A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, FanChain, a cryptocurrency created specifically for sports fans, athletes, teams, leagues and sports media has arrived.
"As blockchain technology and cryptocurrency continue on their path towards toward mainstream adoption, crypto continues to end up in unexpected places, such as sport.
Many people who are just learning about cryptocurrency often ask what some potential uses of the technology are, and from time to time we like to explore these use cases to help understand just how powerful and transformative these technologies are going to be. For such a big global industry as sports, cryptocurrency and blockchain technologies can facilitate a range of segments, such as marketing, betting, fantasy leagues, and data analysis.
One of the challenges faced by new cryptocurrencies is standing out above the crowd. With over 1,700 coins in circulation, there’s a lot of ‘noise’ in the market. At the same time, sports marketing is a unique way to get a message to a whole new audience. While many crypto firms scrap for the same potential customer base of ‘in the know’ users, others have taken to sports marketing to broaden their appeal."
With that being said, FanChain intends to build a decentralized global sports entertainment ecosystem that utilizes a unique token platform to incentivize and reward active participation, content production, and ecosystem growth.
But before we go any further, please check out this video presentation to get even more acquainted
What exactly is FanChain?
FanChain is a cryptocurrency created specifically for sports fans, athletes, teams, leagues and sports media. Backed by sports legends and powerhouses including NBA Commissioner Emeritus David Stern & more, Fanchain is designed to fuel a decentralized sports entertainment ecosystem to meet the unique needs of the global sports market.
FanChain intends to build a decentralized global sports entertainment ecosystem that utilizes a unique token platform to incentivize and reward active participation, content production, and ecosystem growth. Using SportsCastr's live-streaming platform, FanChain tokens can be paid to commentators who live-stream their own individual commentary for their own individual fanbase, giving television consumers the option to pick their favorite commentator.
As the FanChain token is the fuel that powers SportsCastr’s digital economy and user-rewards program, SportsCastr will act as a powerful on-ramp for new FanChain token adopters. SportsCastr will incentivize and reward its users — both content creators and engaged viewers —through a two-currency system. This two-currency system involves an In-App Currency, “Tix,” that mimics currencies commonly used in social games (e.g. FarmVille, Clash of Clans) and FanChain tokens, which are tokens built on the Ethereum blockchain.
The Mission
FanChain provides a framework where fans are rewarded with tokens that can be used in the sports ecosystem where they contribute. By giving incentives to the community to contribute to social relationships for optimal sports experiences, a wider audience reach is possible through personalized content for more niche markets. Through the contribution of quality content to the sports ecosystem that users can, positive feedback is made to encourage the demand for higher quality content, which in turn creates more incentives for the production of quality content.
The Problem
The problem with the shift from fans as passive consumers to active content producers is that fans are not benefiting from the value they are creating for their favorite teams (and for other fans). Even though sports leagues are securing record-high distribution deals and social networks are generating billions in revenue from user generate-content-fans have yet to be factored into the equation.
The Solution
FanChain provides a framework in which fans are rewarded with a token that can be used within the sports ecosystem to which they contribute, and creates a feedback loop that incentivizes the community to contribute to the social conversation that they rely on for an optimal sports experience. FanChain introduces the concept of “Mints,” which are powered by a DApp and which allows third-party entities to distribute FanChain tokens that are stamped with a specific sports team, league or event.
FanChain aligns the interests of all stakeholders including fans, leagues, and media in several key areas:
Fans Are Rewarded For Supporting Their Favorite Teams
Fans earn FanChain tokens for sharing news, providing commentary and participating in the social conversation of their favorite team(s). Fans can then use their FanChain tokens to purchase goods, receive rewards, and access content from, for example, leagues, teams and media platforms.
Leagues And Teams Can Engage Fans In New Ways
Teams and leagues can offer rewards and access to their most engaged fans by targeting holders of their respective team-stamped FanChain tokens, and can accept FanChain tokens for merchandise or access.
Media And Sports Platforms Can Increase Fan Engagement
Online publishers, OTT platforms and social networks can distribute FanChain tokens to encourage participation and user-generated-content (“UGC”) that increases viewership, revenue and adoption.
The core FanChain ecosystem consists of FanChain tokens, Mints, the FanWallet, FanExchange and FanPay. In simplest terms, FanChain works as follows:
A user creates content, or some other value, for a specific sport, team, game, league or related event on a UGC platform that is approved to be a Mint.
The user receives FanChain tokens containing metadata that are “stamped” with the team, league or sporting event that the user created content or value for as a reward.
FanChain token compatible wallets will show a user’s total balance of FanChain tokens, and additionally provide a visual breakdown of the stamps that are associated with their tokens.
This results in content/value-producers being rewarded with FanChain tokens that are unique to their favorite sports, teams, leagues
Third-parties can then offer special discounts, access, digital goods, promotions and features to FanChain users who hold a certain number of stamped tokens of a particular team, league, or other sport related events and organizations.
How Does The FanChain Platform Work?
