Blockchain and Sports: How Technology Could Bring Fair Play
eSports industry is developing rapidly. Every day more and more users come to such services to rest, play and even earn money. Business takes advantage of this and receives more advertising revenue. But despite the excellent state of affairs, not everything so "smooth". Exorbitant commissions of banks and payment systems "eat up" revenues of companies. Players frequently remain without prizes due to unscrupulous tournament organizers. These shortcomings can easily fix the blockchain.
According to Clarified International, the eSports industry is growing at a rapid pace. Last year the number of people who are keen on eSports was only 385 million people around the world. In 3 years this figure will reach 589 million people.
The popularization of eSports will push the industry's profits. The revenues of companies operating in this sphere in 2017 amounted to only $696 million. By 2020, this amount will more than double and reach $1.488 billion.
Not only business wins, but also users. For example, if the total number of prizes received by participants in eSports tournaments in 2015 was only $65 million, then in 2016 the players won over $93 million.
The more players will come into the industry, the more prize funds will increase. After all, advertising and sponsors will fill the industry. So, according to a study by Clarified International, more than 49% of interviewed advertising executives see eSports as "the next big thing".
All these advantages overshadow by shortcomings, which literally teems with the eSports industry. So, most of the company's revenues are eaten by exorbitant banking commissions.
This hurts the players themselves, who need to go through the hell of the bank bureaucracy in order to withdraw the deserved prize. In addition, players need to pay enormous fees.
And it's still good if the player gets his prize. Often, the organizers simply collect money on the broadcasts of the tournaments and the display of advertising. After that, they "forget" to pay the prize fund and disappear. Or hackers break into their "storehouses" and leave both players and business without money.
Such shortcomings can easily be corrected by implementing the blockchain. A similar project – Fantasy Gold Coin – already working on this and showing outstanding results. The transparent and secure technology can ensure that all the prize money will be paid to the players. Moreover, no one will be able to crack the depositories with money.
The business receives low commissions that do not exceed $1. In contrast, at least 10%, which require banks.
What is Inside
Fantasy Coin is the blockchain-based ecosystem. It can provide several services at once. For example, Fantasy Coin (FGC) tokens can be used as a currency within a game for which users are able to buy various items.
On the other hand, with the help of FGC players can get prize money for the tournament participation.
And after all, there simply is no need for banks, because Fantasy Coin in its essence is a processing network. It processes transactions thousands of times faster than banking solutions. The commission is 10 times smaller. And to use FGC, the user just need to download the wallet and not bother with bank trips and verification of his identity.
The key place in the Fantasy Coin network is occupied by miners. They find blocks and maintain the work of the Fantasy Coin blockchain, as well as create new tokens. This is only the first level of the blockchain, and it is called Proof of Work. Everyone can participate in it. And if, for example, Bitcoin mining requires expensive ASIC equipment, then to get the FGC miner needs just conventional laptop video card. For each block extracted, the miners receive a reward.
The second level of the FGC system is the masternodes. They provide users of the system with additional functions, like completely anonymous transactions and instant money transfers. Just like with miners, anyone could become a masternode. In this case, it is necessary to put 10,000 FGC on the deposit. This "pledge" guarantees that masternode will operate in the interests of the entire network, and not harm it.
But, masternodes receive a worthy reward for their efforts. More than 80% of the reward for the finding of the block goes to the second level of the system. The rest of the money is divided between the miners.
Fantasy Gold Coin is not unfounded. The project has created a platform – Draft Daily – on which players can show their skills in games and earn good money. Here users can find thousands of eSports competitions and tournaments. And if none of them is suitable, the user can create own and invite other players to participate.
To take part in competitions it is enough to buy FGC. There are several payment options to choose from. Among them, replenishment of the deposit through the payment system Skrill, Bitcoins or even a payment card. Skrill users will be pleasantly surprised. Anyone who replenishes his account through this Skrill will receive a 100% bonus at the rate of the first deposit.
Fantasy Gold Coin does not stop only on the development of its own platform. The project has created a program through which any website can integrate payment with the FGC. All is needed is inserting the code into the website. If this is not enough, then Fantasy Coin allows users to create own eSports platform. For this, there is a special API suite.
Future of the Sports
The world is more and more immersed online. Sport is no exception. Previously, only the strongest and hardiest could take advantages of sports. Now it is available for all, who have a PC and Internet.
Over time, more and more users will join the eSports industry. In order not to be "scared off" by bank troubles and unscrupulous organizers of tournaments, it is necessary to put the industry on transparent, convenient and fast "rails". Blockchain project Fantasy Gold Coin is exactly doing it right now.