Kinguin.io ICO Review
Kinguin.io is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.
|Ico Time||15 Mar 2018 – Unknown|
|Hard Cap||10,000,000 USD|
More about Kinguin.io ICO:
Kinguin.io is the next evolutionary step – a decentralized platform enabling conversational trade of games, in-game items, and now gaming-related services, changing the game yet again. Kinguin.io will open a whole new world for gamers and developers/publishers alike, by offering new means of trade, publishing, and monetization creating an entire global economy around gamers. The Kinguin.io ICO will fuel development of the proposed features and put more control back into the hands of the gaming community – something to which Kinguin is firmly dedicated. Which is why 10% of the Krowns raised through the ICO will be automatically circulated back into the global gaming community to reward players, creators, and more.
Kinguin is a marketplace for digital games, items and related services, that has generated $100m in turnover for 2016. In an effort to go beyond other marketplaces, and advancing the industry at large through innovation, Kinguin is reformatting its platform to a completely decentralized model built entirely on Blockchain technology and powered by Smart Contracts. A more efficient, autonomous, and transparent marketplace with built-in fraud prevention to the benefit of all Gamers.
The rapid virtualization of gaming today makes ownership of games and in-game assets increasingly reliant upon a centralized authority, often the pub-lisher of said games. Gamers who invest tens, hundreds, and even thousands of hours and dollars into becoming experts still trust large, impersonal corpo-rations to treat them fairly. Publishers depend on Gamers to play their titles, yet digital gaming is more of a rental model. The Gamer pays for access, but not the ability to resell the game when they are done. Consequently all the time and money Gamers in-vest in games have zero value once they have beaten a game or moved on to a new game. Meanwhile there are millions of Gamers who cannot afford the high cost of entry, and so there is no new in-market purchasing when Gamers stop playing.
By building a blockchain ecosystem for Gamers, Kinguin.io gives Gamers ways to buy, sell, or trade digital games and virtual items. It gives Gamers the ability to own the games completely. The Kinguin blockchain will make use of smart contracts not only to facilitate value transfer between games but also to improve the publishing process, giving developers a wider audience, and Gamers more choices.
Kinguin is creating this new gaming ecosystem by transforming its platform to a completely decentralized model. This newly devised marketplace derives its power from its blockchain foundation and smart contract architecture. Gamers everywhere will enjoy a marketplace made transparent, autonomous, and above all, open by blockchain technology.Game publishers and communities will no longer be forced to rely on third-par-ty platforms to process virtual goods transactions. Gamers who previously encountered slowness, opaque fund flow, and high transaction fees will find a better alternative in Kinguin.io — an open marketplace. Krowns, our native blockchain-based cryptocurrency, streamlines the buying and selling of virtual products and scores of other related problems.Blockchain technology changes the concepts of ownership for game-relat-ed digital assets. Through smart contracts and reward mechanisms, Gamers can control and access game-related transactions at unprecedented levels. New revenue streams form because new capabilities like the immutable store of ownership make them possible. To that end, we are forming a trustless (re-quiring no trust because documentation is for every transaction readily avail-able and cryptographically verifiable) peer-to-peer network on a truly global scale.We believe that the Kinguin blockchain approach can fundamentally transform the entire gaming ecosystem, allowing more new Gamers to enter while allow-ing experienced Gamers to profit from their expertise. This model is proven to work in most traditional sports. Professionals introduce people to the idea of the sport, then used equipment makes sports more affordable so that new people begin to play. And as more people get involved, the market for coaches and experts grows. Similarly, the audience for watching professional Gamers increases with more players, creating a continually expanding ecosystem. In this model, we will see how Esports professionals, gaming streamers, and content providers grow with their audiences.In the United States, this exact model played out for women’s soccer (foot-ball). Entertaining professionals made people want to watch. Then inexpen-sive gear made it possible for more young people to play. As these players got more involved in the sport, they hired coaches to help them improve rapidly. And finally, they wanted to watch the professionals play both in person and on TV, a process which culminated in three World Cup victories for the country and an elevated level of play and viewership worldwide.
Today, Kinguin is a marketplace for digital games, items, and related services. This marketplace catalyzed $92m in turnover for 2017. We are one of the pre-mier go-to platforms for Gamers wanting to save on gaming purchases and acquire in-game assets.The ability to trade games, own in-game assets, and micro-transact with these assets are key factors which will continue to propel the gaming industry along its meteoric growth trajectory. By being able to buy games at more affordable costs, new players can enter the ecosystem and keep it vibrant. Online pay-ments are now standard fare for Gamers. Kinguin users in particular possess a native aptitude for digital transactions and an awareness of how value per-meates the marketplace.
When Kinguin founder, Viktor Wanli, started his ecommerce venture in 2009, most video games were distributed physically. Games were packaged into at-tractive boxes and delivered to brick-and-mortar stores around the globe. Con-sumers enjoyed the ownership of these flashy packages and the pins, posters, and other game goodies inside.Since then, digital distribution has surged in popularity. This movement has drastically reduced production, deployment, and storage costs for video game developers. It also brings a few major advantages to the consumer side, such as games no longer getting lost or destroyed (since any game can be re-down-loaded at any time). However, consumers also lost the rights to resell their purchased games—a problem Kinguin.io aims to solve.
