The world’s first professional fantasy football league uses blockchain technology

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Are you a blockchain believer?

A serial entrepreneur needs to create the world’s first skilled fantasy soccer league, and he thinks the blockchain — sure, the blockchain — is one of the simplest ways to maintain everybody trustworthy as they compete for actual cash.

When the Crown League launches subsequent yr, followers will be capable to purchase a stake in any of its 12 groups and share in any earnings they earn through the season. Every group shall be led by a common supervisor, who will subject weekly rosters of gamers chosen by skilled pickers.

Now, it’s possible you’ll assume that is simply one other case of a tech-savvy entrepreneur attempting to generate a bit hype for his startup by throwing across the buzziest of buzzwords. However Dan Nissanoff, the 52-year-old businessman behind the concept, says the blockchain will enable for decentralized group possession and transparency.

“We’re utilizing it to create an immutable document of the contests,” mentioned founder Dan Nissanoff, 52. “This might actually have by no means been accomplished earlier than the blockchain.”

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A blockchain is basically a public digital ledger of transactions that may’t be modified. It is most related to powering cryptocurrencies like bitcoin, however it may be utilized to different areas, comparable to well being care, voting or … sports activities.

For The Crown League, these transactions embody tallying group standings and outcomes and serving as a document of issues like group payouts and possession stake.

Blockchain know-how is definitely having a second however many consultants warning in opposition to attempting to make use of it for each scenario.

“Somebody who says blockchain can be utilized to resolve drawback x, would not perceive the issue,” says Nicholas Weaver, a senior researcher at The Worldwide Laptop Science Institute.

Weaver additionally notes that blockchain know-how is not new; it is simply having a serious second and everybody needs to launch one thing utilizing it.

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Almost 60 million folks performed fantasy soccer final yr, in keeping with the Fantasy Sports activities Commerce Affiliation. However there is not one central league: Gamers participate in 1000’s of leagues, from people who exist on-line to casual leagues amongst buddies.

That is the place Nissanoff noticed a possibility to create one league that may deliver followers collectively and provides them a spot to share their ardour.

Nissanoff additionally notes that not like with different professional leagues, followers of Crown League can really revenue themselves when a group does effectively. Followers who make investments additionally get some say in how the group is run — they will resolve to eliminate common managers who do not match the invoice.

He mentioned it is already raised cash from traders and partnering with massive names within the sports activities and tech worlds, but it surely declined to touch upon with whom it is working.

Crown League may even promote safety “tokens,” digital property which might be federally regulated, so anybody will be capable to personal parts of both a league or groups. League tokens go on sale this week for $1. Nissanoff mentioned the corporate finally plans to launch tokens that most people should buy.

CNNMoney (New York) First printed August 14, 2018: eight:31 AM ET

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