According to Statista, the esports industry generated a revenue of $492.7 million on a global scale.
By 2020, the industry is estimated to reach $1.43 billion in value. The increasing interest in computer games and esports is directly linked to the numbers of hours spent by gamers on streaming platforms such as twitch.tv. Furthermore, gaming tournaments such as DOTA 2’s International gathered cumulative prize pools worth over $30 million in 2017.
Given the tremendous demand for esports and online gaming, blockchain is looking to challenge yet another industry, online betting. Blockchain-based company HERO recently launched a proprietary on-platform wallet for herosphere.gg, which used to be free-to-play to date. On this eSports prediction and fantasy platform, users can now buy in with a smart contract to secure betting opportunities on their favorite online games and tournaments.
Upon the successful completion of the HERO initial coin offering (ICO) in 2017, the company started working on its first use case, herosphere.gg to assess what happens on the blockchain when implementing smart contracts. The beta version currently runs on a copy of Ethereum Core called Ropsten, heavily used by developers for testing.
eSports and fantasy platform herosphere.gg invites users to place their bets on “contests”. After choosing a team and placing a bet on the outcome of a match, participants are ranked based on the points they collected from predicting match results and the performance of their fantasy team players; all actions are taken via smart contracts where buy-ins and pay-outs, as well as the wallet handling run on Blockchain.
At the time of writing, herosphere.gg supports four main games: DOTA 2, Leagues of Legends, Counterstrike: Global Offensive, and Overwatch.
After several waves on closed beta tests on the testnet, herosphere.gg has had 200 testers so far. Between October 8 and October 14, the platform has opened 100 more spots on its latest Beta Wave 4 on the testnet which will also be part of the closed group that is allowed to test the actual mainnet before everyone else.
By participating, players get access to the first blockchain-based product targeting the eSports and fantasy platform; they will be rewarded HEROcoins for taking surveys and reporting bugs, not to mention that they get the opportunity to bet on their favorite teams on the blockchain.
Before joining a contest, users will have to create an on-platform wallet, and make a transfer from their original wallet. Following this step, each contest users participate in will have their own smart contract address to ensure transactional transparency on herosphere.gg.
The team at HERO is focused on integrating HEROcoin in all pay-to-play contests. To ensure a high standard of security and maximize user experience, HERO designed a token (PLAY), a cryptocurrency which allows betting on herosphere.gg and other betting providers in the near future.
Throughout the beta waves of herosphere.gg, the goal is to gather user feedback to improve user experience on the platform, particularly contest participation, navigation, speed, and social media aspects. The mission is to develop a vibrant social platform for eSports and igaming where betting on teams can be facilitated by smart contracts.
Currently, the team at HERO is focused on improving user experience on the herosphere.gg platform, gather feedback from the players, and evaluate prototypes before going live on mainnet with the esports igaming platform.
By 2020, the industry is estimated to reach $1.43 billion in value. […]
Ukrainian news media is reporting that last month an illegal cryptocurrency mining operation was discovered and confiscated on the site… Read More
While Jerome Powell's highly anticipated Jackson Hole speech was, in the words of Brean Capital's Russ Certo "underwhelming and anti-climatic",… Read More
Criminals often express their favoritism toward cryptocurrencies. The perceived privacy and anonymity associated with this payment method makes for an… Read More
Negative interest rates, a common occurrence in Europe these days, are unpleasant for both banks and clients. And financial institutions… Read More
As of late, bitcoin – the granddaddy of all crypto – is once again experiencing small bursts of bearish behavior.… Read More
A gloomy stock market must wrestle with China's latest taunt, in which it warned it would "fight to the end"… Read More