Skincoin

[span8]In 2011 Valve introduced an opportunity to trade and exchange in-game skins and items from the popular online game Counter Strike: Global Offensive, Dota 2, and other video games on Steams official trading platform. Not far from this skins started to be not just in-game items, but in fact became a currency: a lot of online services accepted them as a payment methods, exchanged them for real money or other skins. Used them as bets on betting platforms. So the skins market emerged, and is now worth more than $7 billion in just a few years. Skincoin wants to create an exchange service with a convenient API for connecting to the third party websites, so that they can accept payments in SKINCOIN without having to open and maintain their own stores. They are creating a platform for immediate exchange of skins for the cryptocurrency, which is a liquid asset that can be used for further skins speculative trading, replace the turnover of skins on video game websites and can be used for conversion of the income after trading skins into fiat money. They are an experienced team working in the skins market for many years, and have created and maintained such projects as Steamtrade.net, Skinwin.com and Case.club so you know they have a lot of reach in this space. SKINCOIN (SKIN) will be integrated into game projects that include skin trading. SKINCOIN (SKIN) – tokens are released based on the Ethereum blockchain platform. Skincoin opts to further development, support, marketing of new gaming projects: trading platforms and gaming services associated with items from games like CS:GO, Dota2 and Team Fortress 2.

In the year 2016 is when the Washington State Gambling Commission demanded that Valve developers stop supporting anything related to gambling games’ items on the Steam platform. The organization that manages all gambling activities for the government in the state where Valve is located said that Gabe Newell’s company “has until October 14, 2016 to answer and clarify how its in full compliance with the gambling laws of Washington state or it will risk having the Gambling Commission take additional civil or criminal action against the company.” According to the press release, they contacted Valve in February to find a solutions with betting skins when users use virtual items, like gambling chips in a casino, instead of real currency. The legal sports analytical agency published a report of the activities in the largest portal “CS:GO Lounge”, which is a betting site that bets on events in e-sports. From January to August 2016, the site has accepted more than 103 million skins and items that was worth about 1 billion dollars. The average cost in total of bets on one game was 358 thousand dollars. In July 13, 2016 Eric Johnson, the director of marketing operations of Valve, published a letter on the Steam website where he stated that there is no link between Valve Corporation and online services using Valve’s system of exchanges items for their own commercial purpose. He goes on to say that Valve never received any profit from these types of sites. There was no plug-ins for converting skins into real money in Steam. The developers of online casinos uses the OpenID API and network calls similar to how those of Steam users to conducts their business, which contradicts the terms of the Steam Subscriber Agreement. Then Valve was going to send out warning letters to all identified sites of this kind. So in August 2016, Valve made a newsletter to popular sites that use skins as bets so some of the gambling sites switched to skins trading or to bets with virtual currency, which does not violate the Steam Subscriber Agreement. And the largest gambling portal CS: GO Lounge received a ban from Valve on the skin gambling activity. At the end of September 2016, the portal resumed its activity by introducing the system of inner currency in the form of coins (points), which does not violate the policy of Steam.

Skincoins has a solution to this problem. Since a lot of video game websites are beginning to adopt a new business model by introducing the system of inner currency of coins (points). Skins and items are exchanged for a particular number of points so the bets are made not with skins but with points, and this does not break the law or the Steam Subscriber Agreement. For this, one has to first change them into skins in an inner store. So at any time the player can exchange his points into the skins and withdraw them from the website. But this led to another problem in the skins market. The points from one platform can’t be used outside this platform, other sites or exchange services will not accept them. The value of points outside one particular platform is equal to zero. This adds unnecessary steps and makes the trading process more complicated. By introducing SKINCOIN into the gaming industry they solved the problem of convenience and safety when it comes to the gaming services. This will protect all types of gaming platforms as well as exchange services from Valve claims and blocking of accounts on Steam. SKINCOIN does not qualify as a payment method in the usual sense, and this protects SKINCOIN from claims of the regulatory and other governmental institutions. For introducing SKINCOIN into the current gaming system we are going to launch a service with a convenient API for the immediate exchange of skins into SKINCOIN and vice versa. On the exchange website there will be a huge range of the skins to exchange. And third party websites will be able to accept SKINCOIN as a payment method, gradually replacing the skins turnover. Transactions on the gaming websites will use SKINCOIN so the website owners does not have to maintain their stores filled with skins to keep their site efficient. A lot of cryptocurrencies have been created in the market. Mainly these cryptocurrencies are offered to be used under one service or product. What is the difference between SKINCOIN and its equivalents? SKINCOIN is created to change the current system of video game services and replace the coins (points) of different gambling services with skins trading operations. This can be done thanks to an important quality: any skin can be immediately exchanged for SKINCOIN at a stated price and vice versa. The client will not have to wait for the next suitable contractor to appear for the deal. Implementation of SKINCOIN as a universal coin for video game websites will greatly simplify the skins trading process. We are going to simplify the whole process of interaction with websites by implementing SKINCOIN as an alternative to points (coins) of different gambling services. Their team has rich experience in creating and developing trading platforms for in-game items which will be the base for launching the exchange service of the skins and SKINCOIN.[/span8]

Related posts