SkinCoin: What is SkinCoin and its vital role in esports
Esports, a $700 Million industry(as of 2017 ) and one of the raising industry when it comes to entertainment. Driven by a huge audience of more than more than 385 million fans,players, and gamers alike which can double towards 2020 and with the help of streaming services like twitch, youtube gaming, microsoft’s mixer, etc., no one can argue that esports will be the primary source of entertainment in the future.
Behind these large numbers, one of the factors that makes esports a multi-million dollar industry and what makes gamers into it is because of the skin buying and trading system that the games they play provides. Dota2 alone was able to award $100 million total prices from all of its tournaments , more than double to the total prices awarded from all League of Legend tournaments, mostly came from players contribution which Valve (company behind Dota2) gives them in game items (skins) in return. This is a huge waste of money if the older generations will think about. But it is not, this is reality which the previous generation must accept.
Now that we know that people are really into in-game skins, how can a player get them now for a cheaper price or even make profit out of them? here is where skin betting enters the scene. Note that there are a lot of skin betting site out there and in 2016, $5 billion worth of skins where wagered for e-sports matches in those sites but all of those are exchanges between skins only.
"We are creating a platform for immediate exchange of skins for the cryptocurrency, which is a liquid asset that can be used for further skins speculative trading, replace the turnover of skins on video game websites and can be used for conversion of the income after trading skins into fiat money."
Based from the above statement which is from Skincoin’s whitepaper, Skincoin will make it easier for players to trade their in-game skins in exchange for real money/ fiat money and . With Skincoin being a decentralized cryptocurrency and using the Ethereum blockchain platform, it will not only make it easier for players to bet their skins in exchange for more valuable skin or fiat money, it will also also allow betting site owners trading skins to fiat money in their own website without worrying about security and transaction problems on using the coin.
I will release another article about other possible uses of Skincoin in the near future, so for now, i’m gonna inform you about the ICO (Initial Coin Offering) of the SkinCoin which will start on June 21 15:00 GMT. You can read more about the ICO here if you would like to participate. If you are wondering what experiences does the Skincoin team have, I will provide links of their existing and future projects below.
Existing and Future websites/projects of the Skincoin team:
- steamtrade.net - a trading platform for the game items' purchase/sale from Supported games - CS:GO/Dota2/Team Fortress
- case.club - one of the most popular jackpot service for CS:GO and Dota 2 skins. The winner is chosen by independent random number generator Random.org
- csgodep.com - store of random items from CS:GO. Opening cases with a high percentage of well skins dropping out
- steamtrade.net - one of the most popular jackpot service for CS:GO and Dota 2 skins. The winner is chosen by independent random number generator Random.org
- skin-hunt.com - New feature game to get well skins into real CS:GO game.
- skincoin.org - Universal Cryptocurrency based on Ethereum for instant trading CS:GO, Dota 2 skins, and making bets on eSports events
- Kencha77
So I just checked their white paper out, and theres a few things that bothered me.
There was a lot of grammatical errors, which doesn't look very professional. (Although I noticed they're mainly Russian and English is more than likely not their first language.
They are asking up to 100,000 eth. That is over 30million dollars. The minimum being 5000, why is there such a big difference? If it was lets say maybe up to 25,000 eh I would gladly invest my money into it, as I know how big the gaming community is and how they will be one of the first groups to adopt crypto currency. But the numbers look fishy to me, and to an extent looks like a scam.
$30 million is not that big if you compare it to MobileGo's ICO, also a coin for gaming (mobile), which was able to raise $54 million. Also it is just the limit, the coin will be used and developed even if the ICO will not reach its maximum funding. And if you are doubting and that they will run away with your money, try to visit/research the projects that they have already done. Maybe you can decide it after, whether to trust them or not.
thanks for the reply, I'm definitely interested in the ICO but the numbers just seemed sketchy too me. How do I check their previous work? Any that stand out?
very interesting thank you for the information
thanks for the feed back, glad you liked it :)
NEVERDIE ICO is LIVE.
The first block chain based Virtual Reality gaming crypto! NEVERDIE coin will allow monetizing the game items in real cash economy game Entropia Universe. NOW game player can cash out their in-game money earned by playing game and can exchange NEVERDIE coin with other ERC20 tokens such as Gnosis, Golem, and Frist Blood.
https://neverdie.io/
Skincoin is a new cryptocurrency which allows gamers to trade skins and also bet in the eSports space. The project team believes that blockchain can optimize the emerging skin market that is valued at $7 billion. As such, the project focuses on resolving some of the main issues associated with trading and utilizing skins.
Check out here: Skincoin