NEW DELHI, India, Jun 17, 2021 /PRNewswire/ — Fantasy sports activities have gained huge reputation in recent times. The market is expected to develop by 7% by 2024. Nonetheless, an absence of regulation has allowed firms to take advantage of customers. Many fantasy sports activities and digital gaming platforms have been accused of publishing false volumes, creating pretend winners, and misusing consumer knowledge. DeFi11 was created to cease these unfair practices, offering a secure platform for the customers. Powered by blockchain, DeFi11 eliminates centralization and maintains consumer privateness. As well as, DeFi11 will tokenize gaming belongings utilizing non-fungible tokens (NFTs), permitting customers to entry options like liquidity swimming pools, prediction-based sensible contracts, and staking.
Touted as the primary DeFi-powered absolutely decentralized gaming ecosystem on the planet, DeFi11 is introducing modifications for higher gamification of its platform. DeFi11’s group not too long ago announced a collaboration with Polygon (previously Matic) to combine its layer 2 answer with a brand new protocol. The brand new sensible contract-powered protocol goals to enhance the scalability and safety of the platform. A few of the core advantages that sensible contracts would supply embody knowledge abuse checks and the prevention of monetary fraud. The creation of dummy winners – a fraudulent apply frequent amongst fantasy video games – will also be restricted utilizing sensible contracts.
NFT and Decentralization
Whereas NFT-gaming was at all times a prime feature of DeFi11, it has now determined to totally combine NFTs into its gaming ecosystem. The tokenization of gaming belongings signifies that NFTs might be collected and traded inside the recreation for the primary time. The introduction of NFTs may even assist to create a stay 3D expertise within the recreation.
Furthermore, DeFi11 is growing a revolutionary P2P interplay characteristic that may pioneer the prediction market. Set to deploy in phases, the P2P interplay characteristic can be fully self-functioning with out the necessity for any intervention from a 3rd occasion. In its bid to additional decentralize the gaming ecosystem, DeFi11 is attempting to open supply all of the platform’s code.
For DeFi11, the latest months have been fairly eventful. The corporate was the silver sponsor of the sixth World DeFi Congress that was held in Dubai in February this yr. In Might, DeFi11 announced becoming a member of arms with TDeFi, a outstanding title within the NFT and DeFi world that has helped many startups over time. By this collaboration, DeFi11 goals to additional broaden its NFT area. DeFi11 additionally announced partnering with Biconomy, a multi-chain transaction infrastructure, to resolve the problem of micro-transactions inside the recreation. Lastly, DeFi 11’s most up-to-date funding spherical managed to boost simply $3.5 million, sources which it is going to use to help additional growth of its distinctive gaming platform.
Certainly, over the following few months, DeFi11 can be making a lot of main bulletins and rolling out a number of new options. This features a second fundraising spherical, adopted by a marketing campaign geared in direction of selling its upcoming IDO. A whole overhaul of the corporate web site, with extra particulars and options, can be within the works. DeFi11 additionally introduced the profitable launch of its beta app on June 1.
Additional down the timeline, DeFi 11 plans to launch post-IDO staking, begin a referral and bounty looking program, and announce a number of partnerships all geared toward boosting the platform’s userbase. All precede the announcement of the platform’s first-ever IDO, the small print of which can be introduced later this yr.
DeFi11 is a decentralized gaming ecosystem primarily centered round fantasy sports activities and NFT gaming. It’s powered by DeFi or decentralized finance, an umbrella of monetary purposes that make the most of blockchain. As the primary crypto-fantasy gaming ecosystem of its variety, DeFi11 strives to resolve the problems of transparency, accountability, and safety that always plague the world of fantasy sports activities.
DeFi11 gives full transparency and anonymity to its customers. It believes in full decentralization of the platform – together with P2P transactions with out involving the home. By randomized winner choice and group governance, the platform is making an attempt to get rid of bias and fraud.
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