Hope you find this review useful!
Pros 1
Introduction 1
Problem 1
Solution 1
Product 2
Partners 2
Crowdsale 3
Why Blockchain 4
Cons 5
Competitors 5
Team 5
Conclusion 6
Pros
Introduction
The PlayChip (PLA) is the utility token in the PlayChip’s incentivised blockchain gaming ecosystem, aiming to become the universal gaming token.
PlayChip exists since 2014 as a reward token for 3 partners, who serve over 500,000 users with an annual turnover of over $430 million.
Problem
PlayChip token introduction eliminates major 2 issues in the current online gaming space:
Funds and Withdrawals
Funds are controlled by the users. Currently, users might have to wait days to retrieve funds, often subjected to minimum amounts, fees and bank operation times.
Market confinement
PlayChip token can be redeemed in local fiat or other cryptocurrencies, allowing markets to interact on a global scale, free from local jurisdictional hurdles.
Solution
Following Playchip’s migration to the blockchain, holders will be able to transfer funds between the various sites accepting the token, using PlayWallet, through which holders will be also able to buy & sell Playchips using PlayXchange.
PlayChip migration will also allow it to expand into a dynamic global marketplace, so it can tap into the $56+ billion online gambling revenue expected this year alone.
PlayChip Foundation will be the non-profit organisation tasked with the growth of the PlayChip ecosystem and economy, holding the remaining tokens that are not for public sale.
PlayChip’s current distributors have a gambling licence in Australia and one partner as a Horse Racing licence in North Dakota USA.
PlayUp, PlayChip’s main partner, is in the process of acquiring licences in UK, EU and USA.
Product
A centralised version of PlayChip is already in use and ready to be migrated to the blockchain. Not often seen in ICOs.
PlayXchange launch is expected September 2018 and PlayWallet in November 2018.
Partners
PlayChip is already the exclusive cryptocurrency of 6 gaming partners, with a combined annual turnover of $430 million and 500,000+ users in over 70 countries.
The partners are PlayUp, Draftstars, ClassicBet, Mad Bookie, TopBetta and Betting.club.
TopBetta, one of the recent acquisitions they have made is also already listed on the Australian Stock Exchange.
Crowdsale
All Playchips are sold at $0.01 each and there’s only 25% available for sale (12.5 billion).
2.5 billion have already been sold within 2 days in its private round with up to 50% bonus.
3.75 billion are still available on its Pre-ICO until July 26 with up 30% bonus:
● June 1 - July 5 = Up to 30% Bonus
● July 6 - 12 = Up to 25% Bonus
● July 13 - 19 = Up to 20% Bonus
● July 20 - 26 = Up to 15% Bonus
6.25 billion will then be available on its ICO in August 8-9 with up to 10% bonus.
The total supply is 50 billion tokens, putting PlayChip with a marketcap of $500 million.
PlayChip investment potential, with a $500M marketcap, relies mainly on adoption and its incentivised ecosystem and product success.
Contributions between $100 and $50,000 are accepted; over $50,000 will be subjected to escrow period to prevent pump-and-dump.
Multiple exchanges listings are expected in August 2018, including HitBTC and LATOKEN.
Why Blockchain
PlayChip decentralization through blockchain allows it to grow its user base, increase liquidity, trust, transparency, speed and reliability, and provide reduce transaction fees.
PlayWallet is the base to connect with the PlayChip ecosystem, which will integrate PlayXchange, its cryptocurrency exchange. Both will allow players to:
● Buy & sell PlayChips
● Instant KYC and AML (Anti-Money Laundering) verification
● Faster and low-cost transactions
● Real time balance and withdrawal information
● Full ecosystem transaction history & Full private keys ownership
PlayChip is a ERC20 token but due to the current Ethereum blockchain limitations, PlayChip will be developing its own off-chain network, PlayChain, which partners will need to integrate.
Cons
Competitors
There’s already many competitors in the traditional markets and in the crypto space.
Team
The team currently consists of 6 key members and 7 advisors.
The team seems quite experienced on paper and the main team seems to be from PlayUp.
There’s only 4 key members with Linkedin profiles and there’s no blockchain experts in it.
Also there’s more emphasis on the Advisors and Partner Ambassadors.
Conclusion
Presentation: 3.5/5
Project: 3/5
Team: 3/5
Rating: 3/5
Although blockchain makes sense for online gambling businesses, PlayChip gives the impression that its ICO is mainly to gather funds for marketing and incentivise user adoption, which would be needed due to the strong competition, as it stated that it’s ready to migrate.
PlayChip provides no technical details on its blockchain migration and development of its ecosystem, its PlayChain alternative to Ethereum blockchain, or the PlayWallet and PlayXchange products expected already this year.
Regardless, it does have a working product since 2014 and 6 partners ready to implement it, with a combined turnover of $430 million expected this year and 500,000+ users.
