PlayChip (PLA) ICO review
PlayChip will deliver the worlds first fully-integrated, blockchain enabled global fantasy sports, online sports betting and gaming ecosystem. Underpinning its ecosystem, is the PlayChip Utility Token – a gaming token built on the Ethereum blockchain, specifically designed for use as a universal payment and rewards system for gaming and wagering. The PlayChip will form the foundation to facilitate the decentralisation of our existing partner platforms and allow sports fans to connect, compete and collect, irrespective of their location.
The PlayChip is set to become the universal token for sports betting, gaming, fantasy sports, and eSports in an operating business with over one million players on seven platforms in 70 countries.
PlayChip’s mission is to deliver the world’s biggest incentivised, blockchain-enabled sports community and gaming ecosystem.
The PlayChip is set to disrupt the US$3 trillion unregulated gambling industry by providing unparalleled trust and transparency, ease of use, lower fees, and provably fair betting environments. The introduction of the blockchain will see the PlayChip offer a superior experience to traditional sports betting systems.
Daily Fantasy Sports (DFS), eSports, and online gambling are flourishing industries. The DFS industry enjoys a steady US$4bn annual turnover while global online gambling turnovers are forecasted to exceed US$59bn in 2020. Global gambling turnovers are estimated to be as high as US$3 trillion in unregulated markets.
At present, the PlayChip serves as a rewards token for playup.com, with a fixed value of US0.01. Players can convert the current PlayChip to rewards vouchers with affiliates including Mastercard and Amazon.
Following the migration of the PlayChip to the blockchain, the PlayChip will serve as the universal gaming token for seven independent sports betting, DFS, and gaming platforms with a combined user base of over one million and exceeding US$430 million in annual turnover.
Players will be able to use credit card, PayPal, bank deposit, or a range of cryptocurrencies to purchase PlayChips within the PlayWallet and PlayXchange. PlayChips can then be seamlessly transferred between any of the seven gaming platforms to participate in DFS, sports betting, eSports betting, or table games such as poker. Winnings are then able to be easily cashed from PlayChips back into credit card, PayPal, bank deposit, or cryptocurrencies such as Bitcoin and Ethereum. The PlayChip platform presents an all-in-one frictionless solution for fast, fun, and easy gaming and sports betting.
Due to the high volume of transactions that can take place in DFS and sports betting, the technology supporting the PlayChip must be scalable and fast. A robust internal network is being built to handle the high frequency transactions of PlayChip’s distributed partners, which currently number in the thousands per minute. Timing in DFS and sports betting is crucial due to changes in conditions and late changes to player profiles, so it is important that players of the PlayChip have a network they can rely upon. The PlayChip offers an off-chain engine linked to a public blockchain that will provide players with high transaction speeds and the confidence to use their PlayChips securely in real time without fear of bottlenecks or network lag.
The PlayChip will also offer a social network that links all platforms within the ecosystem and incentives robust gameplay between players via large prize pools and leaderboard competitions. In addition, an eToro-like follower functionality is being built into the platform to facilitate incentivised copycat betting of leading players. This social betting feature will create large scalable network effects, which further aim to grow the user base and reward possibilities for players.
We see the development of the PlayChip as a natural progression for a dynamic and ever-evolving industry. Due to the ‘trustless’ nature of smart contracts, and the security and autonomy of blockchain networks, we envisage that a majority of industries will adopt blockchain-enabled payment and rewards systems in the coming years. PlayChip is pleased to lead this advance.
The PlayChip has been designed to be simple, secure and fun. We invite all gaming and cryptocurrency enthusiasts alike to participate in what is set to become the universal gaming token.