Professional fantasy football championship to steal the blockchain


  Fantasy football league to beat blockchain iStock / JOE CICAK

NEW YORK (CNNMoney) – A serial entrepreneur wants to create the world's first professional fantasy football league, and thinks the blockchain – yes, the blockchain – is the best way to keep everyone honest while competing for real money.

When the Crown League is launched next year, fans can buy a stake in any of its 12 teams and share the profits they will earn during the season. Each team will be led by a general manager, who will deploy weekly roster of selected players from professional collectors.

Now, one might think that this is just another case of a tech-savvy entrepreneur trying to generate a bit of hype for his startup by throwing the craziest word of order. But Dan Nissanoff, the 52-year-old business man behind the idea, says the blockchain will allow decentralized team ownership and transparency.

"We are using it to create an immutable record of competitions," said founder Dan Nissanoff 52. "This could never have been done before the blockchain."

A blockchain is essentially a public digital ledger of transactions that can not be changed. It is associated with the supply of cryptocurrencies like bitcoin, but can be applied to other areas, such as health care, voting or … sport.

For The Crown League, these transactions include the grouping of rankings and results and records of things like team payments and property shares.

Blockchain technology is certainly having a moment but many experts warn against trying to use it for every situation.

"Someone who says blockchain can be used to solve the problem x," I do not understand the problem, "says Nicholas Weaver, senior researcher at the International Computer Science Institute.

Weaver also notes that blockchain technology it's not a new moment, it's just an important moment and everyone wants to launch something that uses it.

About 60 million people played football fantasy last year, according to the Fantasy Sports Trade Association. is a central league: players take part in thousands of leagues, from those that exist online to informal leagues between friends.

Here's where Nissanoff saw the opportunity to create a championship that would bring together fans and give they are a place to share their passion.

Nissanoff also notes that, unlike other professional leagues, Crown League fans can profit by themselves when a team does well. they also have a say in how the team is managed – they can decide to get rid of general managers who are not in good standing with the bill

He said he has already collected money from investors and collaborated with big names in sport and technology world, but he refused to comment with whom he is working.

Crown League will also sell "token" security, digital assets that are regulated federally, so anyone will be able to own parts of an alloy or teams. The league's tokens go on sale this week for $ 1. Nissanoff said the company eventually plans to launch tokens that the public can buy.

[ad_2]Source link