While the gaming industry has seen exponential growth on the order of bil-lions, the global gaming community remains underserved by current technol-ogy and trade options. So far, market forces have conspired to restrict value creation for millions of Gamers. New distributed ledger technologies, such as blockchain, have the potential to resolve this problem. Smart contracts exe-cuted on a blockchain remove the main limitations which defined yesterday’s marketplace. Meanwhile, Gamers can be rewarded for the value they add to the market.
Kinguin aims to serve as a decentralized marketplace for digital games, items, and services. This new marketplace enables global, player-to-player trade at the highest levels, empowered by blockchain and smart contracts.The ability for Gamers to own games, own in-game assets, and then trade them safely and securely using micro-transactions are key factors in the continued growth of the gaming industry. Given that Gamers, and Kinguin customers in particular, as used to conducting business through digital micro-transactions, introducing blockchain and smart contracts will feel perfectly natural. It’s sim-ply the next logical step toward creating a Gamer-oriented gaming ecosystem.
The four use cases are as follows:
1. Ownership of games
2. Ownership of virtual items
3. New decentralized marketplaces
4. Publishing of games
MARKET OPPORTUNITIES By integrating blockchain into the gaming value chain, we see three funda-mental changes taking place: (1) Gamers will fully own their digital and virtual assets, (2) new revenue streams will emerge for gamers, and (3) the publish-ing process will be more efficient and lucrative, because even though Gam-ers enter at lower price points, they will be spending more on in-game items. Together these three changes give Gamers better choices with incremental revenue for developers. Gamers historically have driven the adoption of new technology in entertain-ment. From computers to DVDs on through Blu-Ray technology and beyond, many of the gadgets the public at large use today were developed thanks to demand from Gamers. Now, in 2018, the blockchain stands as the next major port of innovation that Gamers can make mainstream for late-adopting con-sumers.
OWNERSHIP OF GAMES
The Kinguin.io universe begins with the credo that Gamers deserve to own their digital games and assets in every meaningful sense. Our concern with projects tied to third-party publishers invokes an economic philosophy: any market which relies on centralized access to supply can be manipulated by the suppliers, so that all other participants must comply with their terms. When a few companies together control “best practices” for pricing and monetization in the market, other value creators operate at the goodwill of those in charge. With Kinguin.io, Gamers can actually take control of their industry. They can own, trade, and potentially resell the digital games they accumulate through-out their gaming lives, and in the process become value creators in addition to consumers.
True ownership of games
Currently much in the way of digital ownership depends upon trusting a cen-tralized party like the developer, a publisher, or some kind of platform. First, there is the misguided notion that publishers will voluntarily share revenue from their games. Then there is the related assumption that publishers intend to cooperate with third parties to develop, grow, and invest in the total market. It is very difficult to find any quantifiable evidence in support of these shaky assumptions. Only smaller, indie publishers actually follow through on these tenets.
Constant experimentation has taught us that free trade with digital products is the single most effective mechanism against the unfair exploitation of Gam-ers. Now, for the first time, a technology exists that puts the communal goal for a free marketplace within reach. When it comes to trading digital games, it is nearly impossible for someone to tell if a digital code has been claimed or used until they try it themselves. As one consequence of this ambiguity, Gamers had to resort to third-party centralized marketplaces in order to trans-act digital games. The blockchain fixes that issue with a trustless version of trade. On Kinguin.io, game buyers receive a clean copy of the requested game, and thanks to smart contracts, sellers receive exactly the amount of Krowns agreed upon in return.
The Legality Of It All
In a European Court of Justice (ECJ) ruling on 3 July, 2012, the court determined that the first sale of an intangible copy of a computer program by means of download from the Internet onto the customer’s device with the copyright holder’s consent, constituted exhaustion of the distribution right to that copy. This gives EU Gamers the legal right to resell their games and in-game assets.
Article 4(2) of Directive 2009/24/EC of the European Parliament and of the Council of 23 April 2009 on the legal protection of computer programs must be interpreted as meaning that the right of distribution of a copy of a com-puter program is exhausted if the copyright holder who has authorised, even free of charge, the downloading of that copy from the internet onto a data carrier has also conferred, in return for payment of a fee intended to enable him to obtain a remuneration corresponding to the economic value of the copy of the work of which he is the proprietor, a right to use that copy for an unlimited period.Articles 4(2) and 5(1) of Directive 2009/24 must be interpreted as meaning that, in the event of the resale of a user licence entailing the resale of a copy of a computer program downloaded from the copyright holder’s website, that licence having originally been granted by that rightholder to the first acquirer for an unlimited period in return for payment of a fee intended to en-able the rightholder to obtain a remuneration corresponding to the economic value of that copy of his work, the second acquirer of the licence, as well as any subsequent acquirer of it, will be able to rely on the exhaustion of the distribution right under Article 4(2) of that directive, and hence be regarded as lawful acquirers of a copy of a computer program within the meaning of Article 5(1) of that directive and benefit from the right of reproduction provid-ed for in that provision.”
This means that the Kinguin.io ecosystem has the legal support of the ECJ to support the Gamer community in reselling what they have already purchased legally.
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