SAN DIEGO, Aug. 3, 2021 /PRNewswire/ — The company has built a state-of-the-art peer to peer betting platform. The site will officially launch when all licenses are in place according to each state and their laws. Its betting platfom was built on the Ethereum network. The traditional bookmaker model is centralized and has certain inherent drawbacks which make it less appealing to tech-savvy or value-savvy sports users, which include:
SportsYard is a decentralized sport betting exchange. A betting exchange differs from a traditional bookmaker (sports book) model by allowing users to bet against each other rather than placing a bet with a bookmaker. The exchange acts as a facilitator between the two users. Users can take one of two actions, they can either back or lay a prediction. The user who bets on the correct outcome wins the wagered amount.
Ethereum is an open source blockchain that encapsulates all the advantages and features mentioned in the Blockchain Basics section. It is a transaction-based state machine called the Ethereum Virtual Machine (EVM). A state machine is, in this case a canonical computer, that will transition to a new state based on inputs (transactions in this case). Blockchain data is immutable, it cannot be deleting, but instead data can be appended to the chain. Every time a new transaction (new data) is added to the blockchain it is considered to have had a state change. Its state, or condition of the data, is different because more data was added.
Sportsyard will only be selling to accredited investors.
SOURCE SportsYard Inc