BetChain stands as a decentralized sports betting exchange and casino powered by blockchain technology, allowing players to either engage in casino games or place peer-to-peer wagers on their preferred teams.

A betting exchange serves as a platform where bettors can place bets directly against each other, typically at more competitive fees than those provided by standard sportsbooks. In this setup, two participants decide on the odds and bet amount for a particular game, betting against one another. What sets betting exchanges apart from conventional betting platforms is that they let players set their own odds and wager directly with peers. Rather than just accepting the odds predetermined by bookmakers and only supporting a particular outcome, betting exchanges empower users to compete directly, allowing them to either support or oppose an outcome.

BetChain operates on a peer-to-peer model, meaning you're placing bets against other participants and liquidity providers, with the exchange serving as a facilitative marketplace for these wagers. BetChain provides greater adaptability than standard sportsbooks, giving users the autonomy to define their odds. This novel approach empowers bettors to engage in dual roles: either as a wagerer or as a bookmaker.

Smart contracts on Ethereum are essentially computer-coded agreements stored on the Ethereum blockchain. These contracts autonomously execute based on preset rules and conditions. Think of them as electronic agreements made between two or more entities. They detail the terms relevant to a particular transaction or arrangement. Once these conditions are fulfilled, the contract self-executes, performing the agreed-upon actions. A significant part of the betting procedure on Betswap hinges on these smart contracts. When you choose to log in via web3, rest assured, we never handle or control your funds at any point.

Blockchain technology offers numerous benefits when integrated into a betting platform. Firstly, blockchain ensures transparency and unchangeability; this means every transaction is openly accessible to all users and remains tamper-proof. Additionally, betting platforms powered by blockchain can facilitate faster, streamlined transactions. The use of automated smart contracts expedites withdrawals, removing the dependence on manual procedures. Lastly, integrating blockchain bolsters security. By distributing data across a decentralized computer network, the system becomes highly resilient against hacking and data tampering, safeguarding both user transactions and private details.