FirstBlood, an Ethereum-based, decentralized sports platform based on smart contracts, has raised 465,312.999 ETH in a crowdsale. The FirstBlood app allows eSports fans to compete in games through an automated, decentralized platform.
The proceeds from the crowdsale, which lasts through October 24, 2016, will cover the development, release and operation of the decentralized sports platform. The token sale will have a cap that will disable additional sales. The cap will be set to a value equal to $5.5 million USD based on the ETH/USD price at the start of the token sale, according to the FirstBlood white paper.
Existing eSports contests are centrally managed, making them vulnerable to hacking as well as inconvenient server downtime.
Centrally managed platforms also give the central authority control of user deposits, making funds vulnerable to theft by hackers. With FirstBlood, users will have complete control over their funds.
FirstBlood’s blockchain-based platform eliminates network downtime. It also verifies game results and automatically settles game disputes.
The FirstBlood Token (1SŦ) forms the basis of the platform’s ecosystem. Token holders can play matches, witness matches, vote on juries, host tournaments and claim rewards from referrals.
Players can acquire FirstBlood tokens, 1SŦ, through the crowdsale, through the FirstBlood native app, from other players, through playing matches with players, and from verifying game results. For users who don’t have ETH, the FirstBlood interface will integrate third party trading solutions like Coinbase and Shapeshift.
Players will be able to compete in both one-on-one and team-versus-team matches for online games such as League of Legends, Dota 2 and Counter-Strike: Global Offensive, according to the white paper.
Unlike existing platforms for both skill- and chance-based games, all FirstBlood transactions are publicly verifiable, viewable, resistant to counterfeit, and not subject to the risk of institutional processing. The Ethereum blockchain allows for the creation of smart contracts that run business logic autonomously. These smart contracts provide fast, secure and reliable processing of results and rewards from eSports matches.
Payouts will be rewarded to winners based on player reports and witness checks. This reduces the risk of fraudulent reporting that occurs on other platforms.
Two groups will automatically verify each match outcome: witnesses, and/or the jury voting pool. Witnesses are individuals who run the automated witness node software that verifies and reports game results.
To be part of the witness pool, token holders have to opt-in by sending a transaction to the smart contract. For every match, approximately two witness nodes will be selected by a weighted random process and awarded 1SŦ. The witness node software examines each match assigned, checks game APIs for results, then send the results to the blockchain where anyone can see them.
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Token holders can also receive compensation for fulfilling jury duty. In the event of a contested match, two witnesses are needed. Some jury pool members will be selected randomly as jury members. To be considered, token holders have to send a transaction to the smart contract using the graphical user interface.
If a dispute arises requiring a higher level of scrutiny, FirstBlood’s in-house jury system will be activated to settle the matter.
FirstBlood will expand to include all major competitive eSports. It will work with game developers to enhance the gaming experience.
Interested players can join FirstBlood’s alpha test by signing up at slack.firstblood.io.
Featured image from Flickr and Steam.