Topic: [ANN][OpenBeta] FirstBlood.io - Come Play!! 1ST Esports Competition Platform - page 57. (Read 124280 times)

Close! Please refer to the graphic in the above post. 1ST is bought by sending ETH to our smart contract and then goes to our FirstBlood multisig wallet. If we hit the $5.5mm worth of ETH  in the crowdfund, the token issuance will stop permanently. No more tokens will be created!

These two posts from you differ from each other.

Hey Shapeshiftscam!

All of the information is in our whitepaper but we also made this graphic we are uploading to the OP.



Crowdsale will be capped at $5.5mm worth of ETH and the fund allocations will be based off the amount we raise with the exception of the fixed bounty fund. No more tokens will be created after the sale has concluded!

Yes we do have more bounty for PR!

A unique escrow is automatically created by our smart contract each time a match is generated.

So there is always a continuing issuance of 1SŦ at 100 tokens per 1 eth? Are these bought straight from a smart contract with funds going to the founders?

Let's assume ETH is $12 and $5.5M is reached during the 150 to 1 period.

That means a total of 458,333.33 ETH invested, for a total of 68,750,000 1SŦ tokens.

Let's assume I invested 100 ETH. I have 15,000 tokens out of a total 68,750,000.

After release, my % of tokens will continue to dilute as more people buy more. And what is to stop the founding team from continually investing and re-investing their funds to dilute everyone else's holdings?

If this is the token structure, it is not workable.

More details about the total amount of coins? Op doesn't display this data at all. And more bounty campaigns?

Where is the escrow?

Thank you for your detailed response, much appreciated!

Pablo.

Hi Pablo!

Close, the token does not necessarily need to be pegged to a fiat value. The tokens will be issued with the base price of 1ETH: 100 (1ST). Their amount will also be permanently capped after the crowdsale and no more than $5.5mm worth of ETH will be accepted for token creation. Several 3rd party exchanges (centralized and decentralized) will allow for exchanging to take place, so gaining new tokens should not be a problem. In our early stages FirstBlood Tokens will be the only way to interact with the platform. However, in later versions users will also have the ability to challenge others with Ether and other tokens, including stablecoins.

That is correct, this token does not represent ownership, as that would constitute it as a security under existing laws. The primary purpose of 1ST is to enable us to reward people for referrals, running witness nodes (similar to BTC mining), and being an active jury voting pool member (similar to moderation). The incentives to participate in this crowdsale are nearly identical to the incentives of Augur's successful REP crowdsale. 1ST has similar functionalities to REP (verification and consensus mechanisms) with the added benefit of referral rewards. No gaming required, but you will always have the ability to use 1ST as a stake for challenging others.

P.S. @MemoryShock our lead Dev is an ACAMS Certified Anti-Money Specialist. Guess we broke the internet XD

Correct me if I am wrong, but the First Blood token will need to either be pegged in value to USD or be inflated as new users join the system for it to be at all useful for game play. Also the token DOES NOT represent an ownership stake in the platform. So beyond helping you bootstrap the platform, what is the incentive of an investor (not a gamer) in buying the token?

Thank you,
    Pablo.

Let us know if you have any questions!

Will be reading the White Paper.

Thank you Countdown! Looking forward to the Power Hour 

Very excited about this project, I really like the business model especially.

Hi Bannedseller! There are many differences but on the whole they are creating a platform for developers to make gaming and gambling applications on. Our project is focusing on eSports with our blockchain based rewards platform built on ethereum. We differentiate ourselves from the competition by only allowing skill based wagering on yourself, as opposed to wagering on others or betting on games of chance (i.e. gambling on casino style games). FirstBlood's function is not considered gambling in the United States and in many other jurisdictions throughout the world.

We also have our cross-title eSports Integrity System that includes Witness nodes to verify game data and our distributed Jury Voting Pool to deal with alleged cases of hacking, cheating, or toxic behavior. This is something that no other similar project has attempted to do (on or off the Blockchain).

Unlike other projects, we've also gone the extra mile by making sure we are complying with existing laws to ensure that the project can thrive. Other projects are violating gambling laws, issuing securities, or have no sort of legal counsel at all. These actions not only have the potential to kill the project, but may put the funders, users, and the founders at risk for criminal prosecution. This field has come under a lot of scrutiny in the last few months and we'd rather not get caught up in that mess, for the sake of the project and our users.

Lastly, we strive to be as transparent as possible with all of our operations. We have a majority of our team is on our Slack (http://slack.firstblood.io/) 24/7 to answer questions and connect with our fans. Here are the links to all of our LinkedIn profiles if you'd like to check us out!

Core Team

Joe, Project Lead:
https://www.linkedin.com/in/joeczhou

Zack, Smart Contract Architect:
https://www.linkedin.com/in/zack-coburn-7237b32

Marco, Business Development:
https://www.linkedin.com/in/marco-cuesta-11841b50

Anik, Developer:
https://www.linkedin.com/in/anik-dang-85793b50

Legal Counsel

Dan, Attorney:
https://www.linkedin.com/in/daniel-temkin-99b39663

Advisors

Joey Krug (Augur), Technical Advisor
https://www.linkedin.com/in/joeykrug

George Popescu, Finance and Operations:
https://www.linkedin.com/in/gapopescu

Mikko Ohtamaa (LocalBitcoins, CryptoSecuritiesExchange), Technical Advisor
https://www.linkedin.com/in/ohtis

How Do you compare to PeerPlays?

Great diagram!

I will invest some BTC during the ICO but before I will need to do some research about this project. Good luck