Cryptocurrencies Bring New Online Sports to New Level

The enigmatic yet ingenious cryptocurrency showcases numerous practical and novel applications. Now, these virtual assets have entered the domain of esports. Slowly, Bitcoin as well as Ethereum (the top two digital currencies worldwide), have earned their respective spots in the online gambling industry. The fantasy sports space witness an incursion of creative systems and acquire funding using Blockchain initiatives.

ESPORTS INDUSTRY

Betting programs remain a vital element of the Blockchain market’s growth. Meanwhile, Initial Coin Offerings in sports gambling have experienced considerable success so far this year. Said start-up firms make their way gradually into this new market. Voodoo PC, the luxury PC Brand that Hewlett Packard (HP) owns, just jumped on the bandwagon and launched last September with a $100-million sale. This initiative intends to promote decentralized currencies for fantasy sports enthusiasts.

The fast progress of Internet sports got the attention of influential e-commerce giants and multinational corporations like Amazon, Alibaba Group, Tencent Holdings, and USM Holdings. Given the likelihood of this sector to go beyond the $2 billion level in 2018, experts believe brilliant billionaire entrepreneurs like Warren Buffet might just use this chance to combine the expanding industry with the Blockchain technology. We can expect a growing fan experience as well.

WORLD OF BATTLES (WOB)

Meanwhile, a streaming platform (World of Battles) that advocates Ethereum plans to secure at least 50% of the sports gambling marketplace within the next few years. Unikrn.com also plans to put up a cryptocurrency economy using Bitcoin so players can wager on online sports event outcomes. In this case, traditional banking systems cannot intrude into the turf of virtual currencies. Other start-ups like Skincoin, a gambling model for games like Dota 2 and Counter-Strike: Global Offensive offered another option for gambling using the traditional money.

The fusion of Blockchain and fantasy sports resulted in another innovative breakthrough in this controversial industry. The development group of WOB worked on milestone projects like GNOME (GNU Network Object Model Environment), a GUI or Graphical User Interface that includes computer desktop apps for LINUX Operating Systems (OS) users. It collaborated with Twitch Interactive and Civic Gaming, acknowledged leaders in game-streaming services as well as World Electronic Sports Association (WESA) and International e-Sport Foundation.

According to WOB founder Makoto Takashi, the team already collected around $3.7 million worth of investments and completed a preliminary software field testing early this year. “We have nearly 500, 000 users with this number increasing in the future and provide a wholesome fan experience for followers,” Takashi explained. WOB expects nearly $85 million in yearly revenues from advertising and promotions along with hosting of tournaments.

WOB AND DLT

As a case study, the World of Battles showed the ability of Distributed Ledger Technology or DLT to transform an industry. It adds value to build the system on the Blockchain. The benefits of DLT include the following:

  • Elimination of flaws and downtimes
  • Dissemination of power on top of results
  • Removal of third-party financial brokers
  • Reducing possibility of fraud and cyber hacking
  • Faster and hassle-free transactions

In short, decentralization addresses many current issues that affect traditional procedures from time to time.

Stakeholders believe the WOB will become prominent because of the so-called determination mechanism. The development team formulated a structure that made the process of establishing results comprehensive, automated, and fraud-resistant. The administrators will choose judges and witnesses from a group of certified users to arbitrate on any disputed outcome. Sports gambling players can focus on the games and look forward to a fair judgment.

At the same time, management can ensure eliminating waiting period along with preventing scams and misappropriation while placing bets. Smart contracts under the Blockchain remove the power from third parties referring to financial institutions and platform owners empowering users instead.

MORE INTEREST IN ESPORTS

Public interest in online betting and virtual sports continue to increase leading to the use of Blockchain and cryptocurrencies. One platform called Gimli maintains its revolutionary identity by introducing a new model and one of a kind fan experience. This system relies on the Ethereum Blockchain and promises transparency versus other models. Gimli founder Dan Biton says gaming buffs will slowly reach the level of sports superstar status.

In the past, nobody even knew the sports betting market and later on, rip-offs and scandals plagued the industry. At present, the National Football League (NFL) gambling market came close to nearly $100 billion. Biton asserts that online sports buffs already outnumber NFL patrons worldwide and this number will rise rapidly.

Esports evolved from a niche to a way of life with newer ideas and technologies contributing to its success. All in all, these trends and developments will provide the gambling community with more benefits compared to other conventional concepts. Supporters claim the Blockchain system together with virtual currencies such as BTC, ETH, and even ALT will help shape the gaming domain positively.

FUTURE OF INTERNET GAMBLING

Many observers say this disruption of the gambling industry will bring significant changes for the better. While web-based technologies strive to push aside the reminiscent casino settings and practices, Internet gambling also faces a lot of challenges which come from cultural beliefs and technology as well. Many people still feel indifferent to online wagers and procedures. It may take some time before supporters of Internet betting can convince them about its advantages.

Many analysts argue that the recent growth of gaming on the web stands for a small preview of things to come. Gambling with digital currencies started to increase since Bitcoin came into existence. Consumers have become more comfortable with this unique approach. The progress of this new brand of gaming and betting lies in the effective combination of such developments with legislation, acceptance by the business sector, economic strategies, and many other factors.

Only then can the more significant segment of society meaning the doubters or skeptics move towards an absolute acceptance of the leisure and gambling sector. Over time, smart contracts, cryptocurrencies, and distributed ledgers will matter most in the gambling realm.

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