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Esports Industry Remains Well-Suited to Adpot Cryptocurrencies and Blockchain

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CSGO Major Moscow Esports

In 2017 and 2018, the cryptocurrency world was convinced that blockchain technology and digital currencies would disrupt just about every industry.

Today, Bitcoin’s price sits at less than half of its peak. Many of the ‘disruptors’ have failed or at least struggled to gain traction.

While things haven’t happened as fast as many of us expected, that doesn’t mean cryptocurrency and blockchain technology aren’t well-suited to flourish in a variety of industries. In particular, the Esports industry has a ton of potential use cases.

Growing Esports Industry

Over the last few years, the Esports industry has exploded and shows no signs of easing up.

Tournaments streamed on Twitch or other streaming services can reach hundreds of thousands or even millions of concurrent users. Through advertising deals, tournament organizers can generate enough revenue to offer up millions of dollars in prize pools to participating teams/players. In the next month alone, there are two CS:GO major tournaments with prize pools of $500,000-$1,000,000. Games like League of Legends and DOTA tend to have even larger tournament prize pools.

The industry saw 2018 investment reach $4.5 billion, compared to $490 million in 2017. There are at least 10 Esports companies valued over $100 million.

All parties seem to be getting paid and raising capital, from tournament organizers to esports organizations, and even all the way down to the players.

Where Do Cryptocurrencies & Blockchain Come In?

Esports is a huge industry, but how can they benefit from cryptocurrencies?

Esports Betting

Gambling, including sports betting, is one of the best applications for cryptocurrencies and there are plenty of young adults looking to wager some BTC on the next Esports match.

Cryptocurrency “Esportsbooks” like the Mark Cuban backed Unikrn sportsbook have already seen success. Established Bitcoin casinos, like MintDice, have also announced plans to launch their own platform for Esports wagering.

Betting with cryptocurrencies is simply better than using other payment methods, so as Esports continue to grow, I expect the Esports crypto betting industry will grow right along with it.

Players Betting Against Each Other

While large organized tournaments have prize pools paid by the organizer, how can regular online competitive matches make things more interesting?

I expect some company will see success creating something similar to Poker’s Sit-n-Go and tournament models, allowing gamers to compete over a prize pool of each player/team’s entry fees.

This model could be used for two players/teams competing against each other or a tournament with many players/teams.

In-Game Purchases

The majority of popular competitive video games, like Apex Legends, now have their own in-game “currency” or “credits.” Currently, these credits are mostly limited to purchasing digital items, like “skins” and characters, in the game. I expect in the coming years we’ll see a major game attempt to launch a currency that can be used not just in the game, but also outside of it. Blockchain technology is perfect for this application.

The post Esports Industry Remains Well-Suited to Adpot Cryptocurrencies and Blockchain appeared first on UNHASHED.

Source: https://unhashed.com/cryptocurrency-news/esports-industry-remains-well-suited-to-adpot-cryptocurrencies-and-blockchain/

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Digital Payment Solution Utrust to Hold Exclusive Listing Sale on ProBit Exchange

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Digital Payment Solution Utrust to Hold Exclusive Listing Sale on ProBit Exchange

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Following the success of the ProBit Exclusive Lite debut for Travala and its token AVA spiking over 260% from the discounted Exclusive price, ProBit Exchange has rolled out details on the follow up to their exclusive listing platform for Utrust (UTK)

Starting on September 28, 2020, at 11:00 KST, participants holding ProBit Exchange’s native token PROB will be able to subscribe to UTK with 50% discounts offered during the exclusive 24-hour sale.

A minimum of 500 PROB is also required to join and all participants can increase their purchasing power to a maximum of 6,000 USDT in UTK by increasing their PROB stakes. 

Utrust is a firmly established presence in the digital payment sector, having already secured significant partnerships with brands such as Travala, allowing for travelers to pay for reservations and other travel resources across its vast travel service ecosystem

With UTK already trading on the exchange’s fluid KRW markets, additional trading pairs of UTK/USDT and UTK/BTC will also be added September 25 at 17:00 KST to avail access to additional liquidity for traders. 

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Both ProBit Exclusive and ProBit Exclusive Lite showcase many premier tokens such as those already listed on ProBit Exchange as well as those looking to launch on their secondary markets. The Exclusive features provide ample opportunities for newer token investors to get their hands on some of the top tokens around at generous discounts as ProBit Exchange continues onboarding prospective teams for these coveted spots. 

