What is crypto sportz ?
What is Crypto Sportz?
What is it? Put simply, it’s a platform that allows users to make bets on their favourite teams and sports using Ethereum (a digital currency) through smart contracts. You browse through popular football, basketball or other games and make a bet by sending ETH (Ether) to their smart contract. You don’t need to create an account, you don’t need a credit card, you don’t need anything except for an Ethereum wallet. For example, you can say that Barcelona will beat Real Madrid. If you predict correctly, the smart contract will automatically give you ETH proportionate to your winnings.
For users that bet online, country specific regulations can block websites, banks can refuse to transfer funds to or from their sports accounts and sometimes a bad bookie will just refuse to pay if you win big. With Crypto Sportz, decentralization is the key. This platform does not, and cannot, control your bet, deny you entry into a game, alter payouts or deny payouts because it is just a way for you to access a ‘smart contract’. A smart contract is a set of code that lives on the Ethereum cryptocurrency network. These sets of code run autonomously and are publicly available for audit and scrutiny. The user is thus interacting with the blockchain directly, albeit in a more visually appealing and user-friendly way.
The Benefit of Crypto Sportz
So, more technically, Crypto Sportz is a platform where users get to make bets on their favorite teams and sports by interacting directly with the blockchain. All wagers are recorded into the ‘smart contract’ and are accumulated for redistribution after the game is complete. Once the game is over, results are validated by another algorithm and then the smart contract assigns winners their corresponding ETH winnings. Throughout this process, nobody, not even the creators, has a hand in what happens. It’s all automated.
Thus far, they’ve hosted the more popular games/leagues: the UEFA Champions League; Serie A; EPL; La Liga; NBA; Superbowl; NBA all-Star game; eSports; NHL, and are continuing to support a host of other games/matches.
The team from Canada has decided against an ICO (Initial Coin Offering) route and instead provided a fully functional application from the beginning. By looking at their smart contract, you can see they make a modest profit by taking 4% from every wager made.
All in all, Crypto Sportz is part of a wave of applications that leverage the functionality of the blockchain for the benefit of the user. Decentralization allows users to skip past the interests of the middleman and get right to interacting with other users on the blockchain. Crypto Sportz clears up the fog that usually shrouds sports betting and allows users to show their fan spirit plainly and simply. We look forward to seeing how this application will benefit the two worlds it aims to marry: crypto and sports.