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EloPlay, an online gaming platform that has been operating for two years with over 90,000 registered users, has announced it is holding a token sale to blockchainize and decentralize its services.
The project rolls out a special token, ELT, that would enable players to form decentralized prize pools, and sponsors to hold tournaments. This is enabled in the model called Smart Tournaments that employs Ethereum-based smart contracts technology.
Additionally, ELT tokens can be used to place ads on the platform. Finally, they are eligible for trading at online exchange services.
ELT is an ERC20 token compatible with Ethereum wallets.
“Today, global brands and game developers hold major tournaments with millions of dollars in prizes, where only the top players can compete. This leaves millions of casual gamers with no chance to compete for major prizes, place bets on their favorite teams, or on their own games for that matter.
Eloplay presents a game changer: any player and team can now challenge each other for major prize pools, which are gathered from participants entry fees. Leveraging smart contracts technology, these ‘’Smart Tournaments’’ allow players and brands to organize eSports tournaments of any scale, using the Eloplay Tokens as the prize pool,” the EloPlay team says.
In a smart tournament, 90% of all prize pool tokens will be distributed among winners, while 8% will go to the party that has organized the tournament, and the remaining 2% will be reserved for a long-term fund that will later be used to hold free-access tournaments.
The token sale seeks to provide gamers with tokens, and to fund the expansion of the platform to international markets; addition of game consoles to the platform; and run extended advertising campaigns to attract new customers and corporate partners.
The team will publish further details as to the campaign alongside with their business plan and other supporting documents prior to the commencement of their token sale campaign.