FanChain is a cryptocurrency platform designed specifically to create a decentralized sports entertainment ecosystem. In due course, this will connect fragmented landscapes and align interests between fans, athletes, teams, leagues, as well as media entities.
Benefits of decentralized sports entertainment ecosystems
SportsCastr provides sports fans with a platform to be able to display comments and reactions directly across social networks during sporting events, and this is an opportunity to bring the network a step further by creating a fully decentralized sports entertainment ecosystem. One of the main reasons that are the basis is the understanding that sports fans usually do not take part in certain sports or leagues, but special teams.
FanChain tokens will utilize a unique combination of interchangeable and non-interchangeable characteristics that allows team loyalty to be embedded in individual ERC20 compliant tokens, also known as “Ethereum-denomination” tokens, which can be produced and sent via various Ethereum-based platforms. FanChain tokens are “stamped” with metadata to associate digital tokens with certain teams, leagues, or events. In the FanChain ecosystem, users can also exchange these tokens with other team tokens.
Also, cryptocurrency use allows SportsCastr and other members of the FanChain ecosystem to reward all fans; this is to create value for their favorite team. Users can also exchange their tokens for prizes, prizes, and access, including subscriptions to premium channels and content, digital goods, and sports memorabilia for the teams and leagues they follow.
Sports Industry Gets Personality
The use of traditional fiat currencies, such as US Dollars or Euros, does not allow sports fans to interact or fully own assets in the game that will be obtained during eSports tournaments. A sport-specific cryptocurrency like FanChain, they provide sports fans and eSports players with full ownership of digital tokens, which can then be exchanged between users in the ecosystem.
FanChain can act as a bridge between existing sports properties that currently do not have a way to be able to talk to each other. FanChain holds currency promises for specific industries that will cover everything from eSports to purchasing tickets and prizes that are usually seen for broadcasters or players and even for sports betting.
FanChain will be first integrated on the SportsCastr platform, which allows users to tip color commentators, pay premium subscriptions and exclusive access content. The FanChain enterprise-level SDK will then enable this technology to be integrated with online publications, fantasy sports, social networks, sports teams, leagues, and stadiums.
The core of the FanChain ecosystem consists of FanChain, Mint, FanWallet, FanExchange, and FanPay tokens. In the simplest case, FanChain will function as follows:
- Users can create content or some other value for individual sports, such as teams, games, leagues or related events on the UGC platform that are approved to become Mint. The role of Mint is to categorize content and stamp tokens. This cannot issue new tokens, but only distributes tokens that are already in their ownership.
- Users will receive FanChain tokens that contain metadata that is “stamped” with teams, leagues, or sports events created by users as content or value as prizes.
- Wallets that are compatible with FanChain tokens will show the total number of FanChain token users, and also provide visual details of stamps related to their number of tokens.
- This produces content/value-producers that will be rewarded with FanChain tokens that are unique to their favorite sports, teams, leagues (or other sport-related events).
- Third parties can offer special discounts, access, digital goods, promotions and features to FanChain users who hold some specific tokens from teams, leagues, or events and certain sport-related organizations.
For complete information about this project, you can read the full-on Whitepaper or visit the official website at https://fanchain.com/. If there is an opportunity, you are also invited to join our community directly at TELEGRAM | FACEBOOK | TWITTER | REDDIT | INSTAGRAM | LINKEDIN