ABOUT UTRUST

The Utrust platform allows merchants to accept digital currencies as a means of payment. It aims to bring digital currencies to mainstream consumers while providing the buyer protection and credibility of traditional payment platforms. With plugins and an API for merchants and UX for buyers. Utrust stands at the intersection of e-commerce, mobile payments, and cryptocurrency.

https://utrust.com/

ABOUT PROBIT EXCHANGE

ProBit Exchange is a global Top 20 crypto exchange in real daily trading volume that has successfully completed over 200 rounds of IEO. ProBit Exchange also features over 800 trading pairs – one of the highest in the market.

ProBit Exchange Key Figures

100,000+ community members
800,000+ monthly active users

2,500,000 monthly web visitors

40,000,000 users on partnering aggregators and wallets such as CoinMarketCap

Global outreach in 8 key languages & markets provided

Multilingual website supporting 40 different languages

Join our active programs and get a multitude of benefits!

1. Trading Fee Discount: Buy PROB, pay trading fees with PROB & get as low as 0.03% trading fee

2. Trade Mining: Stake 100,000 PROB and get back 100% of trading fees in PROB when trading BTC, XRP, and ETH pairs. 

3. Stake Mining: Stake PROB and earn PROB at a rate of 4% per annum 

4. Referral Program: Earn 10-30% of trading fees for referring friends to ProBit

ProBit Global: www.probit.com

ProBit Korea: www.probit.kr

ProBit Telegram: https://t.me/ProbitEnglish


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/digital-payment-solution-utrust-to-hold-exclusive-listing-sale-on-probit-exchange/

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‘Apple Store of DeFi’ Is Bringing Yield Farming to Bitcoin, XRP

With Harvest.io, Kava wants to bring order to DeFi. And expand it beyond just Ethereum.

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In brief

  • Harvest.io is Kava’s new automated money market protocol.
  • It’s a little like Aave and Compound, only on Kava, designed to support assets beyond just Ethereum, such as Bitcoin and XRP.
  • Kava aims to make decentralized finance as safe and easy to use as apps on the Apple Store.

The cofounder of Kava, a blockchain network focused on interoperability, wants to bring the trimmed haircuts, tucked in t-shirts, and “it just works” attitude of your local Apple Store to the world of decentralized finance

With the launch of one of its first DeFi protocols, automated money market Harvest.io, Kava cofounder Brian Kerr hopes to bring order to the chaos of the DeFi market, as well as support for Bitcoin, Ripple’s XRP, and other assets besides just Ethereum.

DeFi refers to a slew of non-custodial financial products, most notably decentralized lending protocols, decentralized exchanges and synthetic assets. At the moment, Ethereum dominates the DeFi market; there’s about $9.7 billion worth of cryptocurrency locked up in DeFi smart contracts, and all of it’s in Ethereum-based protocols. Kava, built on “blockchain of blockchains” platform Cosmos, is one of several blockchains seeking to diversify DeFi beyond Ethereum.

Kava announced Harvest.io on Monday and will launch the product on October 15. Harvest.io supports crypto loans and investments in liquidity pools—pools of money that ensure loans always have counterparties. It also rewards those that use the protocol with a governance token, HARD, which stands for HARvest Decentralized. (Governance tokens are cryptocurrencies that holders can use to vote on proposals to upgrade the network, or sell on secondary markets).

Harvest.io appears very similar to Compound and Aave, two decentralized lending protocols housed on Ethereum, only Harvest.io supports Bitcoin and XRP, as well as Binance’s BNB and BUSD. In comparison, Ethereum supports synthetic, Ethereum-based representations of coins native to other chains, such as Bitcoin, through projects like tBTC, renBTC and wBTC, but not the coins themselves. 

But Harvest.io’s silver bullet is its permissioned blockchain, Kerr tells Decrypt. Each application on Kava has been rubber-stamped with the approval of the community. Though many of the major Ethereum protocols have been audited and vetted by the community, Ethereum houses many dangerous and volatile decentralized finance protocols, whose creators can scam investors out of lots of money or lose their users’ fortunes through poorly-written code. 

