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 create a blockchain utility and decentralise its services.
The project rolls out a special token, ELT, that will enable players to form decentralised 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 and they are eligible for trading at online exchange services, the token sale for ELT, which is an ERC20 token compatible with Ethereum wallets, will commence on October 16th, 2017.
The EloPlay team commented: “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 favourite 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 organise esports tournaments of any scale, using the Eloplay Tokens as the prize pool.”
During smart tournaments, 90% of all prize pool tokens will be distributed amongst winners, while 8% will go to the party that has organised the tournament, the remaining 2% will then be reserved for a long-term fund that will later be used to hold free-access tournaments.
The sale not only seeks to provide gamers with tokens, but also to fund the expansion of the platform to international markets, the 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.
Esportsinsider says: We’re currently seeing an ever expanding number of cryptocurrencies emerge, and many of these built using Ethereum. The intention with the introduction of this particular token sale and the proceeding Smart Tournaments is that it will open up gaming and esports prize pools to less experienced players. Furthermore, the hope is that the distribution of the tokens can expand the audience of the tournaments, eventually increasing the commercial value that they bring as well.