The digital token trend is expanding to many industries. It started with transfer of funds, computing and storage. Many more industries and services see applications which are facilitated by digital token.
As a reminder, a digital token is a form of cryptocurrency which can be used as a medium of exchange. Digital tokens are made available during ICOs (Initial Coin Offerings).
One area that has not seen any popular digital token (hence, no popular ICO) so far is the esports industry. That is changing now with the launch of UnikoinGold. The company that brings out the token is Unikrn, a leading international esports entertainment and betting platform. Current Unikrn users use the existing Unikoin token to participate on the Platform, and buy products such as jackpot tickets. But now, with the emergence of blockchain technology, Unikrn decided to increase their offer by using digital tokens providing access to much more esports products and services on a universal scale.
Sounds exciting? It certainly is, at least conceptually. The million dollar question is how fast the usage will grow. It certainly could be a killer application as esports and digital betting is very hot.
UnikoinGold: What is it?
UnikoinGold is designed as a decentralized ERC20 token on the Ethereum blockchain. UnikoinGold will serve as a utility token creating a decentralized, community-driven virtual economy. Transactions will be executed by a system of Ethereum smart contracts that are publicly accessible and that will be open and transparent to the network.
The infographic which was shared on social media explains the dynamics:
UnikoinGold’s use will have certain limitations depending on whether users are located in jurisdictions in which Unikrn is licensed to offer a full suite of betting services (full service jurisdictions) or in jurisdictions where Unikrn will offer a more limited set of betting services (limited lurisdictions).
Note: the former “Unikoin” will be renamed to UnikoinSilver. Users will be able to earn, bet and compete using UnikoinSilver in any
jurisdiction where we offer the Platform.
How Blockchain makes esports even more attractive
The current Unikrn model provides users the ability to liquidate their Unikoins through the Unikrn jackpot market. However, betting laws limit Unikoin functionality to exist solely within the Unikrn system. The proposed ERC20 token, UnikoinGold, will give alternative methods of possibly turning over their winnings on the Unikrn platform. An ERC20 token on the Ethereum blockchain offers additional functionality that is seldom found on a centralized token ecosystem.
What are the benefits of using Blockchain technology?
- Blockchain allows for more diverse usage for end users. There will be 2 completely new platforms on top of the existing Unikrn IO betting platform. Unikrn anticipates to expand beyond Australia and the UK for UnikoinGold betting, and wants to offer more betting operators to license the entire platform. This will ultimately allow customers in more regions around the world to live bet on tournaments, and also bet on themselves in skill-based challenges.
- The creation of UnikoinGold coincides with a skill-based betting product that will be legal in most of the US and other markets in the world. Next to fiat betting, the new UnikoinGold platform will be another option for those users.
- The company aims to make UnikoinGold a standard token for the esports and gaming ecosystem, an ecosystem backed by Unikrn – a company that holds integrity and complying with legislation in high regard.
UnikoinGold: The ICO runs until October 22nd 2017
The ICO of UnikoinGold has raised 100k Ether in exactly 3 weeks. That is an amazing success. It equals $34M. Although the aim is to raise $100M we believe the current amount is already a big success.
Much of that has to do with super star investors backing the company, and actively participating in the company. This is what CNBC had to say in a recent article:
Blockchain Capital and Pantera Capital, top firms investing in the cryptocurrency ecosystem, and Draper’s Dragon Fund, a joint venture between Draper Fisher Jurvetson and DragonVenture, participated in the ICO. Unikrn investor Mark Cuban and Ethereum co-founder Anthony Diiorio, who just joined Unikrn’s advisory board, also participated.
This is certainly an indicator that UnikoinGold has potential.
Want to find out more about the ICO? Instructions on the UnikoinGold ICO are here >>
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