• FansUnite

    3
  • FansUnite is a sports betting company that aims to provide cheaper, more secure, verifiable and transparent online sports betting.

About FansUnite

Fansunite.com is a sports prediction platform that specializes in crowdsourcing sports picks to develop predictive models and data analytics, and which has been utilizing a virtual currency for the past four years.

With its FansUnite virtual currency, users are able to place fantasy wagers with absolutely zero monetary risk, track all their bets, and see their own and their peers’ betting history. The pro membership gives the users access to the top handicappers’ picks of the community, subject to certain criteria such as minimum bets and profit.

Since its founding in 2012, the company raised a total of $392,521 in three rounds and was acquired in August 2016 by Fantasy 6 Sports (a sports entertainment and technology company) for $2 million.

The Concept :

Through Fansunite.io, the team is planning to build the first decentralized sportsbook using the Ethereum blockchain to provide cheaper, more secure, verifiable and transparent betting.

The platform’s characteristics can be summarized as follows:

The Best Odds : FansUnite will charge a 1% margin instead of the 4.7% industry average.  The company claims to be able to offer these odds due to the platform utilizing an ensemble of advanced machine learning algorithms, which enable the risk management team to be  lean and efficient, requiring only a few members.

Fast Payouts : Thanks to a Hybrid Oracle, the platform aims to execute the bettors’ payouts almost immediately after the games end. FansUnite’s Hybrid Oracle will consist of five Data Oracles, each responsible for collecting data from an independent data source, and one Consensus Service, that will handle the business logic of aggregating these data feeds to reach consensus and resolve events. These API feeds update event information quickly, which means members get tokens back in their wallets almost immediately after an event.

Trustless Betting : FansUnite’s goal is to transition control over bet resolution from a third party, such as traditional sportsbooks, to smart contracts within the FansUnite platform. Smart contracts allow two sides to enter into an agreement contingent on the outcome of an event, with funds escrowed from each side prior to the event, and automatic resolution once the Hybrid Oracle resolves an event.

Transparency : Utilizing blockchain technology ensures that there is a concrete and auditable trail of transactions, so members can be assured that the data they are looking at is correct. FansUnite is also planning to make all the bettor transaction history accessible to all users of the platform. The company is relying on Secureplay (which develops blockchain technology allowing for accountability and transparency in fantasy sports) to provide such transparency while maintaining security and privacy.

Technical architecture

 

Ethereum & Smart Contracts

FansUnite will utilize smart contracts to store all the pertinent information required to facilitate trust-less betting on the Ethereum blockchain, which includes:

  • Event information such as start time and participants
  • Bet information such as odds, bet type, and wager amount
  • Oracles selected for providing outcome of the event.

Hybrid Oracle Solution

To grant the veracity of betting results pushed into the platform, FansUnite’s system will employ five Data Oracles, each responsible for requesting data from an independent data source. A Consensus Contract will then cross-match the data  for the resolution of events and bets.

For example if a boxing match is happening between two opponent on a given date, an event will posted in sport betting feeds. The five different oracles will source the same information from five different feeds. If the information is the same, then its pushed into the chain, a new event is created and made available for bettors. It is FansUnite’s way of bypassing biased events and making sure events and outcomes are 100% true.

Managed Server

To reduce gas costs, the team split its Backend operations between the blockchain and a dedicated server. The consensus protocols on event and betting creation will be run outside of the chain.

To keep the platform’s speed optimal the team will also run some of its social components  (discussions, chatting, following users, … ) on traditional databases. That will allow the team to sustain a scalable platform and reduce the costs related to the blockchain transactions drastically.

It is important to note that by using a centralized server to store the platform’s social modules data, FansUnite loses a bit of its claim to build a decentralized sports betting platform.

Dispute Resolution

The platform takes into consideration edge cases, such as disputes. If any member judges the bets results wrong he can trigger a secondary grading of the event by placing a deposit equivalent to the greater of (1) FansUnite Tokens equivalent to $10, or (2) 5% of the disputed amount.

Once done, the FansUnite team will resort to manual review to double check the betting result.

Technical Process :

Event Creation

To create a new event, FansUnite will send frequent requests to independent API sports betting feeds sources. Once  the consensus protocol is run and valid, the event is created on the blockchain and becomes available to bet on.

