Opinion: Esports and crypto - bridging worlds with innovation
Esports and the blockchain technology have a common point: their potential for growth and evolution is exponential. Beyond their common points, their compatibility is the most interesting scope to explore.
Financial, business, content production and sharing solutions almost look like the blockchain technology was invented for esports.
Art and collectibles on the blockchain are another application that would suit well the usual esports fan's thirst for exclusive in-game items too. Everything remains to be done and there are so many reasons to have a positive opinion about both worlds' compatibility.
The new opportunity implied in instant value transfers (financial, intellectual, energy etc) is undeniable but it comes with all the unforeseen circumstances a disruption is usually bringing. On a personal level, it looks like a fantastic bet on the future. From a business perspective, believing in unicorns and magic rainbows is not allowed and several factors need to be taken into account beyond the obvious great potential:
- Technical limits: What is doable? Is it stable?
- Usability: Who can use it? Is it usable and useful?
- Scalability: How is technical and use evolution going to affect businesses?
- Volatility: Trust is an undomesticated animal.
- Sustainability: Can I operate on the long run with this model?
- Legality: is the legal framework favourable? Is it likely to change?
Given the amount of money involved in the crypto market overall ($282 billion at the time of this article, was $823 billion on January 7th, 2018), it is hard to not compare the crypto-boom to the so-called dot-com bubble. A bubble that brought us to the era of mobile internet and more but still with a lot of sweat, tears and blood. Very often for nothing but the satisfaction of receiving a valuable lesson.
If Luckbox wants to play a major role in both these exciting but challenging environments that are esports and the blockchain technology, it needs to take those valuable lessons into account.
Thus plain plodding people, we often shall find,
Will leave hasty confident people behind.
Decentralised esports content platforms
Imagine a platform where you could stream your games and esports channels and get paid instantly and directly by your viewers/followers rating your content. No intermediaries, just you and your followership. Exciting, right? So exciting that several working content platforms based on the blockchain are already existing.
But what about censorship? As the platform is decentralised, no one has a centralised control on the posted content. This is a very good news in an era where information is often biased and censored but a lot of other very wrong uses can emerge. These projects need a strong and complete reward ecosystem that includes rewards for a decentralised censorship system too.
Another question that is hard to answer is: Will the content quality be the same? Will the abstract notion of decentralised content production outperform a possible content quality compromise? While these projects hold a strong message taking an active part to the disruption that is ongoing, there is a high risk linked to the environment itself (financial, social, legal, commercial etc).
Imagine a platform where data's safety is guaranteed by the network code it is hosted on. You would have full control on the adds you are seeing and the data you are sharing with advertisers. You could be remunerated to watch adds.
Again from a consumer perspective, this evolution looks spectacular but the economy around it is not ready yet for a full adoption of these processes. How sustainable it is before another social platform or model come on board? Is there not another brilliant blockchain-based idea out there?
Esports store and marketplaces
Instant transactions to buy event tickets, to root for your favorite esports team, esports goodies and gear, games, in-game items or access to exclusive online content. With a correct application of the blockchain benefits alongside existing laws, even in-game items trading and betting is possible.
It is another great use of the blockchain and likely the one that will be operational for massive use first. But given the inherent anonymous nature of cryptocurrencies, what measures should be taken to prevent underage use, illegal offers, scams or money laundering?
Decentralised esports betting
Betting between persons can be managed independently of a central esportsbook. Betting offer and demand are managed by users. This is a great opportunity to play odds you would not be able to play on a more conventional esportsbooks.
However, what model should be used to guarantee the platform existence on the long run? How can we guarantee games diversity and betting depth in betting markets controlled by users? How to guarantee that users are legally able to play and responsible? How to prevent money laundering and guarantee player's security?
And Luckbox in all that?
Above is Luckbox's slogan. Our dedicated core team is very well aware that risks need to be taken to achieve success. Given their experience in betting, risk and product management, they won't take uncalculated risk though as one of Luckbox's core mission is sustainability. In the esports and 'crypto' world this boils down to making sure we have enough information to calculate that particular risk accurately enough.
That is what will fulfil Luckbox's vision:
- A revolutionary but stable platform to enhance player's esports experience through multiple actions and medias including betting but not only.
- Full use of cryptocurrency in on-site transactions completely integrated to the platform features allowing a flawless and smooth use.
- A strong legal framework and advisory panel to take part to the esports betting sector cleansing and focus on our user's security and responsibility.
- A continual thirst for innovation, platform development and improvement.
The Luckbox's official token LuckCash (LCK) will allow different expansions of our platform's use thanks to the access to exceptional games, tournaments, features and Luckbox's exclusive esports streams and content.
The stability, sustainability and security of our platform will be guaranteed too. That is what 'esports betting done right' implies as a choice in such bustled environments.
Our platform will bridge esports and cryptocurrencies. And Luckbox, as a company, thanks to its focus on compliance, security and responsibility, will bridge real-world issues conditioned by real laws with the innovation brought by the blockchain technology and needed by the esports fans.
Felix Charles is Luckbox's associate brand manager and a cryptocurrency enthusiast