Future of Fantasy Sports with Blockchain & Cryptocurrencies

Over the years, DFS contest providers have seen a dynamic shift in their operations with changing markets trends, jurisdictions and fans’ preferences. Although having tremendous institutional backing from the sports they are profiting from, the industry has been surrounded by speculations and mistrust.

Cryptocurrency being a global market, accounts for more than $30 billion and has a huge number of people and businesses associated with it. Also, 2017 has been a breakout year for crypto as the transaction volumes were increased by almost 100 times from what they were at the beginning of the year. This has led to a number of Fantasy Sports Platforms to embrace the blockchain technology and enter the DFS market space with an all-new approach.

Blockchain in iGaming & DFS Updates:

  • Boutspro plans to unite world karate community through blockchain and cryptocurrency

THE PROBLEMS AT HAND

Unfortunately, despite the popularity of Fantasy Sports, there are barriers preventing fantasy gaming fans from sticking on to the existing DFS model. Looking at the current scenarios, there is a need among Fantasy Sports providers to eradicate the issues of trust and reenter the marketspace with a new belief.

Trust & Transparency

Frauds take a big toll on the entire industry which results in platform abandonment at a very higher rate. Lack of transparency in existing fantasy sports platforms is the primary concerns among the participants.

A lawsuit filed against the top 2 trendsetting Fantasy Sports Platforms providers in the USA under the Unlawful Internet Gambling Enforcement Act of 2006 has raised speculations regarding the trust and information security. As reported, employees from both DFS providers had access to the critical details to success in DFS.

Overlooking the Innovation  

The result of lobbying efforts of the top two web-based fantasy sports platforms was hundreds of millions of dollars being spent just to stay alive in the cut-throat fantasy sports marketspace. There were speculations about aforementioned 2 giants are undergoing the biggest merger ever in fantasy sports playground in order to seek expansion and profitability. However, somewhere along the way technology and innovation was sidelined and the companies kept on spending big on other “less important” things just to outcompete each other.

BLOCKCHAIN—A Piece of Jigsaw Puzzle That Interlocks with The Existing DFS Model

Many fantasy sports platforms have adopted blockchain technology in order to maintain the integrity of the game and also to prove that the games they are offeringing are fair in all aspects.What required here is breaking the traditional format and inviting innovation through DLT which will serve as the real solution to keep fans engaged in these wildly popular games.  With blockchain, the transparency can break the cycle of mistrust surrounding online gaming and breathe new life into this industry.

WHAT FUTURE HOLDS?

  • A decentralized yet dependable fantasy sports environment
  • A fair environment
  • Protected assets
  • Transaction transparency
  • Smoother fund transfer
  • Timely transfer of winning amount
  • No third-party involvement, therefore, reduced fees
  • No hidden terms and conditions
  • Increased operator margins and participant winnings as the middlemen and payment gateway charges will be eliminated

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Blockchain Technology has fueled fantasy sports industry with an all-new gaming concept that puts the right game in your pocket. Technology innovation when meets the passion for sports will impact the Fantasy Sports positively. Techracers being the thought leaders are contributing to the spread of blockchain technology in Fantasy Sports Website Development and beyond. Visit our blogs to get more details about the use of blockchain technology or contact us to know how to create a fantasy league website.

All You Need to Know About Cryptocurrency Wallet Development

Overview
Unlike most traditional currencies, Bitcoin, Ethereum, Ripple etc. are a digital currency. Since these cryptocurrencies do not have any physical shape or form, therefore the approach to such currencies is different, they can be stored anywhere.   

Here all the transactions are done on a blockchain network and the entire ecosystem is decentralized. If you want to store a token or trade different cryptocurrencies you need Cryptocurrency Wallet Development without which the transaction will not take place. In addition, if you want to actively participate in ICOs, then you require your own crypto wallets as you are prohibited to invest in ICO’s through your exchange account.

“Bitcoin is just one example of something that uses a blockchain. Cryptocurrencies are just one example of decentralized technologies. And now that the Internet is big enough and diverse enough, I think we will see different flavors of decentralized technologies and blockchains. I think decentralized networks will be the next huge wave in technology. The blockchain allows our smart devices to speak to each other better and faster.”

