LetBet's Bill Healey: Blockchain-based platform will "revolutionise" the industry

LetBet's Bill Healey: Blockchain-based platform will "revolutionise" the industry

Thursday, January 18, 2018 Posted by Michael Lawson
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Healey has stated his firm aims to “bring the industry to a new future in the next few months”.

With the cryptocurrency phenomenon showing no sign of letting up, a number of blockchain-based sports betting startups have emerged. The latest is Belize-based LetBet, a firm that recently unveiled its own betting-focused digital currency, entitled LBT. The new currency has been touted as a solution to the delayed payout systems of traditional gambling sites, as well as a way to remove the third party element.

Business Development Manager Bill Healey ambitiously describes how LetBet is aiming to become a “revolutionary leader in the online gambling industry” that will “bring the industry to a new future in the next few months”. He argues LetBet will do so by overcoming issues such as delays, unfair payout systems and the “innate trust players place in potentially corrupt third parties”.

Healey offers a rundown of some of LetBet’s defining characteristics:

User Wallet: Each user will be provided with a crypto wallet similar to MyEtherWallet (MEW), JAXX, etc. Each user can have one or many wallets, and will be responsible for managing their own private key.

Smart Contract-Based Game: This will be developed by LetBet and other developers. All game logic must be written in smart contract so that nobody could control the game - even the owner. All smartcontract-based games will be announced publicly on Github of LBT for all people to know and audit.

Transaction Explorer: With our transaction explorer, it is easy for the user to monitor and follow the transaction that is occurring on the LetBet system. Transactions on LetBet are public and cannot be edited.

Agency Wallet: Along with features like User Wallet, Agency Wallet lets the user use the MultiSign feature, reducing the risk of cheating. If one single user needs to withdraw money, they need their private keys and process through MultiSign to verify.

Integration Module: An amazing feature of our platform is the integration module, which is a supporting component provided by LBT so that developers can explore data from traditional online gambling or another service provider.”

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