Blockchain Technology Empowering Fans
Maybe you’ve heard of blockchain, and maybe you even have a pretty good idea of what it is. But here is a refresher on how the technology works and why the hot tech is at the core of Fan360.
Blockchain provides a transparent, decentralized accountable system. But that’s a bunch of jargon: let’s break it down.
So let’s say you have an important contract with your landlord on paper. Your landlord could alter it or lose it, to your disadvantage. Without your own copy it could be difficult to reconcile. Even with your own copy, any changes made to either one threaten the authenticity of both.
So then let’s say you share the file via the internet. As a traditional file stored locally on your computer, it isn’t much better than a print copy, and even one stored in an online database can be duplicated, changed and reuploaded.
But what about a document that, once created, couldn’t be altered other than in the public eye. What if the document couldn’t be taken out of the system to be downloaded, edited, and reuploaded What if there was a perfect and incorruptible public leger that showed the status of this document?
Maybe you are thinking, “That doesn’t sound all that useful, nor sports related.”
But some creative folks looked at that technology and thought that if you made a whole bunch of these documents, they could work pretty much like money.
Only one person can hold the document at once, it can’t be altered or duplicated, and, most importantly, there is a public way to transfer ownership that is impossible to fake or fool. The record is simultaneously stored on computers throughout the world, so no bank or government or any one institution has power over the documents. It’s money that can’t be stolen, or lost, or swept up by a bank going bankrupt
And so the Bitcoin currency was born.
And other currencies soon followed. One of them is the FAN token created by Fan360.
Fan360 saw the potential for the technology to be used in its rewards system to increase the accountability and usefulness of the rewards they were giving.
Rather than just a point total in a dashboard on a website, the rewards you get for simply liking, commenting and posting about your favorite football players and teams go into your online wallet. They can be spent on the rewards that Fan360, and its participating teams and sponsors, will offer: merchandise, tickets and exclusive real life experiences.
Or, you could cash out and sell them in a cryptocurrency marketplace. Fan360 plans to be listed on the major marketplaces when the token officially goes live to the public in the coming months. So you could be using your sports fandom to make actual cash.
Investors have been impressed by Fan360’s plan, helping the company to add a large network of advisors to oversee its successful growth. Some cryptocurrencies aren’t backed by anything, and their value stems from their scarcity. The Fan360 currency is backed by the actions of fans online, because those actions are valuable to teams, players and brands.
So next time you are scrolling through Twitter or Facebook trying to stay updated on your favourite team, remember that it could be easier on Fan360. And you could be getting paid for it.