Melanie Swan, Founder of the Institute for Blockchain Studies

The main purpose of decentralized currency was to give the masses the power to control and manage their own money. Having control of your keys means having total control of your coins and nobody else can take this right from you. Exchanges on traditional platforms like banks are third-party service providers whom you trust blindly, however, there is always a risk of exchange shutting down or being hacked.

Hence, it is advised to start your own cryptocurrency wallet to avoid such risks.  

How Are the Transactions Done with Crypto Wallets?
The user prompts the private keys in order to access the public Bitcoin address and further sign for the transactions that are supposed to be securely stored. A combination of the recipient’s public key and the users private key is what makes a Cryptocurrency transaction feasible. However, to carry out such transactions, the parties require crypto wallets that come in several different forms catering for different requirements. These wallets vary in terms of safety and security, convenience, accessibility etc.

What can users do with a crypto wallet?

  • Trade cryptocurrency
  • Monitor crypto balance and keep a vigil on the history of transactions
  • Check Conversion Rates
  • Check Exchange Rates
  • QR-codes for Instant Transactions
  • Address Book for quick and easy access to frequently used addresses
  • Merchant Services— accept preferred cryptocurrency in a POS system and make in-app purchase possible
  • Push Notifications
  • Simple Recovery

 

What exactly is a cryptocurrency wallet?
A cryptocurrency wallet is basically a digital wallet in the true sense, which can be accessed from anywhere and doesn’t have a physical presence. The crypto wallet is basically a software program used to store public and private keys. These digital wallets are put to use in order to initiate interaction with various blockchains, and also to send and receive digital currencies.

Different Types of Cryptocurrency Wallets
There are many several types of digital wallets, and each of them provides ways to store and access digital currencies. Cryptocurrency Wallet Development can be categorized into three: software, hardware and paper wallets.

Software wallets— They usually run on desktops and mobile platforms and offer immediate transfers to your local currency along with multisig support. They a decentralized exchange, secure chats, along with seamless integrations.

Desktop Wallets—Created by Satoshi Nakamoto himself, these Desktop Wallets need a lot of storage space on powerful computers. They bring a high level of cybersecurity making it a strong middle ground for the most enthusiastic crypto enthusiasts.

Mobile wallets—are basically the apps running on smartphones and are often compact because of the phone memory limitations. These wallets are majorly used by retailers who accept cryptocurrency.

Paper wallets—these are printed document that contains public and private keys. In order to transfer a preferred currency to your paper wallet, you will have to transfer the funds from your software wallet to the public address mentioned on your paper wallet. For withdrawing cryptocurrency from paper wallets, you will have to transfer it to software wallet by entering private keys or scanning QR code.

Online wallets— these are the most convenient wallets as they run in the cloud network and can be accessed from any location. The fact that they can be accessed from any location makes them very convenient, but as your private keys are controlled by a third party, they are vulnerable to hacking attacks.

Hardware wallets—contrary to software wallets, hardware wallets make use of hardware device to store private keys offline, prompting the transactions to be done using a USB key. The process of using hardware wallets is extremely simple, simply connect the wallet to the computer, enter a pin and carry on with the transactions.

In coming days, we can expect more blockchain startups for different domains such as payment structures, banking, and finance, legal documentation, intellectual property etc. As people get smarter, you as a businessman mustn’t become ignorant towards embracing change and start accepting the blockchain technology and its impact. Without further ado, let us discuss most important use cases of Cryptocurrency Wallet Development that are useful for  businesses in different industries:

 

Use Case 1: Global Compatibility & Reliability
Using a simple ledger device or a wallet, it is as easy as pie to send cryptocurrency to any Ethereum address, provided that it is saved in your crypto wallet. Blockchain allows you to get rid of commissions and days of wait to make successful transactions—the public blockchains are globally secure and for businesses capital and time investment in this technology are minuscule. With Ethereum and smart contracts, once the program is on the blockchain, then it is secured and verified by thousands of people across the blockchain network and once it is deployed it becomes indestructible and unhackable.

 

Use Case 2: Complete Automation of Financial Bureaucracy
Since all the transactions are stored in the blockchain network, if company X having crypto assets identifies itself with the IRS as the owner of particular address (suppose XYZ), the IRS gains the right to calculate all the profits, losses, and tax obligations of each participant in this system. This does not require the need for any third-party bookkeeping or accounting services, hence the user gains Complete Automation of Financial Bureaucracy.

