The 2018 FIFA World Cup is taking place and the host country is Russia. It is going to take place on June 14th-June 15th and billions of people across the world are going to congregate in one location. They are all going to be cheering on their favourite teams and there is also going to be an estimated three billion people watching as well. This is nearly a tenth of the population in the world, not to mention that the World Cup is also considered to be one of the biggest betting events in sporting history. Of course, cryptocurrency is going to carry on sparking interest and this is Ethereum in particular. This is valued at around $60 billion and it really doesn’t come as a surprise that a blockchain game is being made for this World Cup. Sporting enthusiasts can make very bold predictions about how they are going to compete for Ethereum-based prizes. The CryptoCup is a game that utilises blockchain technology. The platform is one of the very first DApps and it is not collectable either. It gives users the chance to build a decentralised application. Users also have the ability to create their very own ERC 721 Tokens and this can be used to represent the varying teams. Users have the chance to bet these team tokens on who they think will win the World Cup.
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For now, Players can login using MetaMask and this gives you the chance to build your own tokens. You can also build your own golden tickets as well. Predictions will be across 64 different matches and they are all going to take place at the World Cup Tournament. Players can set the value for each token that they have and to top it all off, there is an express mode as well. Players can use this to try and predict the top teams that they think will win. When the World Cup begins, the token predictions and the players as well can easily start trading these with one another. At the end of the day, the World Cup is easily one of the biggest sporting events across the world. There are over three billion people tuning in to watch it and the fact that it is being combined with blockchain technology really is something special. Goldberg, who is actually one of the winners of the ETH Hackathon really did believe that there is a strong need to have a decentralised gaming platform. This needs to be put in place for the World Cup and it is all being designed as a solution. The idea is to try and combat the amount of corruption that is present and to also try and create something that cannot be altered as well. All of the records are stored in a decentralised network and a public domain. This means that the players who are taking part have complete control over the tokens that they have and it also means that any transactions can be traced as well. The Cryptocup, as it is named, means that the tokens are unique and none of them can be duplicated or remade. The tokens are used to predict a player’s prediction. It’s important to know that the tokens themselves are not actually a cryptocurrency. They are generated on the blockchain and as a result, when you win tokens, you hold a value on of the ETH currency and this is based on the price at the time.
By having a decentralised network, it is very easy to try and clear up some of the obvious corruption that happens to come with sports gambling. The gaming team believe that they have finally created a way that is completely transparent and that it is very easy to try and scale this so that it meets the needs of other sporting events as well. Not only is this very exciting, because it also means that those who love sport are only getting the tip of the iceberg. It would not be surprising at all to see this being used across the NHL and even the NFL as well. Cryptocup players are able to earn points based on the amount of games that they are able to predict during the World Cup. The more games that are predicted, the more a player will move up the ranks. This puts them closer to winning a portion of the prize money. The goal is for a player to be in the top 10% when the tournament ends and the participants will all split the prize money. It is not known how much the prize is going to be yet and the main reason for this is because it is all down to the amount of people who enter.
For every transaction that is made, a 5% fee is charged and this will go into the prize pool. That is along with the value of ETH as well. At the moment it is possible to roughly try and predict how much the prize is going to be. The pot is at 28 ETH at the moment and this roughly translates to $17,000. It’s important to take note that the Cryptocup does have a gambling license in Costa Rica but the game is open to all of those who are legally allowed to bet on sport.