A decentralized protocol that aims to modernize the sharing economy has released the first phase of an “exciting use case” focused on esports.
TimeCoinProtocol says eSportStars is a decentralized application that’s designed to offer something for everyone in this bustling market, which is estimated to have 500 million players around the world.
The DApp aims to unite professionals, fans, and players who aspire to make a career out of esports in the future. Users can host tournaments where professional players and fans can compete against one another. A marketplace also means that sellers can offer lessons on improving gaming skills and tips on how to make a career out of esports.
According to the team, a particularly unique twist with eSportStars will result in users being rewarded for getting involved in competitions and posting videos, based on how much time they spend on the platform.
The company behind eSportStars, TimeTicket, has also vowed to donate 5% of the revenue generated in the first year to children adversely affected by COVID-19, through charitable contributions to organizations including UNICEF and the United Nations High Commissioner for Refugees.
A series of popular games are supported by eSportStars — including Fortnite and the mobile version of Call Of Duty.
A broader ecosystem
TimeCoinProtocol has been built using the Ethereum blockchain, and the team behind this project says it is determined to capitalize on “the changing face of human interaction, work, community and wealth” — changes that have been catalyzed even further because of the coronavirus pandemic.
The white paper for the protocol cites figures that suggest the sharing economy is set to reach a value of $335 billion by 2025. Meanwhile, estimates suggest that the gig economy will be worth a cool $2.7 trillion in just five years’ time.
Despite the optimistic outlook for the sharing economy, the team behind the protocol says there are hurdles to ensuring this burgeoning sector reaches its full potential. “The intermediaries that dominate the sharing economy, providing marketplace and escrow services, siphon away a significant portion of revenues generated through exorbitant fees and charges. The stranglehold these platforms exert over the industry risks stalling growth and deterring new entrants from joining the sharing economy.”
TimeCoinProtocol pulls no punches in criticizing the companies that charge punishing fees. “Freelancers are the backbone of the sharing economy, but their labor has been exploited by the sort of practices that drove many of them away from the conventional workforce in the first place,” the white paper adds.
How it works
TimeCoinProtocol says anyone has the freedom to create a DApp within its ecosystem and integrate the TimeCoin (TMCN) token. In time, it’s hoped that this will allow the sharing economy to flourish across a myriad of use cases. Crucially, the protocol’s users will enjoy cross-DApp functionality, which means that their reputation will follow them wherever they go.
According to the project, there’s no end to the ways this protocol could be put to good use. Just some of the examples mentioned in the white paper include a professional photographer who can advertise their services, a business owner who can hire a freelance tax specialist for assistance with their returns, a motorist who can find a fellow traveler to split fuel costs for the journey, and young professionals who want career guidance.
An initial exchange offering for TimeCoinProtocol is set to take place in Hong Kong on Nov. 11.
The team also notes that the TimeCoin token will be listed on BitForex on Nov. 11.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.