“We want to make sure, kind of like Apple does when they check applications for new apps in their app store, that they’re of quality and meet certain standards. We’re just doing the same,” said Kerr. Those operating nodes on Kava include some of the world’s largest crypto exchanges, such as Binance, OKEx and Huobi. 

From within this bulletproof glass box, Harvest.io’s users can watch the unwashed, savage swarms of DeFi degens rip open stomachs with the jagged edges of broken protocols and scoop out the entrails of their compatriots—dinner. 

“That’s something that we’re trying to avoid,” said Kerr. 

Kerr said that this “decentralized but curated approach” will prevent the community from running riot on the blockchain, and stop people from “from spamming the network with CryptoKitties and other things that take up blockchain bandwidth.”

Kerr also thinks that people may use Harvest.io as, at least for now, it promises to be cheaper to use than Ethereum analogues. “Fees are just nonexistent on Kava, and they’re almost prohibitive in the Ethereum ecosystem unless you have $100,000s to play with…when something costs $90 to just open a position or to lend, that might be 10% of their capital,” he said. 

In addition, Kerr said it’ll be easier to use. While Ethereum’s DeFi offering still baffles most users (by their own admission) due to its high level of difficulty, Kava, and by extension Harvest.io, is among the first to integrate with major exchanges, meaning “it’ll be a very nice experience for those users.”

Harvest.io will eventually decentralize. To put control in the hands of the community, the team have implemented yield farming—the practice of earning governance tokens by using the platform—in Harvest.io. The team will issue 40% of the token’s 200 million supply to users, and a further 20% to those that stake Kava.

When it launches on October 15, it will support deposits of BTC, BNB, HARD and USDX, a US dollar-pegged stablecoin. On December 20, Harvest will launch Harvest v2. This will add support for Chainlink, the coin that powers the eponymous decentralized oracle. It’s one of the most popular DeFi coins, with a market cap of $3.2 billion.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin Is REALLY Worth $15,000 Based On This Key Adoption Metric

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Bitcoin Is REALLY Worth $15,000 Based On This Key Adoption Metric

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The bitcoin price has ballooned 40% on a year-to-date basis. The OG cryptocurrency has performed particularly well amid the pandemic partly because it acts as a reliable store of value like gold.

However, BTC is desperately clinging to the $10K level at the moment. But according to one bullish analyst, the cryptocurrency is undervalued by an insane margin.

Mike McGlone, Bloomberg’s senior commodity strategist, believes bitcoin’s fair value is $15,000 which the asset fails to reflect. Based on a key adoption metric, BTC is presently trading at roughly 50% below its fair market value.

Bitcoin Price Is Massively Undervalued

At the current price of $10,642.12, bitcoin still has a long way to go to reach its fair value.

In a recent report by Bloomberg, analyst Mike McGlone indicated that bitcoin has more runaway for gains. McGlone based his analysis on the historic highs in bitcoin’s hashing power, and most importantly, bitcoin addresses. Based on the 30-day average of BTC’s addresses, in particular, bitcoin should be worth around $15,000.

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“The Bitcoin hash rate continues to increase and recently reached new highs. Also advancing are addresses used. A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017.” 

A Strong Argument For A Sustained Bitcoin Bull Run 

The important thing to remember is that, even with the latest pullback, bitcoin’s fundamentals remain stronger than ever. In fact, according to on-chain analyst Willy Woo, the market correction caught most BTC investors with their pants down as there wasn’t the usual on-chain activity that precedes a sell-off. He cites the correlation to stocks as the reason why BTC suddenly took a tumble.

While a deeper pullback in the stock markets could pull the price of bitcoin down in the near-term, the crypto-asset is bound to soon decouple from the legacy markets owing to its bullish fundamentals as an inflation hedge, Woo posited.

Moreover, McGlone, who has remained a bitcoin diehard despite the flagship crypto’s wild rollercoaster ride, suggests that the price of bitcoin will continue increasing in the foreseeable future.

“Our graphic depicts primary on-chain metrics that would need to reverse for Bitcoin to not keep appreciating in price — the hash rate and active addresses.”

Looking ahead to the rest of the year, the robust fundamentals could be the variable that helps kickstart the next bull market — despite bitcoin currently being deep in the bear territory.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/bitcoin-is-really-worth-15000-based-on-this-key-adoption-metric/

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