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Mevu’s innovative gambling platform goes down the IEO route

Mevu’s innovative gambling platform goes down the IEO route

Mevu smart contracts decentralise and facilitate P2P betting

Recent IEOs have boomed in the main and start-ups listing this way appear to be benefitting far more than when they were listing via the ICO route. Bit torrent, Fetch, Celer and Matic can be said to have been wildly successful rides and have left investors scrambling for a piece of the action. Harmony is the next moon rocket to leave the IEO launch pad and I don’t see its trajectory being any different.

The Mevu IEO begins on the Korean exchange Probit on June 3rd with 7 million MVU up for grabs at $0.09. There are 3 further rounds on different exchanges, with the final round terminating with 20 million MVU at $0.12. A maximum of 55 million MVU will be available over the 4 rounds, out of a total supply of 105 million.

What is Mevu?

MeVu (Me versus you) is an astonishingly simple yet incredibly creative concept that, if it gets some traction, could spread like a forest fire across the online sports gambling sector.

This is a sector that is experiencing huge growth and various platforms such as 1xBit.com, BETONLINE.ag, CLOUDBET and others are offering such attractions as high betting odds and limits, anonymity and the choice of using various cryptocurrencies.

“Me Versus You in a round of golf tomorrow?”

Nonetheless, Mevu has its own totally unique concept and the ability to bet against your pals on just about anything (a round of golf, a game of football or even a roll of the dice) makes it a fascinating proposition.

Why should Mevu be successful?

  1. Strong backers/investors give solidity to the project. 

Global Blockchain Mining (FORK), Blockstake and Voxel Ventures are among those invested in Mevu and they provide the capital to give Mevu that all-important runway until it becomes profitable. Global Blockchain has recently diversified into overseeing token asset launches and will administer the Mevu IEO.

  1. Traditional betting establishments are ripe for disruption 

Traditional betting establishments have overheads such as the buildings, upkeep and staff wages etc. This all obviously gets recuperated out of the fees levied on punters. Middlemen abound in this space and all get their little slice of the betting pie.

A decentralised platform that just has the utility of matching counterparties for a particular wager, instead of those parties having to go through a central bookmaker, will have a pretty massive cost saving advantage (2 to 3% as opposed to 10 to 15% with a casino)

  1. Licences and certification

Depending on any given jurisdiction, certain licences and certification are required by law and are time-consuming and expensive to acquire. These gambling regulations are needed given that the betting establishments need to hold punter’s betting funds and must administer the payouts. They would be required to also hold a certain amount of funds in their banks in order to be able to cover possible large winning bets.

Mevu’s platform does not require any of this as it is only matching the bettors and putting the information into a smart contract, which is written to the blockchain. Additionally, Mevu holds no betting funds and is therefore not able to take part in any embezzlement or corruption.

  1. Fully automated process

Payments are made based on player reports on the particular betting event. Should there be a dispute the result will be verified by ‘oracles’ who are token holders. The oracles are paid in eth to come to a consensus on who won. If a player report was inaccurate then their MVU tokens go to the oracles. The oracles themselves are required to stake MVU so if they report incorrectly they lose half of their stake, thereby practically eliminating fraud.

  1. The online gambling market

According to Statista, the present size of the global online gambling market is around 50 billion US dollars and is expected to almost double to 94 billion in 2024. With a shift in consumer gambling habits from traditional services to far easier internet and mobile devices it can certainly be predicted that this sector will see some huge future growth.

The unregulated gambling sector is believed to be far larger than the regulated sector and according to Patrick Jay, an independent betting expert, the global online sports betting market could be turning over a figure as high as 1 to 3 trillion US dollars. Up to 90% of which he estimated to be illegal.

Mevu’s platform, without any illegality, would surely attract a lot of the unregulated market given that it has none of the downsides of the regulated sector such as high fees and wait times for pay-outs.

Challenges for Mevu

Given the fact that Mevu will have first mover advantage, being the only platform of its kind to offer P2P betting with the odds decided by the participants, you would imagine that all would be plain sailing into the future. However, getting your token out to a global client base and getting the online sports gambling world to sit up and take notice is not an easy nut to crack.

