FANZ in the Wild | Ep. V - "Ledger Hedger: Sports Betting in the FanChain Ecosystem"


FANZ in the Wild
In the FanChain ecosystem, the people are represented by two separate yet equally important groups: the Mints, who stamp and distribute the tokens, and the fanz, who put them to use. These are their stories.

IN THIS EPISODE
Ledger Hedger: Sports Betting in the FanChain Ecosystem

Dig if you will the picture: You get a notification from your go-to sports betting application that a has posted a bet that he thinks your favorite team is going to lose by 4 points tonight, and he is willing to wager 1,000 FanChain tokens that he’s right. The poster of the bet could be in Beijing, he could be in Rio or in London or New York. (Part of the beauty of a unified and decentralized system is that there is no requirement to cross regulatory or conversional barriers.) Accepting the bet is as simple as clicking Accept, as your FanWallet is linked to your account. At this point the participants in the bet have 1,000 FanChain tokens staked, ostensibly locked in escrow until the game’s conclusion.

When the game ends the funds are immediately transferred from the winner to the loser. And it’s as simple as that. A significant concern, and problem, that faces online sports betting with fiat currency is security. From an article published way back when in 2012 about betting online:

There is no centralized regulation of internet gambling, and no government authority overseeing it. This has led to the rise of criminal activity, hacking, cheating, and deceptive practices. Bank account and credit card numbers are particularly vulnerable to hackers, and offshore-run internet casinos may not have the latest or best security technology. Some online casinos may use “poker bots” representing human players, programmed for optimal play and to drive up the betting amounts.  And even if you do win, with the questionable legality of some of these sites, who do you complain to if you never receive your money?[1]

Blockchain negates the requirement for such a governing regulatory body. The FanWallet prevents bots from gaming the system. Pun half intended. What’s more, whereas a similar transaction between two fiat bank accounts would trigger unknown fees from the participants’ banks, and be subject to the various delays common in traditional banking, FanChain facilities a near frictionless, near instant exchange.  




[1] Talley, Jen. “The Biggest Problem with Online Gambling” Avvo Stories, March 29, 2012 https://stories.avvo.com/news/politics/the-biggest-problems-with-online-gambling.html

Comments

Post a Comment

Popular posts from this blog

FANZ in the Wild | Ep. II - "FanChain Fantasy"

FANZ in the Wild In the FanChain ecosystem, the people are represented by two separate yet equally important groups: the Mints, who stamp and distribute the tokens, and the fanz, who put them to use. These are their stories. IN THIS EPISODE FanChain Fantasy A popular type of fantasy draft is an auction draft. Each member of a league starts out with the same amount of fictional money with which to bid on players. A top-tier player might cost 40% or nearly 50% of a draft budget, so owners have to develop strategies to ensure a competitive roster. Imagine if this auction budget is not fictional currency, but real currency. Imagine it is comprised of FanChain tokens. In a fantasy league built on the FanChain ecosystem members could stake equal quantities of tokens and then draw down on their totals in order to place bids on players. The tokens bid could go into a pot, which becomes the winner’s prize at the end of the season, or at least a portion of it. This would ...
Read more

FANZ in the Wild | Ep. III - "Staking FANZ Replaces Sneaky, Out-Dated Fiat-based Subscription Models"

FANZ in the Wild In the FanChain ecosystem, the people are represented by two separate yet equally important groups: the Mints, who stamp and distribute the tokens, and the fanz, who put them to use. These are their stories. IN THIS EPISODE Staking FANZ Replaces Sneaky, Out-Dated Fiat-based Subscription Models This is a true story. My wife recently got accepted to graduate school. Included in her education are discounts to platforms like Amazon, Hulu, Spotify and, auspiciously for us, a cacophony of other content providers and streaming services. This prompted me to cancel all of my subscriptions so that we could save cash by utilizing her discounts. What seemed simple enough turned into an anxiety storm. Admitting to my wife that I was, essentially, throwing over $200 a month away was not exactly the sort of picture of myself I wanted to paint. I consider life to be a series of transitions from stupidity to clarity, but at my age such a confession could only se...
Read more