Crowdfunding campaigns in the cryptocurrency world are nothing new under the sun. Despite best efforts by developers and marketers to create promising products, not every round of funding is a big success. For FirstBlood, an autonomous and decentralized app for the eSports sector, their crowdsale ended within two minutes. But what is this platform about to begin with?
FirstBlood Uses Ethereum Technology For eSports
The correlation between eSports and cryptocurrency seems to become more obvious every year. The developers of FirstBlood have been thinking along the same lines, as they wanted to create a cryptocurrency-oriented ecosystem for gaming. Building a decentralized app on top of Ethereum, which lets eSports players compete through a decentralized and autonomous platform, sounds like quite the undertaking.
FirstBlood wants to become the new global platform for skilled eSports players across many different games. Participants will play competitive matches, while other enthusiasts and players can witness the games in real-time. Think of this as the way Twitch works, but with a lot of twists and turns involved.
The ultimate objective of the FirstBlood platform is to let eSports players win rewards for being successful in their games. To do so, an on-platform token called 1SF has been created. This token can also be used to host tournaments and vote as a jury member. A total of 79,103,203.391 tokens were created when the crowdsale took place earlier today.
By creating an eSports platform that embraces decentralization, an intriguing concept is established. The developers also make use of smart contracts to settle the rewards structure, as there should be no need for human verification or involvement in that process. A more graphical explanation of Firstblood can be found in the Youtube video below.
It has to be said, the team’s crowdfunding campaign has attracted a lot of attention. US$5.5m was raised within a few minutes, resulting in the total sum of 465,312.999 Ether being pledged. It is always a bit worrisome when crowdsales run out so quickly, as no one knows how much money the creators contributed themselves. Speaking of the team, Joey Krug, who most people know for his work on Augur, is one of the FirstBlood Advisors.
Image credit 1
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