In a blockchain network, the transaction is mathematically provable without a need for receipts, the stamps serve well as a proof that you have paid money in terms of cryptocurrency. Your transaction ID will be sufficient for the IRS to verify and the Ethereum Blockchain can be accessed. With a blockchain wallet, nothing is superficial as its 100% automatable to infallibility and individuals can trade without being concerned about financial management.

 

Use Case 3: Easy Entry in The Global Crypto Market
Conducting an international money transfer using blockchain technology is easier as compared to the traditional high street banks which offer costly services and take up to five days. Also, they take a slice of cake for themselves in doing so in the form of fund security or sub-optimal exchange rates. The commission’s banks collect surpasses the GDP of many countries– the blockchain eliminates these charges and middle-men in the money transfer network, thereby allowing businesses to save big in terms of time, manpower and finances.

With Cryptocurrency Wallet Development, it becomes possible to remit directly out any international Ethereum address or exchange, as the blockchain technology brings a whole new world of financial opportunities. However, to gain access to these blockchain services, it is essential to have a crypto wallet which you can rent online or if you have your own ICO to be launched, then you should consider developing your own.

Use Case 4: Protection towards Cyber Theft and Scams
No matter if you choose a wallet for remittance or getting your own crypto wallet developed, your crypto wealth is only safe if your private key is generated securely and it remains a secret.

Fraud is a major drain on any business, as a matter of fact, credit card theft costs merchants an astonishing amount of $190 billion annually. Cryptocurrencies, however, not only offer businesses a reliable protection from financial threats but also from identity theft since everything is decentralized and every transaction gets stored in the crypto wallet. Unnoticed fraud intended transactions also become impossible to execute, and those in the blockchain network, in general, can’t spend more than what they have.

Given the lack of regulatory frameworks on crypto exchange platforms as well as the infancy of the cryptocurrency industry, the best practice to adopt is by keeping your cryptocurrency safe in a web wallet and have total control of your coins. Cryptocurrency gives you the power to have absolute control over your money. Considering the fact that a number of cryptocurrencies like Bitcoin, Ethereum, Ripple etc. have been increasing in value, it is essential to start your own cryptocurrency wallet. Choose a wallet that suits your requirements and stay ahead in the cut-throat digital environment, get in touch with a blockchain development company that can understand your specific needs and bespoke solutions.

 

8 Tips on How To Create Your Own Cryptocurrency

From paper to paperless currency, the world is changing the way it operates. Though the concept of digital currency is yet new to the common man, the markets are blown off by it. The economy is slowly shifting towards a more profound digital ecosystem. The newest and most trending talk of this system is the term called ‘cryptocurrency’. In the simplest form of explanation, a cryptocurrency is more or less a medium of exchange of digital information.

What’s a cryptocurrency anyway?
Just as we use normal currencies as a trade for getting what we want, cryptocurrency is used for obtaining digital data. The unique idea behind encouraging the use of digital currency is that it uses the method of cryptography for security purposes which makes it even more reliable.

Need for using cryptocurrencies
There’s no one reason for justifying the use of cryptocurrency in the markets, there are many. With the advent and popularity of Bitcoin, many new altcoins (a cryptocurrency category that serves as an alternative to Bitcoin) are gaining attention. Different people state different opinions for bracing this invigorating idea of shifting to cryptocurrencies. For instance:

  1. It’s fraud-proof- Due to the use of blockchain technology in the underlying system, the chances of frauds are almost none. All the individual currency/coin owners have encrypted identities which ensures legitimate record keeping

  2.  Ease of accessibility- Trading in cryptocurrencies do not require anything more than a secure internet connection. Whoever has the access of the internet has the ease of working with cryptocurrencies

  3. No third-party involved- Another benefit that the blockchain technology provides is that it doesn’t require any third party in making transactions. Since cryptocurrency remains decentralized, you hold the full ownership rights. You can act as your own bank and make digital currency work for you in real-time.

How to create your own cryptocurrency
Advancing technology and methodologies have made the task of creating an altcoin or blockchain smooth like butter. Cryptocurrencies like ethereum as well as counterparty can easily create tokens too. First off, let’s go through the most basic steps that you need for creating your own cryptocurrency.