Mevu did hold a private sale round back in March — April 2018 but only raised $399,000. More have been sold privately since then but the project will need a lot more in order to ensure that encouraging start for what is such a promising venture. 

Marketing of the project has also been fairly thin up to now, probably due to its hereto organic growth. A small flurry of publicity was caused when Mevu launched its test-net in time for punters to bet on Superbowl L11 earlier this year but overall Mevu remains below the radar and its reach is yet to spread globally.

However, 4 rounds of an IEO spread across separate exchanges should go a long way towards getting the token out there and should establish an initial user base of punters who will actually utilise the platform.

Conclusion

The whole gambling world should definitely sit up and take notice of this project as it is the most innovative platform in this sector today. The Blockchain movement is all about transparency and cutting out third parties and Mevu is taking this concept to its furthest frontier.

Token holders will definitely see this as an investment opportunity but they will also highly likely want to use the tokens in order to save a huge difference in fees and to also bet safely without any middleman, regulatory body or government interference. This platform deserves to succeed.

Disclaimer: I have a varied portfolio, which does include a small amount of MEVU tokens. All the above views are my own and should in no way be taken as financial advice. All those wishing to invest in the crypto market should do their own research or use the services of a fully certified financial advisor.

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“PayString” trademark filed by Ripple in the United States - what could it be?

“PayString” trademark filed by Ripple in the United States - what could it be?

Quick take

1 minute read

  • Another new trademark has been filed with the United States patent and trademark office by the San Francisco blockchain company Ripple.
  • Filed earlier this month, the filing for the trademark doesn’t give much away in regards to what kind of business or product will be marketed under its name. 

Another new trademark has been filed with the United States patent and trademark office by the San Francisco blockchain company Ripple.

Filed earlier this month on the 6th of November, the filing for the trademark doesn’t give much away in regards to what kind of business or product will be marketed under its name. Known as PayString, this trademark registration is very similar to that of the Ripplenet filing earlier in 2020.

The description indicates that PayString would cover a variety of different categories of electronic financial services.

Furthermore, this could be used for Fiat currency and digital currencies for omittance and gifts.

Earlier this year in August, the company failed to more trademark applications with the patent and trademark office in the US. This included the same application descriptions of PayString and Ripplenet.

You can see the filing here.

This year has been somewhat lacklustre for the XRP token. The price action for the currency has been slow to say the least but some believe that it could be getting ready for some further excitement before the end of the year.

It will also be interesting to see where the PayString trademark goes and what kind of product it will end up becoming.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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CNBC’s Brian Kelly predicts bullish YEAR for bitcoin

CNBC’s Brian Kelly predicts bullish YEAR for bitcoin

Quick take

1 minute read

  • Brian Kelly predicts a bullish future for bitcoin.
  • Bitcoin surpasses $16,000.

Brian Kelly, a well-known advocate for bitcoin recently said on the Fast money show for CNBC that the gains that bitcoin is currently making could be extended to a full year following the halving.

In an interview earlier this week on the 12th of November on the show, Brian said that the spike in high-profile and institutional investors that are moving towards cryptocurrency and specifically, bitcoin, could indicate an exciting and bullish future for the king coin.

“There's a lot of scope for upside. Most of the gains that come are the year after the halving, and we’re seven months into that year after the halving, and Bitcoin’s doing what it should do.”

The host, Melissa Lee said:

“So there could be five more months here of pretty good upside.”

Bitcoin has had a very exciting week this week after it surpassed the $16,000 key resistance level following what was a very exciting time during the United States presidential election. Bitcoin has seemingly come out on top with many people now predicting big things in the short and long-term for bitcoin.

You can see his interview here:

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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How Ethereum 2.0 good see strong recovery for ETH

How Ethereum 2.0 good see strong recovery for ETH

Quick Take

1 minute read

  • As we come to the end of the year, there are numerous things occurring in the crypto space that no one could have predicted. 
  • With bitcoin jumping in value over the past few weeks/month, the alternative crypto market is quietly making gains simultaneously.

