The online gambling industry grew exponentially in 2018, with several states in the U.S. altering or scrapping laws to allow for less restrictive regulations and attracting thousands of new users. However, the industry is traditionally plagued with issues of security due to a large amount of money and user data involved. As a result, new technologies have evolved that potentially solve several of these issues and provide a safe environment for bettors to gamble online.
Mevu is one such development – a blockchain-based sports betting platform that brings simplicity and security to the online gambling world in an affordable way.
Users can put wagers on a wide range of traditional and modern sports such as football, golf, hockey, pool, darts, and e-sports. Each sport includes several upcoming and available matches which are presented in a descriptive and easy to understand interface. As the platform develops, specially selected, verified users known as oracles will have the option to add events of their own choice.
Mevu is built upon the hugely popular and successful Ethereum blockchain, using its ERC-20 protocol to mint its own MVU cryptocurrency. Customers can purchase MVU or Ethereum (ETH) tokens directly from the to facilitate in-game purchases and transactions.
By utilizing decentralized blockchain technology, the Mevu system is far more secure and resistant to the kind of data hacks that traditional, centralized online gambling sites are prone to. Users are able to place bets directly with each other in a peer-to-peer fashion, avoiding unnecessary third-parties and circumnavigating regulatory hurdles.
With all bets placed directly on the blockchain, everything is transparent, immutable and protected against fraud or manipulation. No central entity controls the money so users are free to interact between themselves while at the same time being insured by the fair and trustless nature of blockchain technology.
Cost Benefits of Blockchain
In addition to this, the low cost of building upon an already well-established network greatly reduces the initial overheads that a traditional online system would attract. These savings are passed on directly to the user, providing incredibly low entry costs and transaction fees.
Being blockchain-based also frees Mevu from the strict jurisdictional regulations and restrictions of a specific country, which naturally attract extra costs and reduce the availability of certain features. By being based online and
The Mevu team have added an element of gamification to the gambling experience by including a leaderboard with which users can track their progress and compete with other users. The scoreboard displays a user’s online pseudonym and the number of successful bets won and money accrued.
Moving forward into 2019, Mevu has a number of developments in the works, including a chat function, pooled bets and a fully fledged online casino. The launch of the initial testnet is planned for fall this year which will take on bets before being auditing and migrated to the main net.