  1. If you’re not a technical person then a good choice is to get the assistance of one such person. Associate with a technical partner for handling the coding part.

  2. Decide if you want to create a bitcoin fork or a new cryptocurrency from scratch and choose the option that suits your requirements well

Here’s an in-depth detail of both the options that’ll help you get to your decision.

Creating a new blockchain- If you are a self-expert when it comes to cryptocurrencies and coding who wishes to have full control over the coin code, this is the way to go. By creating your own altcoin from the very first step, you’ll be able to build new and unique features of your choice along with the unlimited ability to set all the parameter of your very own cryptocurrency. The pros of using this method are-

  1. A variety of options are available for customizing your coin and making it stand out

  2. You can choose if you wish to have miners or minters based on the earnings according to proof of work or proof of stake rewards

  3. The choice of block size, max coin supply limit and the rate for issuing new coins will always be yours

Creating a bitcoin fork- Though having control over everything sounds tempting, it can have certain drawbacks as well. Creating a bitcoin fork allows you to use the already existing, reliable open-source code for your cryptocurrency. In order to make a unique coin for your purpose, you can choose to use the code of closest coin that has the features you need and make changes to it later on. Pros of using this approach are:

  1. Launching your cryptocoin with a secure blockchain secures you from being exposed to fraudulent attacks such as double spending attacks as there are many miners on the network securing it

  2. You will already have access to features like built-in decentralized exchanges that will allow people to trade your cryptocurrency for digital assets

  3. Since you don’t need to go through the pain of coding and developing, it saves a lot of time and effort on your end

Now that you’ve figured out a way to go ahead with creating your own cryptocurrency, here are eight tips that’ll help you further:

1)What’s in it for consumers- Everybody is on the ready-set-go mode for creating new cryptocurrencies. You need to clearly define the benefits or USP of your currency for the end user in order to make a mark.

2)Utilize the community- It’s wrong to expect people to readily accept your cryptocurrency as and when it comes out. Focus on finding the pain points of the community, find the use-cases and reasons for your new currency to exist and then finally go ahead with the coding part.

3)Be sure about the development method- As defined earlier, you can use either of the two methods to bring your new cryptocurrency to life. But if it has to be in your command, it’s better to opt for self-coding. While following this, you should ensure the choice of coding language in advance and stick to it.

4)Prototype first- Rather then explaining the concept or making it clear to others, you must create a prototype for approval. This will help you in maintaining the clarity of your concept.

5)Think like a hacker- Search for loopholes and downfalls of your cryptocurrency and keep doing this regularly. Try putting yourself in the shoes of a hacker and find the vulnerabilities.

6)Nobody’s perfect- That’s right and you don’t need to stress over it. Keep building your product at the right pace and deliver the most workable version of it as soon as it gets done. Changes and modifications are part of the process and you can work on them later too.

7)Find miners- As soon as you get your product done, you need miners. Instead of overselling your cryptocurrency to them, try to build trust, express your vision and share your intentions with them. This way, people will get an honest understanding of your idea which will make them stick to it for the longer run.

8) Investor search- Leave this for the end. Many people start with the idea of finding investors when they aren’t even sure about the uniqueness of their product. Avoid doing that and just stick to the exceptional execution part first.

Top established cryptocurrencies so far
Bitcoin- The name itself strikes a note and takes you to the digital currency space no matter you’ve been actively involved in it or not. Back in the year 2009, Bitcoin was the first decentralized cryptocurrency introduced to the world. Today, it has taken a leap and risen to a level where very less people expected it to be.

With the growth of bitcoins, many new cryptocurrencies and altcoins have been developed so far. But the important thing here is that not all of them have succeeded. Only a selected number of Altcoins have managed to establish themselves as strong contenders against bitcoin. Some of the most popular ones are

  1. Ethereum

  2. Ripple

  3. Litecoin

  4. Dash

  5. NEM

  6. Ethereum Classic

  7. Monero

  8. Zcash

  9. Decred

  10. PIVX

Many altcoins have been built and many have been discarded and crashed by the people due to one or the other reasons. What’s common about all of these big names in the cryptocurrency market is their sustainability.

The cryptocurrency market is rising at a high pace. So, if you’re planning to create your own cryptocurrency and keeping it alive in the markets, go follow these steps and make it worth.