As we come to the end of the year, there are numerous things occurring in the crypto space that no one could have predicted. With bitcoin jumping in value over the past few weeks/month, the alternative crypto market is quietly making gains simultaneously.

Joseph Young, an analyst on Twitter has said that the second biggest cryptocurrency in the space, Ethereum has been performing extremely well over the past two months.

The upcoming Ethereum 2.0 deposit contract announced that the network upgrade would go live on the 1st of December. This has more than likely had a big impact on that open and how it has flourished in value over the past few months.

With the release of Ethereum 2.0, it would remove minors as the proof of work model is substituted for the proof of stake protocol. From here, users will be able to collectively verify transactions on the network without any need for a third-party to get involved.

You can see the tweet here from Joseph below:

Experience for users on the platform is more than likely going to change following the increase of the transaction capacity across the overall network.

The co-founder of Ethereum, Vitalik Buterin has confirmed that what was once a 15 transaction per second on chain processing speed could be increased to somewhere up to 5000 transactions per second on the blockchain upgrade.

The stagnation for Ethereum has technically allowed for the network to consolidate above significant moving averages and will be good for the future of the project.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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How South Africa's scam history has made its investors stronger

How South Africa's scam history has made its investors stronger

South Africa is a country with great diversity and has a rich history which attracts about 2.5 million tourists into the country every year. But what’s more appealing about South Africa is its gold mining industry which is one of the aspects of the country that makes it very attractive to foreign investors. And it comes as no doubt that South Africa has the most industrialized economy in the continent as a whole. Besides natural endowments history and tourism, South Africa is one of the countries in Africa where the activities of the financial market are widespread. Due to its attractiveness, many individuals have fallen victim to scammers in the country in an attempt to make a decent investment. 

According to numerous reports, many investors and visitors have been scammed by South African citizens or even scammers who are established in South Africa because it is a hub for foreign investment. Scammers go a long way to defraud people and it is always almost genuine, which makes it difficult for the investors to notice. Some examples of these activities involve scammers posing as airport staff, engaging in unexpected chats, stealing from backpacks or carry-on bags, or even fake taxi drivers that take passengers to unknown destinations to defraud them. These scammers go as far as telling passengers to get a receipt for some kind of taxi voucher, bus card, or airport receipt, take them to the ATM to get that non-existent voucher, and then try to see you type your PIN before creating a distraction to snatch and run with your card. 

It does not only end at that the height of this was when several South African investors lost over $13 million to a bitcoin scammer. This is one of the most thought out scams in the history of forex scams in South Africa and there are several more of this magnitude or even worse. 

In this case, the mastermind of the bitcoin scam, Willi Breedt who was the CEO of Vaultage Solutions now defunct, allegedly scammed several investors of over 227 million rands ($13.35 million) and escaped to another country when things got messy. It all started when the scammer abruptly severed all connection and communication between his clients and going on vacation. After several reports from his investors to the authorities, he was under criminal investigation, during which he closed shop, it is alleged that he went into hiding as the investigations went on. Reports by local news outlets indicated that Breedt claims that his troubles started in 2019 when the crypto market slumped. However, the truth of the matter is that the markets immediately recovered sufficient enough for him to recover all his losses. Because the slump was short-lived as it occurred only between one day and recovered the next so all losses were recovered. But Breedt claims to have been bankrupt by the slump and went into hiding to avoid his clients. Investigations on his bank account uncovered fraud as some of his investors stated that they had about $3.15 million in their account and the next day there was nothing and Breedt was nowhere to be found.

The members of the crypto community in South Africa have not been amused by Breedt’s actions because it reflects back to them as untrustworthy. But what’s more, is that it has been so common in the country that investors are becoming more accustomed to it. Although scamming is still prevalent in the country, investors are becoming more cautious when investing in South Africa. They have been scammed so much so that they are now stronger and more aware of scamming activities in the country, making it an even harder task for scammers to cook up any story because they’ve seen all and heard all.

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