptocurrency at our betting platform.
Masternodes may be described as the backbone of the ABET. It literally means that they are essential nodes on the network, running the same software wallet on the same blockchain protocol, which provide extra services and features to the network and users. The purpose of masternodes in the ABET network is transaction processing and on-going assistance during the process of new blocks’ creation. In this way, masternodes receive block rewards.
Altbet coin enables you to possess your own masternodes, what, in consequence, guarantees you will be granted not only with a part of the block reward, but also with a privilege to obtain an access to selected games and events. It is undoubtedly a bonus in exchange for the contribution to the development of Altbet platform.
Please let us explain you in detail how the process works.
Masternodes are placed in the ranking. The masternode placed first in the ranking gains a reward equal to 80% of the block reward. After the particular masternode is granted with the above mentioned reward, it is automatically relocated to end of ranking. These inducements significantly encourage uninterrupted connectivity in order to sustain a high-performance network. In this way, not only you have an opportunity to grow your investment and capital, but also to support the development of the network.
We cannot negate that the attraction of the investors is important for us, as the external capital and the investment in the project surely lead to success of the cryptocurrency. Please let us clarify that “success” means for us mostly the longevity of the Altbet project.
As software people and investors in miscellaneous projects, we fully comprehend that the decision of investing the capital into the market of cryptocurrencies should be absolutely thoughtful and preceded with dozen of researches, considering the potential of particular cryptocurrency, possible risk and many others aspects. Therefore, in contrast to our competitors, we would like to provide you not only with the pure pleasure of risk, but also with the pure pleasure of certainty.
Hence, regardless the current market, the ABET coin jointly with Altbet.io platform constitute certain and constant increase of the project’s value.
Please let us illustrate this by an example.
Bets on a particular game are 0.0008 BTC per turn and this amount is subsequently converted into ABET currency. It means that the player shall deposit an equivalent of ABET based on the current ABET/BTC exchange rate to place the bet.
Therefore, if the prevailing market price is 0.0004 BTC per 1 ABET (pre-sale average price), then the player, in order to play a game, shall deposit 2 ABET coins. However, if the prevailing market price is 0.00002 BTC per 1 ABET, then the player shall deposit 20 ABET coins to place the bet.
The above mentioned calculation will be automatically performed on the platform, based on the prevailing BTC/ABET market rate.
We hope this simple model clearly demonstrates how we are to ensure ABET price sustainability. Our long-term purpose is however to apply USD as the basic currency for bets, which in turn is to be converted to ABET, using prevailing BTC/USD and BTC/ABET market rates. It will not only support the price of ABET, but also bring our platform into a real world perspective for our players.
The implementation of the above solution is extensively planned and it will be accomplished in accordance with our roadmap.
The market potential of our platform depends on each platform user individually. The more members and players use the Altbet Platform, the bigger bank-roll may be formed and, simultaneously, the higher is the limit of possible win on the Platform.
The online gambling casino industry is valued at USD 45.86 billion and is expected to grow up to USD 56 billion in 2018. Every year, the market share which goes into cryptocurrency gambling solutions substantially increases. However, this growing industry characterises two major issues: transparency and price of the online gamble.
- At this point, online casinos are fully allowed to cheat without being spotted;
- At this point, online gamblers must pay deposit / withdrawal fees or wait for payouts and gamble on 10% - 15% house edge.
The actual offer and principles represented by existing online casinos are not in line with our vision of how this soaring market shall look like. We strongly believe that our Altbet platform is able to change it.
Thanks to several years of experience combined with passion and enthusiasm, we aim to create the best product with first-rate offer.
Our team is planning to introduce a platform for mutual betting and gambling which leaves the competition behind with its fully transparent “Provably fair system”. Altbet platform is and always will be one of the kind. Below please let us introduce our main market principles and basics which differ us from the current offer recognized within the market:
- First mutual betting platform based on own cryptocurrency;
- Fully transparent platform;
- 0% house edge (casino’s profit) collected on selected games;
- Anonymous gaming;
- Extraordinary betting & gambling experience.
In the first stage of Altbet platform development, our target group are players who are already familiar with cryptocurrencies. Ultimately, we would like to attract wider range of gamers from traditional betting platforms and casinos.
After the successful presale, we focus on the product development, platform recognition and capturing market share from other cryptocurrency betting platforms and casinos. We expect the whole process to take from 7 up to 8 months. In a meantime, we plan to get a licence for the project.
After the development of Altbet platform and licensing it, we are going to implement all necessary marketing strategies. All marketing efforts will be put in order to attract people to ABET cryptocurrency, boosting the overall popularity of cryptocurrencies and fair gambling. 0% house edge on selected games is recognized as a strong advantage for users of Altbet platform, on which they can find many other betting and gambling games. Some of these will be E-sports & Sports betting with only 3% commision fee.
Premine & Project funding
Altbet.io will distribute the coins in order to cover the initial launching costs of placing the project into the market. The numbers provided below present a fair and equitable distribution of coins, which will be initially allocated to fund the project, with the maximum supply of ABET capped at 21,000,000. We decided to pre-mine 1% of the total available supply which is exactly 210,000 coins. Masternode collateral is 1,000 coins which price will be distributed in three phases at presale. First phase contains 20 nodes for 0.3 BTC each, second phase contains 25 nodes for 0.4 BTC each and third phase contains 25 nodes for 0.5 BTC each.
For your convenience, the initial premine coins will be distributed in the following way:
Public Presale (33,3% of total premine)
Funds will be allocated directly to working capital for propelling Altbet into action. Below please find Altbet’s budget of presale funds breakdown.
Size of Fund: 70,000 ABET
Live games (33,3% of total premine)
Funds will be allocated directly to the betting platform in order to enable the act of betting in live games category, as well as to enable the implementation of various contests and events.
Size of Fund: 70,000 ABET
Marketing & Promotion (19,3% of total premine)
Fund Coins will be allocated towards marketing and promotional initiatives and actions.
Size of Fund: 40,500 ABET
Team Member Fund (7% of total premine)
Coins will be paid out to Altbet team members, including developers, managers, and community engagement leaders.
Size of Fund: 14,700 ABET
Community Fund (5% of total premine)
Coins will be allocated towards promoting community engagement activities, such as distributing bounties, airdrops, and coin bonuses to active members.
Size of Fund: 10,600 ABET
MISC Fund (2% of total premine)
This fund is treated as the supplementary capital, securing the project from unexpected circumstances and additional costs. In the event of any surplus or unused coins, the MISC fund will be spent on further development of the project.
Size of Fund: 4,200 ABET