ESPN Global is working on launching a blockchain-powered gaming platform where users can deposit and withdraw cryptocurrencies
The Entertainment and Sports Programming Network Global (ESPN) has revealed that they are planning to launch an online gaming platform built with the use of blockchain technology, allowing users to deposit and withdraw Bitcoin and cryptocurrencies.
The announcement ESPN Global published explained that the ESPN’s environment will allow users to compete with one another across different games and in a variety of tournaments.
The platform allows for premium membership subscriptions for users who are looking to get priority access to game slots and the most in-demand games.
Since the platform is still under pre-launch, it is not yet capable of accepting Bitcoin deposits or withdrawals.
One of the Directors of ESPN Global, Chris Parker, cited research conducted by an international strategic management consulting group named 3EA Limited.
“[The] e-sports and online gaming is a $140 billion global industry driven predominantly by digital micro-transaction economies, which we believe will benefit immensely from the integrity and resilience of the Blockchain technology.” Parker said.
The company is also working on integrating Satoshi’s Treasure, a game they recently launched that features a $1 million treasure hunt. The funds in the game are divided into 1,000 fragments, which will be split among 1,000 winners.
“With this $1 million puzzle game Satoshi’s Treasure, we are promising a bounty-laden bitcoin wallet whose keys will be divided into 1,000 fragments, spawning a global hunt for the prize pieces,” Parker explained.
ESPN Global has also revealed that it plans on launching an Initial Exchange Offering (IEO) of its Smart Gaming Token (SGT), an ERC-20 token.
ERC-20 tokens function in a similar way to Bitcoin, Ethereum, and Bitcoin Cash. It holds value and it can be both sent and received. However, ERC-20 is different because it is created and hosted on the Ethereum blockchain.
When ESPN Global’s blockchain-based gaming platform goes live, SGT tokens will be airdropped to registered players. Each SGT token will be airdropped at a $0.001 valuation. Premium members who obtain double SGTs against the amount of super-contests will also have their losses covered.
Parker added that players who lose money in any of the games or tournaments on the platform will be compensated with SGT airdrops that are equivalent to the losses credited to their ERC wallets.
ESPN Global has collaborated with CryptoPay, a payments specialist platform to make the transaction process throughout their application more efficient and convenient.