Herosphere has developed a popular online e-sports prediction platform and announced recently that the company will hold an initial coin offering for its cryptocurrency, HERO.
The company will issue its ethereum-based token, HEROcoin, on September 14th. These smart tokens can be used to place bets on the outcome of a variety of events and compete against other users. This smart token is decentralized, which means that it puts the power, profits, and winnings back in the hands of players, not some middleman.
Herosphere has gotten the attention of, and investments from, big names in cryptocurrency including Andreas Petersson, developer of the popular bitcoin wallet Mycelium and a lead blockchain developer. Another investor many will know is Michael Altrichter, business angel, HitBox investor, and co-founder of Paysafecard and Payolution. Another backer, Hubertus Thonhauser, former CEO of Casinos Austria International, may also ring a bell.
During the ICO, participants will be able to purchase HEROcoin in exchange for Ether. HEROcoin makes Herosphere’s platform completely transparent and decentralized since it will live on the blockchain. Eventually, any gaming platform will be able to adopt HERO to improve its players’ experience. Individuals will use Herosphere to predict the outcome of e-sports games, such as League of Legends, CounterStrike, and DOTA 2. However, as more platforms implement HERO, the coin will be used not just for e-sports, but for everything from sports competitions to outcomes of popular television shows. Contests can be created for the entire HEROcoin community or a specific group of friends, depending on pool settings. HERO holders will be able to liquidate their tokens by trading or selling them on exchanges as soon as they are listed.
One of the coin’s unique features is that just by holding HERO, users will earn more coins passively. The way the company rewards holders is rather clever. Whenever users enter a contest, there is a pot. For example, if 5 people compete against each other with a buy-in of 20 HERO, then there is a pot of 100 coins. The smart contract behind HERO automatically takes a minimum of 1% of the initial pot and gives it to the community in a sort of modified proof-of-stake system. In this scenario, that 1% means that 1 HERO is spread across all HERO holders. The more HERO a user is holding, the higher share percentage from the 1% he or she will receive.
Unlike traditional gaming platforms where users compete against an unknown middleman, the implementation of HEROcoin on Herosphere allows the community itself to become “the house.” Participants will compete only against themselves. This means if one user loses, another user wins, so the money stays within the community. Using smart contracts to enable secure and reliable processing, payouts will be processed by the ethereum blockchain, so transactions are publicly verifiable, viewable, resistant to counterfeit, and not subject to the risk of institutional processing. Payouts are based on the crowd size participating in a certain prediction contest, as well as initial pledges. Herosphere offers transparency and incentives, solving the fundamental problem of betting as we know it today.
Paul Polterauer, CEO and Co-Founder of herocoin.io, recently said:
“We are thrilled to announce our plans to launch HEROcoin on the blockchain as an ethereum based peer to peer coin… There are many fundamental problems in betting and gambling industry today. herosphere, a trustworthy, transparent, and initiative oriented platform, will use HERO to revolutionize the gambling world as we know it.”
Hubertus Thonhauser, former CEO of Casinos Austria International, recently commented:
“I invested in herosphere because of its vision to solve a fundamental problem in the betting industry today, by cutting out middlemen and toll-takers like bookmakers, and giving more power to the customer… The company provides an online peer to peer prediction platform secured by the immutable ethereum blockchain technology.”
This is a sponsored press release and does not necessarily reflect the views of any The Merkle employees. This is not investment or trading advice; always do your own independent research.