Personal Wager (PWON) ICO Review
The eSports industry is on a positive trajectory to becoming one of the largest markets we’ve seen in a long time. Personal Wager is positioned to capture a large part of the niche P2P (Player to Player) wagering market.
As a wager between two players on a game of skill, it is legal in most jurisdictions, including all but 12 USA states, as opposed to internet gambling. Personal Wager is creating its own utility token called Player Won Token (“PWON”) to assist in facilitating the growing popularity of wagering between players around the world.
Traditional exchanges of winnings for a personal wager relied on cash and locally played games. When these wagers were brought to the web, they were hard to fund internationally, as a large proportion of the players still only have cash and as a result, wagers have mainly been created in local currencies, and still with substantial losses due to high FIAT currency conversions. In times of small wagers, it can be difficult to pay the winnings back to the players due to costs, exchange rates, and currency controls.
While we all agree that current payment systems are functional to a degree, some payment systems are not always able to interact with other international payment systems in other countries, due to the type of transaction facilitated. It is also extremely difficult to repay the winnings to the same system, thus the player must buy-in on one system, and receive his winnings on another, resulting in delays on funding to play, and receiving winnings.
Dec 1, 2019 – Oct 31, 2020
|Token Name||Personal Wager|
More about Personal Wager (PWON) ICO:
Personal Wager has created its own utility token called Player Won Token (“PWON”) to assist in facilitating the growing popularity of wagering between players around the world.
Vision Personal Wager’s vision is to create a globally accessible esports player to player (P2P) wagering system, allowing players in any country to wager on their own skill with players at home or in any other country. In the near future, with expansion into an AI to AI (A2A) system through the acquisition of key gaming assets, Personal Wager expects to be the de-facto standard for human vs human, AI vs AI, and human vs AI wagering.
When these wagers were brought to the web, they were hard to fund internationally, as a large proportion of the players still only have cash and as a result, wagers have mainly been created in local currencies, and still with substantial losses due to high FIAT currency conversions. In times of small wagers, it can be di!cult to pay the winnings back to the players due to costs, exchange rates, and currency controls.
Current Payment Systems While we all agree that current payment systems are functional to a degree, some payment systems are not always able to interact with other international payment systems in other countries, due to the type of transaction facilitated. It is also extremely di!cult to repay the winnings to the same system, thus the player must buy-in on one system, and receive his winnings on another, resulting in delays on funding to play, and receiving winnings.
Player Won Token Solution
The Player Won Token (“PWON”) solution solves all of the aforementioned problems and limitations by creating a very simple “utility token” which acts as a stored value for players transactions facilitated on the platform. As all transactions on the Personal Wager platform are performed using PWON Credits, fees are negligible, and small wagers between players become commonplace while large wagers are not diminished by high withdrawal fees back to PWON.
The Personal Wager platform utilizes the PWON token. While the PWON token (an ERC20 smart contract) is used during inbound and outbound platform transactıons, the sale of the tokens can be made in any currency worldwide including FIAT or cryptocurrency. In addition to the stored value, the supply and demand will allow the value of the PWON token to float based on its own merits with strict tokenomics rules and consistent PWON Token 㱻 PWON Credits conversion when depositing to your account.
Players can also purchase PWON tokens using FIAT directly from Personal Wager by using services such as PaySafeCard, which has over 550,000 locations worldwide, successfully providing cash to ecash services. These locations include the Canada Post o!ces amongst other prime locations.
How does this work in practice?
Via FIAT/Cash-In System
Meet Lukas. Like many in his country, he is restricted from using his credit cards on betting websites.
He is also a fan of eSports and wants to get in on the action. With access to the BILLA™ system he is able to deposit Euros at the BILLA™ store into his PaySafeCard™ account. Upon receipt of his unique barcode from PaySafeCard™ he simply scans the code into the Personal Wager app, or inputs the accompanying number on the website to purchase PWON.
From there he is free to wager on his games and enjoy the action. If he so chooses, he may transfer his winning PWON tokens to any participating exchange and convert the tokens to other available cryptocurrencies to ultimately transfer back to Euros.
Players can also simply purchase a cryptocurrency at their local cryptocurrency exchanges using their local banking systems, and use this to acquire PWON tokens. Furthermore, the listing of PWON tokens on additional cryptocurrency exchanges in the near future will make PWON purchases much easier.
Meanwhile, Kamilla’s Personal Wager journey was easy. By using a local cryptocurrency exchange she was able purchase PWON using BTC or ETH purchased prior (by using a Bittoken/Ethereum ATM, where FIAT is accepted). With Instant verification, she was then able to transfer the purchased PWON Personal Wager Whitepaper rev 1.1 page 5 Personal Wager Whitepaper rev 1.1 page 6 to the Personal Wager platform to join in on the fun. Although she lost her last wager, she decided to accept her losses and try again later on in the week.
But she is now strapped for cash, and has the choice to either transfer her PWON tokens to the exchange and sell for BTC, and sell the BTC for Euros, or take the BTC to a BTC ATM and convert directly to Euros.
Personal Wager aims to make obtaining PWON an easy, seamless process before the wager. By using PWON Credits at the point of wager, the winner of the game receives winnings in seconds as credits to their Personal Wager dashboard. The player will have the choice to keep the PWON Credits on the platform to facilitate additional wagers, or convert back to PWON tokens and then to a desired cryptocurrency or FIAT currency with only gas fees, and without any withdrawal delay, removing the need for a highly sta!ed team to process transactions.
Know Your Customer (“KYC”) requirements do not require Personal Wager to know who their players are – only to know that the information is available from the exchanges and wallets that hold the player’s funds. This eliminates a large amount of data collection and processing from the Personal Wager area of responsibility, and increases the privacy for our users.
Since the PWON tokens are pre-purchased prior to the wager transaction, Personal Wager has a guarantee that the funds exist, and have a stored value prior to the wager. Due to the fact that PWON tokens are based on the ERC20 Ethereum algorithm, every game, whether a paid wager, contest, human vs human, AI vs AI, or human vs AI, is recorded on the blockchain as a permanent record.
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