The project concept
Eristica is a revolutionary P2P-platform that drives participation in challenges and online competitions. The project was launched in 2015 and has already got more than 1.2 million users. The platform enables each participant to launch and accept challenges, provide video footage of challenges completed and get ratings based on the results. Eristica users are also allowed to generate viral content with the videos of challenges getting millions of views on YouTube, and the winners becoming stars. The system of rating, reputation and ranking creates a powerful incentive for active participation. Competitive incentive makes players fight for top places in the rating, in the quest for fame and prizes. With the help of blockchain technology, the Eristica project intends to overcome the obstacles faced by the industry and create a single ecosystem for both offline and online competitions.
Financial indicators and fees in the industry of Bets and Challenges are not uniform and sometimes the disparity can be exorbitant. Bets are usually subject to bookmaker or intermediator firms meaning that the fees can rise up to 20%.For example, platforms with challenges among young people charge a 10% fee while online and eSports competitions charge 5-10%. That said, Eristica sets a single bet for all types of bets, challenges, and competitions, that is 3%. This is bound to become a standard in the industry and create a flow of customers from more expensive platforms.
Eristica Challenge Foundation
The blockchain industry is based on the digital promotion of economic agents. Whether it’s a reward to a miner for the found Bitcoin block23 or encouraging authors inside the decentralized Steemit24 blog platform, it all creates a powerful engagement mechanism. Using the experience of the industry, the Eristica project will create its own Challenge foundation aimed at the promotion, adaptation, and growth of the platform ecosystem.
Financing and activities:
10% of all the issued tokens will be reserved for activities of Challenge Foundation. In the future, some of the tokens received from the fees will be re-invested in Challenge Foundation as well. Thus, Foundation will have its own source of funding. The activities of Foundation will be aimed at periodic distribution to reward active users, opinion leaders, well-known bloggers, and of course, third-party developers providing additional services within the ecosystem. The amount of remuneration will be proportional to the contribution to the economy of the project. At the same time, the payment will gradually decrease as the total value of the currency grows.
The total number of tokens is strictly limited by the initial issue. Therefore, a deflationary economic model has been created within the framework of the platform.It provides an increase in the value of tokens over time.
Tokens paid as fees for using the services of the platform will be kept as the project cash reserve. Users will be able to buy tokens from the reserve at a fixed price depending on the increasing value of the token.