eSports betting platform provider UltraPlay is planning to launch a new cryptocurrency called eGold on the Ethereum blockchain. To this end, UltraPlay has announced an initial coin offering (ICO). Sales will go live beginning 18 December 2017 and will run until 28 February 2018 or until a hard cap of 25,000 ETH is reached, whichever comes first.
According to a press release, eGold will allow “the eSports betting community to feel the next level of gaming experience and be connected in a unified eSports ecosystem based on a cryptographic security.”
To put that in more down-to-earth phrasing, eGold will serve as both a betting currency and a medium for processing secure, transparent eSports bets thanks to the unique capabilities of the Ethereum blockchain.
eGold Functionality and Benefits
eGold will have value as its own cryptocurrency and UltraPlay envisions that as a means for eSports fans around the world to bet with a common currency. The other advantages present in cryptocurrencies such as faster and cheaper transactions should also serve to make eGold an attractive deposit/withdrawal method provided it reaches the critical mass necessary for widespread adoption.
The far more interesting side to this story, however, are plans to integrate decentralized betting into eSports betting sites powered by UltraPlay. Using the blockchain and smart contracts, eGold is intended to make online betting significantly safer and more transparent than it is today.
Every eGold transaction will be recorded on the blockchain, which means anyone can check them at any time. Individual users will remain completely anonymous, but every eGold transaction ever will be publicly viewable at all times.
This transparency will serve to keep bookmakers and customers honest should disputes arise. Customers will not have the ability to make deposits and then immediately initiate chargebacks and then cry foul when bookmakers rightly close their accounts. Likewise, bookmakers will be unable to falsely claim they did pay the customer or blame chargebacks for not honoring cashouts.
Even more interesting than all of that is the other intended functionality of eGold: the ability to create secure bets that cannot be declined or altered after both parties have agreed to a wager. With eGold being based on the Ethereum blockchain, smart contracts will be used to create wagers that remain completely secure and unalterable.
Once you accept a bet, the other party cannot back out, your stake will remain locked in and you will be paid automatically due to the smart contract. It would be like having a middleman act as an escrow agent for every bet, except automated smart contracts would replace middlemen.
This video from the creators of eGold explains some of these concepts in simple terms:
Plans for the Future
UltraPlay will launch the blockchain-based platform on a new eSports betting website, Buff88. After that, UltraPlay plans to launch the platform on other eSports betting sites. Currently, UltraPlay counts more than 40 gaming operators among its clientele.
It all sounds like a great solution for the future of sports betting, but I should caution readers that this is all based on my own interpretation of UltraPlay press releases and the white paper they published detailing the development of eGold.
If you’re considering participating in the ICO, it would be wise to dig into this more for yourself. What I offer today is but a crude summary of a very technical betting solution. You can read more about eGold and UltraPlay’s plans at eGold.gg.
UltraPlay will mint 888,888,888 eGold and set a crowdsale price of 1 ETH for every 8,888 eGold. Early adopters will be able to take advantage of a 20% boost in eGold purchases on the first day with 1 ETH getting 10,666 eGold. During the following two weeks after that, buyers will get a 10% bonus with 1 ETH getting 9,777 eGold. After that, eGold will revert to its normal price of 1 ETH for 8,888 eGold.
Wes Burns has more than a decade’s worth of experience as a writer, researcher, and analyst in the legal online betting industry and is co-founder of OnlineBettingSites.com. Wes approaches his work from the viewpoint of players.