How One Startup Will Use the Blockchain to Disrupt Online Gaming
Play, a Chinese startup that plans to disrupt the incumbent online game industry using bitcoin’s blockchain to remove trust, has recently ‘gone public’ as a decentralized autonomous company (DAC) on crowdfunding platform DACX.com.
In its prospectus, Play claims it offers a third-party verifiable mechanism to ensure true randomness and fairness for gamers by placing the games’ logic on the blockchain. This would remove the need for trust in centralized institutions, it says.
The startup will also offer a platform to aggregate all games using its proprietary technology, and an in-game assets-trading platform to make tokens, props acquired from different games and Play’s crypto-shares exchangeable.
The DACX platform is operated by Zafed, a Shanghai-based financial service provider established in September last year, which itself has raised seven-figure dollar investment via Lightspeed Partners in China.
Distributed company model
The ambitious-sounding project will not take the form of a company, in the formal sense, meaning it will not be subject to regular company laws, but will instead be governed purely through the alignment of incentives.
This post was published at Coin Desk on January 21, 2015.