Bet Submission

New users of the platform have to go through a KYC process to validate they are legally eligible to bet.  Once validated, their public address will be stored  permanently, and any bets submitted from their address will be accepted.

To smoothen the betting process, the members can submit bets directly from their wallets. The platforms also allows members to store their tokens within the platform, if need be, and bet directly from it.

Bet Resolution

Similar to the creation event, requests are going to be sent to API feeds (using an oracle service such as Oraclize) for the outcome of the event. Once consensus is reached across all five oracles, the outcome will be set on the event and trigger the resolution of bets made.

Tokens (FAN)

The FAN token will be used for all platform activities , including betting, paying out players, and rewards for participation. There is a finite supply of FAN (700,000,000), which is  intended to circulate among users and within the FansUnite platform continuously (with no burning or deflation mechanism).

FansUnite Token holders will have the ability to choose the development path for the platform and to vote on on its features and services road map.

Tokens withheld (70,000,000) will be distributed between founders, advisors, and employees, subject to a lock-up schedule over 72 weeks. They will be distributed (20% at a time) from April 9th, 2018 to March 11th, 2019.

Community Incentive Program (80,000,000) includes tokens that will be allocated to both new members to kickstart their first betting experiences and reward the alreading existing bettors based on a set of metrics such as: betting volume, betting rationale, number of followers, and social sharing.

The Platform Supply Pool (200,000,000), which will be seeded with FansUnite tokens, will serve as the pool into which all losses are collected and out of which all winnings are paid. This pool is set to grow gradually, with large betting volumes and appropriately adjusted odds, via a portion of the 1% margin. This portion will be at least one quarter, and the remainder will go towards covering operational costs.

The Platform Supply Pool size is correlated with the betting volume as it serves as a safety net in case the wins exceed  the losses. Stabilization mechanics can be triggered in case of extreme expansion (too many losses) or extreme depletion (too many wins). In case of expansion the team will redistribute tokens through its Community Incentive Program. In case of depletion, the team will pour a portion of its margin tokens into the pool and, in extreme cases, use a portion of the withheld tokens.

Team

Prior to the Fansunite.com acquisition by Victory square, the team didn’t have much experience in the blockchain industry. To shift to such a project, the team had to sign a partnership with SecurePlay, a BTL Group subsidiary, to incorporate blockchain technology. The team is still planning to hire Solidity developers after the completion of the ICO. The team has extensive experience in the betting industry especially the data services part. They are relying on Secureplay’s expertise in Blockchain and Victory square’s business skills to make the project a success.
Darius Eghdami
Co-Founder & CEO

Previously Senior accountant at KPMG and currently managing partner at Blockchain Assembly an initiative that supports blockchain enabled startups.

Duncan McIntyre
Co-Founder & COO

Previously associate lawyer at Boyle and company lawyers and currently cofounder and managing partner at Blockchain Assembly.

 

 

Shafin Diamond Tejani
CEO, Victory Square Technologies

Led his venture builder to found 40 start-ups in 24 countries, employing over 350 people and generating over $100,000,000 in annual revenues.

Ryan Cimoszko
Solidity / Full Stack Developer

Previously lead we developer at Dotted story and project manager at Geoadvise engineering.

Stephen Rothwell
Machine Learning / Full Stack Developer

Previously Director of SaberCruncher and chief science officer at Construct AI.

Heidar Bernhardsson
Full Stack Developer

Previously CTO at Myallergy a London Based health startup and currently consultant at Developer Mountain.

Jon Ingoldby
Full Stack Developer

Previously software developer at Push Operations and chartered accountant at KPMG.

Jeff Jang
UI/UX Developer

Previously Entrepreneur in residence in Victory square technologies and Currently CEO of Immersive Tech.

Crowdsale Details

Token Sale Dates

Start time: Q4, 2017. TBD.

End time: TBD. The sale will run for approximately 4 weeks.

Total Supply

700,000,000 FAN tokens, 50% of which are for sale.

