My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

article.provider.name Where brands share their insights. What's This?

This 29 Year-Old is Building an eSports Empire on the Blockchain

This 29 Year-Old is Building an eSports Empire on the Blockchain
Image credit: Courtesy of Stankevicius MGM
By Stankevicius MGM

Peter Shen, 29 year old entrepreneur from New Zealand is harnessing the power of blockchain, in efforts to revolutionize and completely technologize the eSports world.

His decentralized gamer’s paradise “Asura World” aims to provide solutions and alternatives for  many of the issues which plague the current gaming and eSports-service landscape, and create a new era of digital reality for competitive gamers.

“Asura World takes all of your favorite things about the competitive gaming scene, and combines them all under a single roof, streamlined with finality, untamperable transactions, and multiple smart contracts.”

The revolutionary super platform will offer live tournament streaming, unique community voted betting, professional guides, community matchmaking & tournament hosting. Powered by the Asura Coin, a utility token where users are able to earn through any one of the platform’s features, in proportion the value they provide to the ecosystem.

Shen’s core idea is that gamers should have their own ONE place to congregate as a community, be able to earn & spend doing what they love, and believes Asura World will empower them to do just that.

How Asura World is Revolutionizing the eSports Industry

In addition to enabling gamers to make a living out of their hobby, there are a handful of issues & obstacles in the eSports community today which Shen sees as resolvable through blockchain technology.

The first of the existing issues arise from old, centralized systems, which bear the risk of bad actors. These systems - especially betting platforms - have garnered a poor reputation in recent years, leaving customers dissatisfied with slow withdrawal times, leaking their personal details, or even flat-out withholding their winnings.

“Blockchain gives Asura World the ability to remove the faults of middle-men and outdated platforms, and allows us to facilitate a value-rich, positive community via incentives.”

Asura World is being built on the rapidly-rising NEO blockchain, a Chinese built blockchain that focuses on community adoption. By utilizing an innovation known as “smart-contracts”, they’re able to automate various processes – especially those involving bets, wagers, and pay-outs.

These processes benefit not only from their automation, but also tamper-proof security provided by the NEO ledger. This significantly speeds up transactions and provides users with peace of mind that no middle-men can withhold their winnings nor interfere, finality of payment.

Being 100% eSport-focused, the platform is constructed with all the necessary information and services to deliver the most comprehensive experience whilst immersing the user in a self-contained eSporting environment. Shen points out the core mechanisms of Asura World are: community matchmaking, tournaments, professional guides, user created betting, and a giant community hub of endless content, whilst strongly reporting that this entire super eSport ecosystem is simply not possible without blockchain technology, and with this technology the costs are fractioned enough to create 'digital reality', a term they refer to a self-sustainable multi-mechanism platform.

A second pain point of the current era of eSports can be related to the community. Perhaps in part related to the anonymity of the internet, the behavior of a growing population of users can often tend towards being toxic or abusive. While eSports are poorly checked and regulated, toxicity amongst the community has only been growing unrestrained.

To crowd-out such behavior, Asura World has a self-regulatory reward protocol that allows all users to regulate each other, administrating punishment through voting, instantly muting the user. Incentivizing users with rewards based on accuracy & frequency, which encourage more positive participation and contributions of value, carefully designed to cultivate a much more constructive environment.

Using cryptocurrency also eliminates the international restrictions associated with traditional money, allowing virtually anyone with an internet connection to participate.

“We want to knock down international walls, and empower people from all around the globe to thrive in our ecosystem, regardless of their race, gender, or the currency they use.”

Next-Generation Funding

In order to accelerate their project, Shen and the Asura World team have decided to leverage the new and innovative “initial coin offering” process, also known as an ICO.

This involves issuing their platform’s native Asura Coin to investors in exchange for funds raised in NEO, a well-established cryptocurrency and community.

Their ICO begins on the 2nd June, where they hope to raise a USD $12 million equivalent of NEO, over a duration of just under a month.

In-depth information about the Asura Coin token sale, including details on early-bird bonuses and contribution amounts can be found on their official website, https://asuracoin.io/.

About the Entrepreneur

Peter Shen is a 29 year-old entrepreneur from New Zealand, having established his first company, a marketing company, with a friend during University, however 3 years later due to an unfortunate accident that required a long recovery period, the co-founders split. Afterwards Shen created Fresh Koha, a premium food & beverage brand sold in China, Fresh Koha was later acquired by NZBC LIMITED, a partner of Taobao & TMall, one of the World's largest e-commerce websites both owned by Alibaba Group , and Shen partnered with NZBC LIMITED creating brands such Farmers Delight.

With the success of Fresh Koha and NZBC LIMITED, Shen joined with a long time friend to create Asura World, in what he believes is the necessary first step towards a sustainable 'digital reality,' he believes strongly in Jack Ma's famous quote: "Don't try to be the best, be the first."

3 Lessons the Big Brands Hopping on to the Blockchain Can Teach Entrepreneurs