FanChain allows you to bet on the outcome of sports events, advertise on the users' personal channels, and forecasts. Tokens of the system give a discount when buying products with the symbols of your favorite team, provide access to favorable prices for tickets, online broadcasts, as well as service for receiving bets. Developers identify four components of the platform.
Fan Wallet
A built-in electronic wallet for storing FunChain tokens, which allows you to distribute funds among dozens of favorite teams and support them before the start of important matches. For example, the user is a fan of the football team and buys tickets for the semi-finals for tokens with a 30% discount.
FanExchange
Exchange to convert Stamped Tokens within the system. Each team represented on FanChain has its own kind of branded tokens stored in users' wallets. If a platform member starts rooting for another team - his tokens can be easily changed without leaving the platform.
FunPay
Payment service of the ecosystem, which helps you to pay for purchases in partner stores with tokens. For example, Bosco Russia is the official partner of the Olympic Games - FanChain users can buy their products for tokens.
FunPrizes
A platform, on which the most active participants of the platform receive prizes. For example, the user posted a broadcast of a tennis match, wrote a report on its results in the online media and received prize tokens from the team.
THE SPORTSCASTR PLATFORM
The SportsCastr platform allows viewers to select which broadcaster they wish to have call, recap or make predictions on a game. Streams are enhanced by features such as broadcast quality scoreboards that update in real-time and on-air motion graphics that simulate a professional, live studio experience. SportsCastr is designed to encourage users to chat and interact with the broadcaster and other viewers during a live broadcast. SportsCastr supports a multitude of user types — fans, athletes, sports reporters, and families, students — to live stream during games, share reactions and create original commentary. Following a simple signup process, users can go live in a matter of seconds — instantly notifying their fans via push notifications — and communicate and share the broadcast with viewers and followers across social media. SportsCastr is designed to be a second-screen experience, a first-screen experience, and integrated into existing OTT offerings.
About The Fanchain Token
The FanChain Token is based on the ERC20 standard, but adopts the ERC721 style feature when distributed or received from the FanChain ecosystem (including a wallet that adds support for DApp).
Like the concept of "color coins", FanChain tokens are symbolic combinations that can be converted into non-changeable tokens. Although the FanChain tag is fully compatible with ERC20, this tag can store additional address information when applied to the ERC20 specification. This additional metadata contains details about team balances, leagues, or event symbols.
The FanChain view is not compatible with the ERC20 monitoring management transfer portfolio or is concerned about additional metadata ("mark"), but additional data stamp can be displayed on any system associated with FanChain rituals for each symbol (for example, data for teams or leagues).
Unlike token levels, as in the case of ERC721, the ability to store metadata printed at the address level increases. This includes:
Low Gas Price
Transfer between addresses requires transaction transactions but can be done with simple and inexpensive group operations (even if a particular event, league or character team is transferred). Using DApp FanChain significantly reduces gas consumption. As a result, transactions consume slightly more gas than large ERC20 operations (especially when compared to ERC721).
TOKEN SUMMARY
TOKEN NAME: FanChain
TICKER: FANZ
TOKEN TYPE: ERC20 with ERC721-style characteristics
PAYMENTS ACCEPTED: ETH
MAXIMUM TOKENS SOLD IN ICO: 330MM
MAXIMUM TOKENS MINTED: 600MM
TOKEN DISTRIBUTION: TBD
DECIMALS: 4
TOKEN LOCK-UP DATE: TBD
TOKEN ALLOCATION AND DISTRIBUTION
FASTEST LIVE-VIDEO PLATFORM
The ultra-fast delivery from SportsCastr makes it the lowest-latency live-video platform out there *, resulting in an ideal second-screen experience while watching games at home or from the bench.
DIRECT SCORES, NO STUDIO IS REQUIRED
SportsCastr offers real-time game scoreboards from NFL, NBA, NHL, MLB, CFB, CBB, and even EPL and WNBA.
LIKE LIKE PRO
All elements in SportsCastr can be clicked and interactive, allowing viewers to engage with you and your broadcast in unprecedented ways.
ANY DEVICE, ANYWHERE
When you're ready to stream, just download the app or run it directly on your laptop or desktop computer.
MAKE YOUR OWN LINE CODE
SportsCastr will instantly send you a notification that lets you watch with one swipe. Can not watch live stream? Visit channel announcers anytime to pursue an action.
EXPERIENCE THE GAME TOGETHER
Regardless of where you are, you no longer have to be in the same room to enjoy the game with fans like you.
ROADMAP
Till next time…
For more information, please visit:
Website: https://fanchain.com | https://sportscastr.com/
Whitepaper: https://d2xbkms79gkggc.cloudfront.net/upload/184921/1536168691/FanChain_WhitePaper_1.2.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=4423520
Facebook: https://www.facebook.com/sportscastr
Twitter: https://www.twitter.com/sportscastrlive
Telegram: https://t.me/FanChain
Reddit: https://www.reddit.com/r/sportscastr
GitHub: https://github.com/SportsCastrFanchain
LinkedIn: https://www.linkedin.com/company/sportscastr/
Instagram: https://www.instagram.com/sportscastrlive/
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2487106
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.
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