In this episode of ICO or NO, Jeremy covers Gimli. Gimli hopes to bring video game streaming to the blockchain, with a platform that allows streamers to create and facilitate wagers. Will this project be the next big thing in streaming and e-sports? Or will it be game over for Gimli?
What is Gimli & what problem are they trying to solve?
One of the fastest growing competitive industries is e-sports competition. Games like DOTA, League of legends, Hearthstone, and WOW. These tournament are selling out arenas with a thousands of seats. But don’t worry, if you can’t attend these tournaments. The advent of streaming services like Twitch have added an interactive component to e-sports that has even furthered their reach and popularity, allowing those across the world to connect with streamers of their choice, no matter their location.
While existing platforms have provided a platform for streamers and video game players alike, some have identified functionalities that could be added to these streams to make them even more interactive. Enter Gimli.
Gimli is a streaming service with a twist. By incorporating a cryptocurrency into the platform, Gimli has set up a comprehensive network of smart contracts that allow for users to make real-time bets, and get rewarded for their correct predictions.
Gimli will revolutionize their stream management with these four functions they have identified:
- create bets on anything from how fast they will beat the next level to how short they will cut their hair
- create surveys on who will win the professional game they are casting live
- receive donations and crowdfunding directly in digital tokens
- create a special status between viewers according to how many GIM (Gimli Tokens) they win or donate on the channel
Here’s how the Gimli betting system works: viewers can place a bet on an offered outcome, and the earlier they bet, the more reward they can gain if their prediction proves correct. Often the game has been determined before its actual end, and it doesn’t make sense for people to be rewarded if they hop on at this stage compared to someone who bet when the decision was still up in the air.
Users do not bet against the house as they do with traditional sports books. Instead Gimli will create a market with users betting against each other. As a result, users are rewarded more if they are bet on the side that is less bet or “the underdog,” since they will have less people to split the prize pool with.
Gimli’s platform relies heavily on their streamers to be honest, reliable reporters of information. This is really important because it’s the results that streamers report that trigger the smart contracts to pay out the tokens to the appropriate party. There is some room for impropriety as a streamer could simply report the wrong solution for their own monetary gain. Hopefully the incentives laid out by Gimli will keep this from becoming a problem.
What are the market conditions facing the Gimli project?
470 million viewers watch online gaming content on a regular basis. This number is expected to surpass 500 million viewers later this year, accounting for 56% of all gamers across North and Latin America, Europe, and Asia.
Watching video games seems kind of counter-intuitive. After all, aren’t people supposed to play video games? But one thing that I’ve noticed is that there are several communities built around these games. Fans have the opportunity to connect, share their ideas, and play together. A lot of these communities revolve around a particular stream or streamer. As a result, these communities have created huge demand for video game streamers. The fact that a lot of people are ditching cable has only furthered the reach of these streaming services. The bottom line is e-sports and video game streaming is a large, growing market with plenty of room for blockchain-based projects.
Who is the team behind Gimli?
Gimli has a full team of developers, but what really interests me is the advisers that they list. They have a lot of well known names in the e-sports industry backing them up, which is basically free marketing and shows me that their will be excitement for this project.
One thing that struck me when reading their Whitepaper was how simple the smart contracts are that outline their protocol. It seems like a very achievable goal for the development team they have.
What is the design Gimli token sale?
The token will allow those to use the functionality of the platform. All funds raised from the crowdsale will be used to support a world class team of insiders, experts, advisers, and investors. As well as for the development of the Gimli application and any new functionalities or additions that may come out.
Additional funds will be used to sponsor tournaments, professional gaming teams and/or streamers to spread the adoption of Gimli.
Unfortunately when it comes to wagering on the Internet, each jurisdiction really behaves differently in how they look at it. Places like England, you can walk down the street and place a bet, whereas in the US you cannot at all. So, with that being said, funds will also be spent assessing the legal and regulatory aspects to make sure that Gimli is viable in the long-term and following the law.
The token sale will start September 16th, 2017. The sale will end when either all the GIM tokens have been sold or the token sale period is over in a month.
Buyers during the initial sale will acquire GIM in exchange for Ether (ETH), and the sale will be administered by an Ethereum Smart Contract.
The price for one GIM is fixed at 1 ETH = 700 GIM. This may change with the ETH/USD exchange rate, but will be fixed ahead of the sale.
The number of GIM sold during the sale is capped at 80 million to the general public, and an additional 10 million specifically to e-sports professionals (see below for full breakdown).
There will be a total of 150 million GIM tokens in circulation, allocated in the following ways:
- up to 80 million sold to the general public during the token launch
- 10 million sold to e-ports professionals
- 10 million kept in the Gimli reserve pool for sale through the Gimli App and website
- 20 million granted to advisers, streamers and professional gamers, kept in a multi-sig wallet
- 30 million granted to Gimli founders, team, and employees.
Noting the total amount of tokens is set, and will never be more created, Gimli will most likely have to buy tokens on the open market, which will create scarcity and provide long-term value.
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*Patent Maybe Pending