ICO of the Day - eGold eSports Betting Cryptocurrency

At ICOBriefing.com we provide unbiased reviews of ICOs announced each day to help you spot top ICOs before anyone else.

ICO Review – eGold

After looking at 30 cryptocurrencies, we’re picking eGold as our ICO of the Day for its solution to eSports betting.

Premise

eGold is proposing a cryptocurrency to allow sports betting via smart contracts. By using cryptocurrency and smart contracts, transparency is improved and users don’t need to trust the central authority as much as with a normal centralized betting site. Payouts would happen automatically when matches end based on the outcome.

This is an extremely simple premise – but also a decent one as transparency is a big issue in the gambling industry.

Team

The eGold team is quite strong in terms of business background. The CEO runs Ultraplay, an existing eSports betting platform provider. UltraPlay is an existing company which provides “white-label” betting platforms which are sold to licensees who then customize it to their region.

This means UltraPlay has an existing distribution and customer network that it can tap, as well as the ability to integrate eGold into its products.

The team is fairly solid on business, marketing and financial expereince, but does seem weak on engineering talent. However, as this project’s technical scope is quite simple from a blockchain development perspective, we don’t consider this a dealbreaker.

Token

eGold is the native cryptocurrency used to make bets on the platform.

There is a very low hardcap of just 4000 ETH. At the time of writing the project has already received 2584 ETH, so it’s more than halfway funded.

Risks

There are several other competitors in the eSports, casino, and betting space. There is also very little reason that Ethereum itself can’t be used to bet on eSports, as this would also let users keep their profits in ethereum without having to pay conversion fees. These are serious risks which should be considered by anyone considering putting their ETH into this project.

Summary

eGold is an ICO with a simple but decent premise of bringing eSports betting to the blockchain. There are significant risks with this project which should be carefully considered, but it also solves a real need, and has existing business partnerships in the online betting industry.