Introducing eByte — Cryptocurrency in eSports
Two forces shaping the modern, digital world are eSports and more recently, cryptocurrencies. For gamers, the advent of competitive eSports was inevitable. In only a few short years, the industry has spun out from fringe competitions to a global business, generating hundreds of millions of dollars every year.
In a similar but exponential way, the recent advent of cryptocurrency has generated billions of dollars in market cap trading. More importantly, the blockchain technology underpinning cryptocurrency is enabling the convergence of industries in a way that will continue to reshape commerce, finance, and yes, gaming.
The eSports and crypto landscape
According to Newzoo, a market research company specialized in digital games, eSports had 120 million regular viewers and 115 million occasional viewers worldwide in 2015. Until 2020, the digital sports audience is said to rise to 286 million regular and 303 million occasional viewers.
As eSports fans become increasingly enthusiastic, the revenue generated by games through sponsorship and the sale of tickets, merchandize, ads and media rights will grow. The revenue of eSports grew 51.7% from $325 million to $493 million from 2015 to 2016, and is expected to reach nearly $700 million in 2017. According to current forecasts, the total eSports revenue will more than double over the next few years to nearly $1.5 billion by 2020.
And it may go without saying, but in recent years, cryptocurrency trading has picked up viral popularity, to the tune of multi-billion dollar market cap trading. The combination of these two industries is inevitable.
A number of projects have endeavored to begin implementing blockchain solutions to address some major problems facing the eSports community and industry, including:
Player compensation: Players invest a lot of time and energy in training and competitive games but have no financial safety.
Organizers and Teams: Insufficient financial compensation for event & tournament organizers, teams and leagues Inhibiting the growth of eSports.
Service providers: Service providers cannot be rewarded in a fair and easy way for their work — some even volunteer their work.
Sponsors and Fans: eSports sponsors and fans have to use slow fiat money to support their favorite players, teams and leagues.
Investments: Investment decisions are very difficult since there are no uniform portals for secure participations in eSports.
Unfortunately, no project has been bold enough to address each of these burning pain points.
The eSports industry is blooming to the tune of a multi-billion dollar industry, and still has plenty of room and time to continue flourishing… just like the world of cryptocurrency. The combination of these two worlds is not only inevitable, it’s here. eByte is here to make it happen.
The perfect convergence
The main objective of the eByte project is to create an internationally recognized and widely used eSports compensation system, to ensure the participating leagues, teams and players can be adequately compensated for their commitment and achievements, while the decentralized character of digital sports is being maintained.
To achieve this goal, we are creating an online marketplace through a variety of platforms and portals, including a system of smart contracts, where service providers can exchange their services for eBytes, as well as an idea portal, where enthusiastic developers receive support from the eSports community, to run the project onto the eByte blockchain.
Development of the platform and network is currently underway.