Mindsports is a decentralized gaming network that’s based on Blockchain technology. The rationale behind its adoption of this technology is to eliminate the centralized manner in which traditional online games are run.
Since it’s powered by platforms such as Ethereum, whisper and a token registry of its own, users can play, vote and even govern the network. Their token pre-sale is expected to start on 17th November 2017 and end on 16th December with 35M tokens up for grabs.
MindSports Business Case
Through the sale of their token, MIND, the company hopes to engage users in a transparent manner that rewards them by using cryptocurrency.
MindSports are games that require mental skills such as speculation and strategy to play, for example, chess. Hence, through a decentralized system, Mindsports hopes to engage everyone when it comes to network development and transactions. In this way hosting and governing the tournaments doesn’t fail or malfunction.
MindSports Product Features
Through the Mindsports platform which is serverless and secure, users will be in a position to do the following:
- Network governance – As a token holder, you can stake your coins and interact with the MIND registry to vote for the network’s roadmap. With the MIND token, you have the power to propose and even vote on the games you would want featured on the network. Doing so ensures that token holders are part of the network’s growth.
- Decentralized hosting – Since Ethereum powered smart contracts are a crucial part of the gaming process in this network, you can use your template as a token holder to host tournaments. Since players have the power to host a game, the network allows them to send their MIND token addresses regarding the same.
- Trustless games – Using Dapps, the network aims at cutting costs by verification happening off-chain. In this way, computation on an Ethereum Virtual Machine isn’t necessary which drastically reduces the cost. The players can verify moves and raise disputes using smart contracts.
MIND Token Overview
- Token symbol: MIND
- Token type: ERC-2O on Ethereum Blockchain
- Supply: 50,000,000 tokens
- Crowdsale: 35,000,000
- Crowdsale period: December 2017 to January 2018
- Price: 1,000 MIND at 1 ETH
- Minimum goal: 2,000 ETH
- Maximum goal: 30,000 ETH
- Bonus structure: 20% of purchase account
By hitting its minimum target of 2,000 ETH during its crowdsale, Mindsports believes that it can support its team for an year and introduce two mind games into the network. Still with that amount of ETH, they will be in a position the key features of hosting a decentralized system and the voting governance platform.
With 5,000 ETH, Mindsports promises to scale up development on the network and roll out new games every 6 months. As the network grows, the games increase and so does the value of the tokens.
At a certain level of growth of 30,000 ETH the platform plans to sponsor mind games events. In search event, competitors will use the MIND token for rewards and other matters. The firm has put in place an able team of developers and cryprocurrency settings to handle any challenges that may arise.