The PlayChip is set to become the universal token for sports betting, gaming, fantasy sports, and eSports in an operating business with over 500,000 players on six platforms in 70 countries.
PlayChip’s mission is to deliver the world’s biggest incentivised, blockchain-enabled sports community and gaming ecosystem.
The PlayChip is set to disrupt the US$3 trillion unregulated gambling industry by providing unparalleled trust and transparency, ease of use, lower fees, and provably fair betting environments. The introduction of the blockchain will see the PlayChip offer a superior experience to traditional sports betting systems.
Daily Fantasy Sports (DFS), eSports, and online gambling are flourishing industries. The DFS industry enjoys a steady US$4bn annual turnover1 while global online gambling turnovers are forecasted to exceed US$59bn in 2020. Global gambling turnovers are estimated to be as high as US$3 trillion in unregulated markets.
At present, the PlayChip serves as a rewards token for playup.com, with a fixed value of US0.01. Players can convert the current PlayChip to rewards vouchers with affiliates including Mastercard and Amazon.
Following the migration of the PlayChip to the blockchain, the PlayChip will serve as the universal gaming token for six independent sports betting, DFS, and gaming platforms with a combined user base of over 500,000 and exceeding US$430 million in annual turnover.
Players will be able to use credit card, PayPal, bank deposit, or a range of cryptocurrencies to purchase PlayChips within the PlayWallet and PlayXchange. PlayChips can then be seamlessly transferred between any of the six gaming platforms to participate in DFS, sports betting, eSports betting, or table games such as poker. Winnings are then able to be easily cashed from PlayChips back into credit card, PayPal, bank deposit, or cryptocurrencies such as Bitcoin and Ethereum. The PlayChip platform presents an all-in-one frictionless solution for fast, fun, and easy gaming and sports betting.
Due to the high volume of transactions that can take place in DFS and sports betting, the technology supporting the PlayChip must be scalable and fast. A robust internal network is being built to handle the high frequency transactions of PlayChip’s distributed partners, which currently number in the thousands per minute. Timing in DFS and sports betting is crucial due to changes in conditions and late changes to player profiles, so it is important that players of the PlayChip have a network they can rely upon. The PlayChip offers an off-chain engine linked to a public blockchain that will provide players with high transaction speeds and the confidence to use their PlayChips securely in real time without fear of bottlenecks or network lag.
The PlayChip will also offer a social network that links all platforms within the ecosystem and incentives robust gameplay between players via large prize pools and leaderboard competitions. In addition, an eToro-like follower functionality is being built into the platform to facilitate incentivised copycat betting of leading players. This social betting feature will create large scalable network effects, which further aim to grow the user base and reward possibilities for players.
We see the development of the PlayChip as a natural progression for a dynamic and ever-evolving industry. Due to the ‘trustless’ nature of smart contracts, and the security and autonomy of blockchain networks, we envisage that a majority of industries will adopt blockchain-enabled payment and rewards systems in the coming years. PlayChip is pleased to lead this advance.
The PlayChip has been designed to be simple, secure and fun. We invite all gaming and cryptocurrency enthusiasts alike to participate in what is set to become the universal gaming token.
Key to the long term aspirations of the PlayChip token is the growth in the PlayChip ecosystem, which in turn enhances the utility of the token itself.
The high product functionality of a utility token is the key factor that drives its long-term growth in value. Purchasing utility tokens is equivalent to purchasing a product or commodity rather than acquiring company equity. Consequently, the success of a utility token is directly dependent on the success of the product rather than company profitability or market sentiment.
The value of utility tokens scale directly with customer demand and transaction volume. In the case of the PlayChip platform, Players purchasing PlayChips for use within the PlayChip ecosystem directly drives PlayChip demand versus available supply.
A new user’s PlayChip experience begins following signing up with one of our operational partners. The KYC verification done via the PlayWallet will verify the user to access every platform within the ecosystem, including the PlayXchange. PlayChips are awarded as a sign-up bonus, and user excitement is increased by the size of the prize pools and diverse ecosystem in which their tokens can be used. These factors are also expected to encourage the use of stored PlayChips bought at ICO or prior, as well as the purchase of new PlayChips.
The establishing of the rewards bucket helps lead to heightened activity as it will incentivise promotion and activity across every platform within the ecosystem. Daily promotions and specials will be cross-promoted throughout the gaming platforms and user participation in this will be incentivised. More information can be found on the rewards bucket on page 28.
The integrated PlayWallet and PlayXchange functionality provides the ability to convert tokens quickly into fiat or other cryptocurrencies, ensuring market activity and awareness of the token remains high. This should help ensure that the PlayChip economy shall be stimulated early before diminishing in supply once demand has been established.
New users will then be required to purchase the PlayChip via the PlayXchange and other cryptocurrency exchanges. This is expected to create the scarcity required to allow the market to determine the value of the PlayChip.