The 2018 FIFA World Cup takes place in Russia from June 14 to July 15 this year and billions of people from across the globe will gather together to cheer on their favorite football teams. An estimated one billion people watched the final in 2014, which is equivalent to a ninth of the world’s population. Not surprisingly, the World Cup is also considered to be one of the biggest betting events to take place within the sports industry.
And as cryptocurrency continues to spark interest – Ethereum in particular, which is now valued at a market capitalization around $60 billion – it shouldn’t come as a surprise that a blockchain game would be created specifically for this year’s World Cup, allowing sports enthusiasts to make bold predictions to compete for Ethereum-based cryptocurrency prizes.
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CryptoCup is a World Cup prediction game that leverages blockchain technology. The platform is one of the first DApps (decentralized application) that is not a collectible, but rather allows users to build their own ERC 721 tokens to represent the teams they think will win the World Cup tournaments.
Between now and June 14th, players can log in with MetaMask to build their tokens, or golden tickets, by making predictions for the 64 matches taking place in this year’s World Cup tournament. Once a prediction is made, players set the value for each of their tokens. There is also an express mode, in which players only predict the top four teams they think will win. When the World Cup officially begins, the token predictions end and players can start trading tokens amongst one another.
“The World Cup is the single biggest sporting event in the world. Over 3 billion people, almost half the world, tunes in. I’ve attended two myself,” Federico Goldberg, CEO and co-founder of CryptoCup, said. “We wanted to combine that popularity with blockchain technology in order to build something different than an ICO or collectible.”
Putting The World Cup On The Blockchain
Goldberg, who was one of the winners in the recent ETHBuenosAires Ethereum hackathon, saw the need to create a decentralized gaming platform for The 2018 World Cup partly as a solution to combat the corruption associated with sports gambling. CryptoCup operates through a smart contract, making the game completely transparent and unalterable. Records are stored in a decentralized and public blockchain, meaning players have full ownership of their tokens and transactions are easily traceable.
Moreover, CryptoCup tokens are ERC 721, meaning each is unique and cannot be replicated. The tokens are used to represent a player’s betting predictions. While the tokens are not considered to be a cryptocurrency, they are generated across the Ethereum blockchain. As a result, tokens won by players hold a certain value across cryptocurrency trading platforms based on the price of Ethereum.
Decentralization is a great way to clear up much of the corruption that comes with sports gambling. We have created a fair, honest and transparent betting project, CryptoCup engineer Martin Nagelberg said. The concept will also be easy to scale to other sporting events, such as the UEFA Champions League, the NFL and the NHL. The World Cup platform is exciting, as we grew up loving the sport and tournament, but it’s also just the tip of the iceberg.
CryptoCup players earn points based on the number of games accurately predicted during the World Cup. As more games are correctly predicted, a player’s position will move up in the rankings on the CryptoCup leaderboard, putting them one step closer to earning a portion of the CryptoCup prize money.
The overall goal is for players to be in top 10% when the tournament ends, as participants will split the prize money. The value of the prize pool is determined by the number of players who have entered (for every transaction between users, a 5% commission fee is charged, which also goes into the prize pool), along with the current value of Ethereum. At present, the CryptoCup prize pot is valued around 28 ETH (Ethereum), which is equivalent to about $17,000.
The CryptoCup betting platform went live May 21st and will continue to run until June 13, the day before the tournament starts. Currently, CryptoCup has a gambling license in Costa Rica, but the game is open to users from all countries where sports bets are legal.
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Author: Rachel Wolfson