4.6 Description of MVP (released)

Currently, it is not yet possible to work on the platform. In order to clearly demonstrate the benefits of the common pool of liquidity, an MVP of our project is going to be launched in the ETH test-net:

There are going to be 3 trading pairs and 5 trading intervals available within the MVP framework. Trading pairs:

▸ BTC/USD

▸ ETH/USD

▸ BTC/ETH Trading intervals:

▸ 5m+25m

▸ 15m+2h45m

▸ 30m+5h30m

▸ 1h+11h

▸ 3h+21h

Each trading interval consists of two sub-intervals: during the first one, traders bet on the growth or lowering of the rate (5m), and after the second one (25m), the platform determines the winners and distributes the bets of the losers between them.

At the end of this section, an example of a round is shown, which demonstrates the work of the 1xBinary platform more clearly.

INTERFACE ELEMENTS OVERVIEW

● - Header - In this block, you see the available balance of ETHEREUM and SBT tokens that you can use for bets. Also, here is a link to the profile, by clicking on which you can make a token exchange and see statistics on referrals.

● - Assets - This block contains a list of available trading pairs (basic assets). The current composite rate is displayed next to each trading pair respectively

● - Composite rate - This block displays the current composite rate of the selected trading pair (the basic asset). The oracle of this block is engaged in constant monitoring of the rates on the main exchanges (each trading pair has a separate list of exchanges with significant volume for this particular pair). At each moment of time, the 1xBinary composite rate is calculated as the weighted average of the exchange rates on the main exchanges. Thereby, the weight factor is the trade volume on each of the exchanges. The ratio of the trading volumes is visually displayed using a diagram.

The list of exchanges rates used in the composite rate calculation is displayed under the diagram. For each exchange, the rate and weight (in %) in the composite course are displayed respectively. Such approach makes it difficult for individual traders/exchanges to manipulate the exchange rate and makes the platform more transparent and fairer.

● - Price chart - This chart is a graphical display of the history of changes in the composite exchange rate of the basic asset for the selected period, as well as the display of the current exchange rate.

● - Current state of the pool - This block displays the status of the total bet pool for the current round for the selected trading pair and time slot. For each of the two types of betting (up and down), the number of bets in the current round, the bet/interest ratio, and the number of bets is displayed. The state of this block is updated after each new block appears in the Ethereum network. Reward ratio of those traders who won in the current round is based on the ratio of the sum of the bets for each of the outcomes.

● - Time period - In this block, you can select one of the six-time intervals for placing bets. At the bottom of the block for the selected interval, the time remaining until the end of the bets in the current round is displayed, as well as the total pool of the current bets.

● - Strike rate - This block shows basic rate of a current trading pair, time slot and round. At the end of the round, this rate determines where the price went — up or down.

● - Bet amount input - In this block, there is a field for entering the betting amount. On the right side of this block, the current coefficients and the number of possible wins is displayed with a bet on each of the outcomes. The important point here is that these values are not final and can change until the current round is open for bets. This is due to the fact that the winning ratio is determined based on the ratio of the sums of the rates for growth and the rates for a decrease.

● - Option types - In this block, there are 2 buttons with which you actually place the bet in the system after you have decided on the trading pair, the time interval and the betting amount. By pressing the green "Call" button, you bet that the composite rate at the end of the current round (Outcome Rate) will be higher than the basic rate (Strike Rate), which was fixed at the beginning of the current round. By pressing the red "Put" button, you bet that the composite rate at the end of the current round (Outcome Rate) will be lower than the basic rate (Strike Rate), which was fixed at the beginning of the current round

● - Your orders - This is a table that displays your current open bets. This table also shows closed bets. To view thee closed bets, you must press the switch on the right side of this block to the "Expired" position. Here’s a brief description of the columns of this table:

▹ Order ID - ID of the bet;

▹ Round ID - ID round (service information);

▹ Asset - The name of a trading pair or a basic asset;

▹ Type - The type of bet (on increase or decrease);

▹ Order Time - The time of the bet placement;

▹ Strike Rate - The basic rate in this round;

▹ Current Rate - The current asset rate;

▹ Bet Amount - The amount of the bet;

▹ Expected Win Amount - The expected possible win;

▹ Time Left - Remaining time until the final rate is determined in the current round;

EXAMPLE

Let's take a look at an example of how the platform works. Initial data for the example:

Trading pair - BTC/USD

Time interval - 5m + 25m

The start time of the current round - 12:00

The time to stop accepting bets in the current round is 12:05

The end time of the current round is 12:30

The composite rate at the beginning of the round (Strike Rate) - $7154.5844 The composite rate at the end of the round (Outcome Rate) - $7195.2557

At the end of this round, we get the following results:

Trader_1 and Trader_2 are the winners.

The total pool size before deduction of the 1xBinary commission is $900.00.

1xBinary platform commission is 15%, or $135.00.

Total pool size after deduction of the 1xBinary commission $765.00

Trader_1 will receive 765 * 100/300 = $255.00

Trader_2 will receive 765 * 200/300 = $510.00