Blockchain-powered Live Video Entertainment For Sports Planned By Engatebr>
Blockchain startup Engate is planning to launch a live video entertainment platform for sports utilizing the NEM blockchain technology.
Based in Japan, Engate’s mission is to connect people and their dreams through the power of innovative technologies, such as blockchain and artificial intelligence (AI). It also develops software, provides consulting for ICT implementation and organizational behavior management.
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 2015. NEM has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system. The NEM blockchain software is used in a commercial blockchain called Mijin, which is being tested by financial institutions and private companies in Japan and internationally.
The planned video entertainment platform will reportedly enable the creation of an interactive community of teams, athletes, and fans while leveraging the principles of token economies to create long-lasting connections among community members. It will aim to inspire fans to express their support of teams and athletes by “tipping” in real time when they see outstanding play on the live sports videos. The tips from fans will be used to cover team operating expenses or financially support athletes.
The NEM blockchain will create a token, called Engate points, that will be used both when fans express their feelings of “support” for teams and athletes, and teams in return express their gratitude in the form of a “reward” to fans. The blockchain platform will store the intangible expression of fans’ feelings as big data.
Engate plans to launch the social tipping service alongside the live sports videos in September. Twenty Japanese teams in eight different sports, including handball, football, futsal, baseball, martial arts, basketball, volleyball, and rugby, are queued to register with the Engate platform.
“We expect Engate’s service to introduce a new solution to the financial challenges that promising athletes face,” said Kenji Arai, owner of The Tokushima Indigo Socks baseball team. “We welcome bringing a new entertainment experience to the sports world because it enables fans to enjoy moments along with teams and athletes via edgy technology.”
“As Women’s Soccer is still a niche sport, we are keen to liven things up with the fans,” said Jun Yamaguchi, president of Reina Sendai Ladies Soccer Club. “We are looking forward to joining Engate’s new initiative, and expect this to be a great opportunity for bringing Women’s Soccer to the next stage of expansion.”