The current system has a problem and the problem is that fans do not benefit from the created value for their teams. It is no news that social networks are getting billions of revenue from the contents that users generate, but the issue remains that fans have not gotten a place to be fixed into the entire issue and they have not been able to benefit.
FanChain makes a framework available where fans get rewarded with tokens that can be utilized within the sports ecosystem.
The concept of ‘’Mints’’ has been introduced by FanChain, Mint is powered by a DApp which makes it possible for third-party entities to make the distribution of the FanChain tokens which are stamped with a particular sports team, league or even events.
Fans are able to obtain tokens by doing any of the following things: by sharing news, by making commentary available and by participating in the social conversation of any team that happens to be their favorite.
The FanChain tokens obtained can be used to carry out any of these: to purchase goods, to receive rewards, to access contents provided.
Teams and Leagues have the ability to offer rewards as well as access to their fans who are the most engaged.
Participants can be encouraged through the distribution of FanChain tokens, these tokens can be distributed by online publishers, OTT platforms and also social networks.
The basic ecosystem of FanChain tokens are Mints, the fan wallet, fanpay. In order to make the explanation clear, it would be clarified below:
• When a user creates a content or some value for a specific sport, a specific team, a specific game, a specific league or even related events available on a UGC platform which is approved to be a mint.
(The function of a mint is to be able to categorize content and get tokens stamped. The mint cannot bring out new tokens but it only has the capacity to share tokens that are in its possession).
• The user will receive Fan Chain tokens which contain metadata which are stamped with the team(s), the league(s) or even sporting events.
• FanChain token has a compatible wallet which will be able to show a user’s total balance of FanChain tokens, additionally, a visual breakdown of the stamps associated with their token will be made available.
• This process will, however, result in the provision of reward for content or value producers, they will be rewarded with FanChain tokens.
• Available third-parties will be able to provide special discounts, access, digital goods, promotions and features to users of FanChain who hold a particular number of stamped tokens of a certain team, a certain league or other events that are related to sports.
Research has proven that there are similarities between the identification of a fan with a sports team and the way people identify with their nationality, ethnicity and also gender.
Most available tokens make it a point of duty for them to be used within the broad markets but also have a limited ability in having an association of specific team or to become harnessed within the sports ecosystem.
The tokens of FanChian are based on the standard of ERC20 but they accept the style feature of ERC721, when they are accepted or when they are distributed within the ecosystem of FanChain.
The token has a lot of enhanced functionalities which includes: divisibility and a lower gas price.
When FanChain token is used in an ERC20 environment, the tokens becomes something that can be used, transferred and also monitored in a standard ERC20 environment which includes MyEtherWallet. In cases like this, however, stamp metadata will become invisible, and they will not be changeable.
When FanChain tokens are used within the FanChain ecosystem, stamps becomes fully visible and accessible.
Since FanChain tokens are compatible with ERC20, it implies that the token can be stored on a standard ethereum wallet which also includes MyEtherWallet.
Fanwallet has these functionalities which are unique:
It has a visual breakdown of the FanChain tokens.
There is an ability to select and also send team specific tokens.
There is an ability for users to send specific stamped FanChain tokens to other available users.
Through FanWallet, users will be able to see and consume the offers made available to those that hold tokens that are specifically stamped.
FanExchange has a plan of developing a web-based trading exchange, where users will be able to exchange the stamped FanChain token of a team with another team.
A fanchain token payment known as FanPay will be integrated in order to make it possible for applications, websites media, and other entities to easily accept FanChain tokens for goods and services.
A website will be launched called FanPrizes.com, which will list all the rewards and the prices that can be exchanged for FanChain tokens.
The token name is FanChain.
The ticker is FANZ.
The token type is ERC20 with an ERC721- style characteristics.
The acceptable payment is ETH.
The minimum token sold during the ICO period is 330MM.
The maximum token minted is 600MM.
The token distributed is TBD.
It will be in 4 decimal places.
The token lock-up date is TBD.
The maximum tokens sold to the public is 330MM, this includes both private and pre-sale.
60MM has been distributed for over 3 years.
18MM has been distributed for over 3 years.
The company will reserve 120MM for founder’s team advisors and also future hires.
The buffer is 12MM.
Operation department will have 30%.
The marketing department will have 20%.
Broadcast right/licensing will have 20%.
The production of content will have 10%.
Legal will have 5%.
Fanprizes will have 5%.
The acquisition team will have 5%.
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Authored by: geeboy88
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1874835
Eth Address: 0xdcef7d27bbaae609accdaf43ccf41b042beaffb4