 

Pricing Structure

Week 1 : 3000 FAN / 1 ETH

Week 2 : 2500 FAN / 1 ETH

Week 3 : 2000 FAN / 1 ETH

Week 4 : 1500 FAN / 1 ETH

Buyers eligibility

The token sale is not open to US or Canadian citizens. FansUnite will block any US or Canadian individuals trying to partake. Participants will also need to digitally sign a statement that they are not a US or Canadian citizens.

Raise Limits

There’s a minimum cap of $5,000,000 and no maximum cap.

Project Highlights

Technical white paper

The white paper covers details about the industry, the concept, the team’s vision and talks pretty lightly about the technical architecture of the platform.

Product Development:

The Team is planning to launch the data services before the betting services on the platform. The first closed Beta will be available by June 2018 while the full platform launch would be January 2019. The iOS/Android Apps will follow by June 2019.

Location

Gibraltar based company.

 

Blockchain

Ethereum. FansUnite also uses a centralized server.

Prototype

N/A

Project Code

https://github.com/FansUnite12

Token Rights

FansUnite Token holders will have the ability to choose the development path for the platform and to vote on on its features and services road map.

Ratings

Product

View Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2
N/A
2 - Proof of concept or test platform.
Appeal

Does this solution have a distinct edge?

4
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

4
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

4
N/A
4 - Few competitors / a leading solution.
Innovation and IP

Is there (patentable) innovation and intellectual property?

2
N/A
2 - Some, but nothing outstanding.
Use of Blockchain

View Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

1
N/A
1 - None; simple Ethereum based coin.
Disruptive Blockchain Advantage

Is it safeguarded against misuse and corruption?

4
N/A
4 - Generally disruptive.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

Does the token provide holders with value other than as an investment?

1
N/A
1 - Essentially centralized.
Contribution to Blockchain Ecosystem

Does the solution contribute to the evolution of blockchain infrastructure and economy?

3
N/A
3 - Interesting.
Whitepaper

View Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

3
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

4
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3
N/A
3 - More information required.
Technology Presentation

Does it present a well thought out technological architectecure? Does it address implementational challenges?

4
N/A
4 - Clear, well thought out, realistic.
Roadmap

View Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4
N/A
4 - Down to earth.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

4
N/A
4 - Realistic.
Vision

Is there a larger, long-term vision?

3
N/A
3 - A trend with potential.
Dependencies (other services or capabilities required)

Does it seem as though a lot of know-how and experience went into the development plan?

3
N/A
3 - Imperfect but available, or using substitutes.
Current Position

Is the project currently sufficiently far along in its development plan (relative to its vision and plans)?

1
N/A
1 - Nowhere yet.
Compliance

View Breakdown
Token Utility (intrinsic value through usage)

Is there a concrete business plan (vs. market descriptions, general sentiments, and fluff)?

3
N/A
3 - Limited or uncertain use cases.
Token as Security (tradable financial instrument)

Is the business model realistic? Is it based on reasonable goals and timelines?

3
N/A
3 - Partly; compliance not fully assured.
Token / Smart-Contract Infrastructure Readiness

Are the solution's revenue streams, profit mechanisms, key KPIs, etc. clear and easy enough to understand?

1
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

Is the project raising an amount of money that makes sense given what it needs to reach profitability?

2
N/A
2 - Minimal, superficial or hackneyed.
Legal Review or Agreement

Is it safe from legal, moral or investor abuse?

3
N/A
3 - Semi-professional (e.g. Howey Test)
Company and Team

View Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

4
N/A
4 - Verifiable relevant experience.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

4
N/A
4 - Fully assembled and committed.
Team Skill Set Relevance

What is the level of presence, added value, and commitment of the advisory board?

4
N/A
4 - Well suited to project requirements.
Team Skill Set Balance (biz / tech / blockchain)

Are there enough sufficiently experienced blockchain architects and developers on the team?

3
N/A
3 - Somewhat uncertain, probably okay.
Token Sale

View Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

4
N/A
4 - Well suited to needs and plans.
Raise Amount Min

Is the minimum raise reasonably enough to carry out the majority of the development plan? Are there raise amount dependent milestones?

3
N/A
3 - Justifiable.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

4
N/A
4 - Well defined and reasonable.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the ICO well planned in terms of time, phases and scenarios?

2
N/A
2 - Minor exposure and interest, or ambivalent reception.

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