Skincoin – Universal Ethereum-Based eSports Event Cryptocurrency?
SkinCoin is a universal cryptocurrency based on Ethereum that allows the trading of CS:GO skins and Dota 2 skins as well as eSports betting. Learn more today in our SkinCoin review.
What Is SkinCoin?
SkinCoin is a cryptocurrency that launched its crowdsale on June 21. The currency is designed specifically for the online gaming community. You can use SkinCoin tokens (SKIN) to purchase collectible digital items (like CS:GO and Dota 2 skins) or to bet on eSports.
The cryptocurrency was created by Alexey Zakharov and Igor Solomatin.
SkinCoin will come with its own cryptocurrency ecosystem based around wallets, exchanges, trading platforms, a marketplace, third party integrations, and SkinCoin-branded product offerings.
SkinCoin is an ERC20-compatible token based on the Ethereum blockchain. During the ICO, SkinCoin will release 600,000,000 SKIN at the price of 1 ETH to 6000 SKIN. The goal is to raise 100,000 ETH. The first few days of the ICO come with a 20% bonus. Payments are only accepted in ETH.
Within a few years, SkinCoin plans to be an economy at the center of the online gaming universe. It aims to be an accepted currency across a wide range of games – including gambling and betting services, competitive games, online gaming stores, and more.
By August 2017, SkinCoin plans to have its own gaming services. From there, SkinCoin plans to continue growing to become an integral part of the gaming industry.
Uses For SkinCoin
Some of the proposed uses for SkinCoin include:
- Trading with gaming sites (i.e. buying and selling games)
- Buying and selling skins (for games like Dota 2, Team Fortress 2, and CS:GO)
- Making bets on gambling and betting platforms
These are the initial proposed uses for SkinCoin. In the future, SkinCoin wants to expand their platform to all different areas of the gaming industry – including creating partnerships with major gaming companies.
What Are Skins?
“Skins” have become huge in the world of online gaming. Essentially, skins are digital collectible items. They’re unique weapons, models, and outfits that can be used in-game. People are willing to pay for these skins, so they have real world value.
Over the past few years, skin gambling has become hugely popular. eSports gambling websites now let players gamble skins on the outcome of games. Since the skins can easily be transferred into real cash on multiple online marketplaces, players are effectively gambling real cash.
The skin market is worth an estimated $5 billion a year, according to data posted on SkinCoin.org (they cite a report by research firm Eilers and Krejcik Gaming). In 2015, more than 3 million people wagered $2.3 billion worth of skins on the outcomes of eSport matches. By the end of 2016, this figure had doubled.
The goal of SkinCoin is to capture a major percentage of this $5 billion market. They aim to capture that percentage by making a more efficient, usable, cost-effective way for people to gamble on eSports with trade skins.
The long-term goal for SkinCoin is to operate as a central currency for the entire gaming industry – outside of just skins and eSports gambling.
How Does SkinCoin Work?
SkinCoin’s SKIN tokens will be accepted as a means of exchange for gaming and betting services.
eSports gambling has a common problem: with all different types of skins and games, there isn’t really a centralized solution, a centralized currency, or a solid foundation for the industry. A centralized currency like SKIN tokens would make the market more efficient. That’s where SkinCoin sees the opportunity.
The SkinCoin token sale launched in June 2017. By August 2017, the company plans to launch an exchange platform where you can instantly exchange skins for SKINCOIN and back. The spread will be 10%.
At the beginning of the project, there will be no commissions on trades. This is done deliberately to stimulate the market for the transition to a new payment unit.
To facilitate marketplace adoption, SkinCoin will integrate the currency into three of their current projects, all of which are marketplaces for online skins trading. Those three projects include:
A store for random items from CS:GO. Players can open cases with a high percentage of well skins dropping out.
Found at Steamtrade.net, the Steam Trade Network is a trading platform for games and items purchased from Steam. Supported games include CS:GO, Dota 2, and Team
SkinWin.com is an honest jackpot for CS:GO and Dota 2. The winner is chosen by the independent random number generator at Random.org.
SkinCoin plans to implement their currency into all three of these platforms.
By August 2017, they plan to launch their SkinCoin Exchange, where users can exchange skins into skincoins. By the end of August, the company plans to integrate SkinCoin tokens onto all three of the projects listed above.
By September, they plan to implement a PI that accepts payments on third-party game services. And by October, they plan to launch a gaming platform for online eSports betting based in SKINCOINS.
Who’s Behind SkinCoin?
SkinCoin was created by a team of gaming and betting professionals who have been working on similar projects since 2013. The company has a turnover of more than $1 million per month on its gaming and betting projects across the internet.
Key members of the team include Alexey Zakharov (Founder), who has introduced seven gaming-related projects to the internet, including projects for CS:GO, Dota 2, and Counterstrike 1.6.
There’s also Igor Solomatin (Co-Founder and CEO), who has been creating gaming projects related to Steam since 2013. Both Solomatin and Zakharov worked at Hewlett-Packard.
SkinCoin is a unique project that aims to create an ecosystem based around online eSports betting and skin trading. SkinCoin tokens (SKINCOINS or SKIN) will be the center of that ecosystem.
The SkinCoin ICO launched on June 21. The company aims to raise 100,000 ETH, and will release 600 million SKIN throughout that sale. SkinCoin has a clear development path for the future and has already partnered with some of the marketplace’s biggest platforms.
The goal is to capture a significant percentage of skins gambling – which doubled to become a $5 billion industry in 2016.
You can learn more about SkinCoin, or participate in the ICO, by visiting the organization online today at SkinCoin.org.