Allow Us the Opportunity to Introduce Ourselves: We Are Pay2Play
We are a new company working on incorporation blockchain technology with the esports and gaming industry. Maybe you have come across one of our posts previously or have seen us on Twitter. We would like to take this time to introduce ourselves and help our followers and readers understand what we do and why.
Who is Pay2Play?
Pay2Play provides an entertainment suite that focuses on eSports and the gaming community at large. We believe that blockchain technology is here to stay and that through all the hype the underlying technology presents an opportunity to revolutionize the gaming industry. If you are curious about our specific stance on why we believe blockchain will revolutionize the gaming market you can check out some of our other posts.
When we started developing the idea for Pay2Play the initial version consisted solely of a peer-to-peer wagering application. Our thought was that “hey, games are fun” and “hey, making money is also fun” so we decided to mash the two together so that gamers could wager friends in head to head battles. Sage advice says find a way to get paid doing what you love, right? We thought this would be a great application. And it is, but it isn’t the only application. We soon realized that a cross-platform entertainment suite would benefit the community and provide more opportunities for everyone to be involved.
With our new course charted we set off to develop a suite of applications that would benefit gamers and game developers. We would like to now introduce a few of the applications we have in mind. We won’t go into everything because 1) That wouldn’t be any fun to give away all the juicy details at the start and 2) Some features are still in development.
The Pay2Play Entertainment Suite
For the initial launch of the Pay2Play Entertainment Suite we will provide a few awesome applications. Let’s take a quick look at each in turn.
Peer-to-Peer Wagering
The original idea that got Pay2Play started. Our wagering application will allow two or more players to place a wager in a winner takes all match. It’s a fairly straightforward process. Two players (for simplicity sake) each fund a smart contract with an equal amount of ETH (the native cryptocurrency of the Ethereum blockchain). Once the contract is funded the players battle it out in their game of choice. The winner receives the pot, less a small admin fee, and some sweet PLAY tokens (more on these later).
We love the idea of the wagering application, or more correct decentralized application (Dapp), due to the fact that it enables gamers to monetize their skills. We can’t all become professionals, but we should still be able to earn a few ETH from all the hard work that has gone into developing our skill set.
PLAY Tokens
Ahh the sweet smell of tokens in the morning! PLAY tokens have been designed as a cross-platform currency. First and foremost, PLAY tokens allow gamers to receive special in-game bonuses when playing Pay2Play Partner Games. These bonuses help developers with new games incentive players to give them a try. It also provides the gamer with a reward for being a skilled player and winning tokens.
PLAY tokens will also be used in the PLAY Exchange. The Exchange is still a work in progress, so we won’t dive deep into this. You will just have to keep following for updates.
A player will receive PLAY tokens by winning a wager. The more wagers that a user wins, the more PLAY tokens they will accumulate. The in-game bonuses will be at the sole discretion of the specific game developer. These bonuses will be broken into tiers, so the more tokens a user holds the bigger the incentive they receive.
It should be briefly noted that PLAY tokens are designed to be a utility token. We won’t go into the security vs. utility debate here since that isn’t the purpose of this post. We just want to call it out in the event any would be speculator is deciding they want to hodl PLAY and wait for moon and lambo.
PLAY Community
Unless you have a big budget or are a well-known entity, like Activision Blizzard, attracting users can be a challenge. New games are released every day and competition for user attention is high. By partnering with Pay2Play we aim to help developers reach a new audience.
The concept of a community isn’t new. Bring together lots of people with needs and skills that can be used to benefit everyone. The PLAY Community will be just this. We believe that developers want to reach potential players and that players are willing to try new games. Our goal is to bring both groups together and provide a mutually beneficial method for them to engage with one-another.
Why Blockchain and Decentralized Apps (Dapps)?
We already wrote a short piece on this that you can find on our Medium page.
We think that one of the biggest and most promising aspects of blockchain technology is that personally identifiable information (PII) no longer needs to be centrally stored or maintained by one company. In a traditional model you would be able to sign-up for our service by providing your name, email, date of birth, and maybe even more PII. We would then store this in a nice database (read: honeypot) that could be susceptible to hackers or misuse. At Pay2Play, we don’t require you to create an account. All of your wins/losses, PLAY token balance, and other stats are connected to your public address on the Ethereum blockchain.
Why is this important?
Pay2Play doesn’t hold any of your data. We can’t misuse it because we don’t have it (not that we would if we did). If Pay2Play were to ever go away, you wouldn’t lose all of your history and be forced to start again. The show could go on since all that is needed is the Ethereum blockchain to maintain the records. This is a new shift in how companies manage user data. We choose to allow our users to remain the owner of their own data while using our Dapp. We truly believe this will be a defining characteristic of our platform and one that will appeal to many users as data privacy becomes a bigger issue.
Well, that is about all for now. We hope you have enjoyed this introduction and that you are as excited about Pay2Play as we are!! If you can’t contain yourself and need more then head over to our site. If you really really can’t contain yourself then shoot us a note at partner@pay2play.io. We are looking for passionate members of the community to help us grow our brand and reach more gamers and developers. Business opportunities are also welcome.
