Engate to launch Live Video Entertainment for Sports powered by NEM Blockchain
Engate, Inc. aims to create a long-lasting community with sports teams, athletes, and fans based on a blockchain token economy.
July 16, 2018
TOKYO / July 16, 2018, Engate, Inc. (Engate), a blockchain technology start-up company that provides blockchain-based services, software development, and consulting for ICT implementation announces its plan to launch in September 2018 a live video entertainment platform for sports utilizing NEM blockchain technology. This entertainment platform enables the creation of an interactive community of teams, athletes, and fans while leveraging the principles of token economies to create long-lasting connections among community members.
“We expect Engate’s service to introduce a new solution to the financial challenges that promising athletes face. We welcome bringing a new entertainment experience to the sports world because it enables fans to enjoy moments along with teams and athletes via edgy technology,” commented Mr. Kenji Arai, owner of The Tokushima Indigo Socks baseball team.
Others who endorse the above comment:
Mr. Hiroyuki Ando, President of Fugador Sumida futsal team.
Mr. Kanji Wakunaga, President of Japan Handball Association
Mr. Shigeki Shimizu, Executive director of Japan Handball Association
“As Women’s Soccer is still a niche sport, we are keen to liven things up with the fans! We are looking forward to joining Engate’s new initiative, and expect this to be a great opportunity for bringing Women’s Soccer to the next stage of expansion,” added Mr. Jun Yamaguchi, president of REINA SENDAI Ladies Soccer Club.
“Social tipping community”
The Engate service aims to inspire fans to express their support of teams and athletes by “tipping” in real time when they see outstanding play on the live sports videos. The tips fans “toss” will be used to cover team operating expenses or financially support athletes. The history of when, who, and at what event fans tip are all recorded on the NEM public blockchain, documenting connections between the teams, athletes, and fans. The integrity of the history is secured with blockchain technology.
“Forming an enduring community among teams, athletes, and fans”
Athletes go through a number of stages in their careers. At each stage, they can belong to different organizations and play different roles. Engate aims to enable the community’s support of athletes from their training stages, through their productive years as professionals, and into their retirement. The blockchain implemented by Engate will store the intangible expression of fans’ “feelings” as big data.
In September 2018 Engate plans to launch the social tipping service alongside the live sports videos. Twenty teams in eight different sports, handball, football, futsal, baseball, martial arts, basketball, volleyball, and rugby, are queued to register with the Engate platform.
In the second step, Engate will facilitate long lasting connections between the teams, athletes, and fans through the formation of a community with the funds raised put into investment funds for the support of players and leagues with the aim of supporting the growth of future professional players and lower leagues.
What is blockchain?
Blockchain is a data transmission technology that has become the foundation technology for cryptocurrencies like bitcoin and is finding wider use in other industries. The technology employs higher mathematics and encryption technology. Once the data is recorded, it becomes read only. Blockchain is also known for its transparency of recorded data — anybody can browse it — yet the anonymity of token holders is maintained.
About tokens (Engate points)
The tips used in the Engate service are paid via token technology. A token, created by the NEM blockchain protocol, is a packet of data that stores a unit of value. These tokens, Engate points, express the value of intangible feelings like promise, sympathy, and gratitude. The tokens are used both when fans express their feelings of “support” for teams and athletes, and teams in return express their gratitude in the form of a “reward” to fans. NEM blockchain was chosen for its ease of use, flexibility in token design, and exceptional security.
An ICO (Initial Coin Offering) will not take place.
Engate designed the business model and service, and is submitting the necessary applications under legal guidance.
Upcoming details will be announced on Engate’s blog: https://medium.com/@engate
About Engate, Inc.
As a holacratic company, Engate “connects people and their dreams through the power of technology.” It provides services that utilize edgy technology like Blockchain and Artificial Intelligence, and among other activities, develops software, and provides consulting for ICT implementation. Engate aims to bring new experiences to market.
Engate Corporate website (English): https://engate.co.jp/en/
Engate Sports Entertainment (Japanese): https://engate.jp/