The PlayChip is an ERC20 token designed to become the universal gaming token.
The PlayChip will serve at the core of an online gaming ecosystem that already consists of six platforms, with many more to come. The ecosystem supports a user base of over 500,000 people in over 70 different nations, and is on track to turn over a combined US$430m in 2018 alone.
Due to the high volume of transactions that can take place on DFS and betting websites, the technology around the PlayChip is required to be scalable, allowing us to realise our ambition of becoming the universal gaming token. An internal network is required to handle the internal transactions of PlayChip’s distributed partners, which can number in thousands per minute. Timing in DFS is crucial due to changes in conditions and late withdrawals of players, so it is important that users of the PlayChip have a network they can rely upon. This will allow users of DFS and other gambling products speed in transactions and confidence that they can use their PlayChips in real time without fear of a bottleneck or network lag.
Perhaps the most exciting announcement for the PlayChip is the establishment of the PlayChip Foundation, a non-profit organisation tasked with the growth and protection of the PlayChip ecosystem and economy. The PlayChip Foundation will hold the remaining tokens that are not up for public sale, and ensure these tokens are strictly reserved for use growing the economy into different markets and platforms. This Foundation will also back the PlayXchange, our partnered cryptocurrency exchange. The PlayXchange will buy and sell existing coins in the market, and integrate directly with our revolutionary PlayWallet, providing a one-stop-shop for users of the PlayChip. We see the development of the PlayChip as a natural progression for a dynamic and ever-evolving industry.
The PlayChip was awarded the Draper Hero's Choice Award at the Blockchain Economic Forum 2018 in San Francisco, as one of the most promising projects and leading pitches of the 29 competing ICOs.