ERISTICA : Global Decentralized Platform of Personal and Mass Challenges on Smart Contracts

About Eristica

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.

Tokenization of the platform’s economy will offer the opportunity to get a reward for winning challenges, make money off successful predictions and buy access to all services of the platform.

Eristica is a universal platform, where each member of the community benefits from the synergy created within the ecosystem.

The project was started as an idea in 2014. It was at the time, when Nikita Akimov, the founder of Eristica, began working on the prototype of the application, forming the team and experimenting in the search for the best way to interact with the challenge community.

In 2015, the first public version of the Eristica application became available for download on Google Play and iTunes. In August 2016, the project took part in the startup competition held by Winter Capital venture fund and the McKinsey & Company consulting company. The Eristica team shared the first place with two other projects, winning the prize of $75,000. This was the first major recognition of the project.This is the same year that the project started growing in popularity reaching 500,000 users.

At the beginning of 2017, the Eristica team focused on rapidly developing region of Southeast Asia and India which is known for high demand for local entertainment content. That was one of the reasons why Eristica was invited to participate in the acceleration program of the startup Mobile Only Accelerator (MOX), managed by the SOSv fund.

This market became both an opportunity and a technological challenge for Eristica. The application was rebuild to work in the area with low speed Internet:

• The size of the application was reduced to 7mb
• Phone RAM consumption was decreased
• Eristica app was optimized work in zone of 2G internet

In the middle of 2017, the project team successfully completed the program in SOSV accelerator, which is one of the largest venture capital fund in the world. SOSV fund ranks first in “Investments in the early stages” rating, ahead of other top giants like YCombinator and 500 Startups.

SOSV helped to get deals with major electronics manufacturers (OEMs) concerning pre-installing the Eristica application on new smartphones sold countries like India, Indonesia, Thailand, the Philippines, and Russia.

The Project Concept

Eristica is a revolutionary P2P platform that promotes participation in challenges and online contests. The project was launched in 2015 and has already received more than 1.2 million users. The platform allows each participant to start and receive calls, provide video recording of completed tasks, and receive ratings based on the results.

The platform enables each participant to launch and accept challenges, provide video footage of challenges completed and get ratings based on the results.

1) Unification. Users of Eristica will be able to create completely different types of tasks, including competitions in online games, offline bets, as well as mass competitions, which is a unique advantage of the project. Another great feature of the platform is the freedom provided to users when it comes to choosing the number of participants and participants. There can be competitions "one-against-one", "one-against-many" and "mass".

2) Benefits. Financial indicators and fees in the industry of rates and calls are uneven, and sometimes the discrepancy can be exorbitant. Bets usually apply to bookmakers or intermediary firms, which means that fees can increase to 20%. For example, platforms with problems among young people charge a fee of 10%, while online tournaments and eSports competitions charge 5-10%. Nevertheless, Eristica sets a single rate for all types of bets, calls and competitions, which is 3%. This will inevitably become the standard in the industry and will create a flow of customers from more expensive platforms.

3) Synergy. Eristica will also create a platform where different types of people can interact with each other, thus creating synergy in this process. A young man who, perhaps never before, was engaged in crypto currency, will have an opportunity to try products and services in the crypto industry. This will create a new influx of users and accelerate the process of introducing crypto currency into the masses.

4) Community. Demographics of a young audience is one of the attractive aspects of the Eristica project. About 64% of 1.2 million users are young people aged 13 to 24 years. Active users register in the application on average 4 times. What is surprising is that the average session time is 13 minutes, which is quite high in the industry.

Digital Economy

Wallet

The wallet is a basic and an on-demand service for the use of cryptocurrency, which will be implemented in every account on the platform. The wallet features will allow users to transfer, withdraw and receive tokens. The intuitive interface shows the transaction history made through Challenges.

Integration of the wallet in the accounts of more than 1,200,000 users of Eristica is expected to make it one of the mass mobile cryptocurrency wallets in the world. Wallet API will be chosenfrom well-known 3d party developers based on various criteria, such as: security, functionality, scalability and supported currencies.

Cryptocurrency has been known to be quite complex and one of the Eristica goals is to simplify the experience for the mass user.

This is an ambitious goal that drives the Eristica project keeping in mind that the audience of the project comprises of active millennials and teenagers who are the future users of cryptocurrencies and services based on the blockchain.

The Eristica crypto-wallet is thus first step inacquaintance with the new world of blockchainfor the audience of the project.

Eristica Game API

Initially, Game API was intended to be an experiment based on observations and analysis of the actions of the platform’s gaming audience. Gamers made challenges concerning the one who would score more points or who would complete the level with the best result. Interest in such bets began after the emergence of popular game, Flappy Bird.

The problem was the fact that the Eristica services weren’t integrated into this games, so the gamers had to send screenshots as evidence in their challenges. Game developers noted positives of these challenges in terms of increasing the average duration of the gaming session, as well as in the viral effect, where users went on to recommend the game to their friends.

Visualisation

Eristica token issuance

Brief summary

 Token allocations

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.

Purchase of tokens will be available from the user’s personal account. Users can pay with bank cards, local payments or cryptocurrency. Thus, a powerful flow of exchange of Eristica tokens for classical local money will be created. This will, in turn, support the value and circulation of tokens in the crypto-economy of the project.

Project Budget

The fund raised in the course of ICO activity will be fully and completely used for the development of the Eristica platform. Depending on the volume of funds raised, a specific scheme for the allocation of the fund will be chosen.

Eristica intends to become a pioneer in the field of peer-to-peer challenges using smart contract technology and blockchain. The achieved success and the over a million strong user base indicates the feasibility of this idea. However, further development requires tremendous effort and top draw R&D (Research and Development) cycles.

Taking into account the volatility of cryptocurrency rate, up to 40% of the resources of the foundation will be hedged using the USD/EUR fiduciary currency, in order to ensure full functionality of the project for 18 months.

The figure below presents a budget scenario where the amount of raised funds is $5.000.000. For KPIs and more details please see the Roadmap section below.

FOR MORE INFORMATION :

Website                        : https://www.eristica.com/
Whitepaper (English) : https://www.eristica.com/wp/wp_en.pdf
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