Bitcoin News and Finance
Decentralized Gaming Platform DeFi11 Eyes Expansion After $3.5M Raise Skip to main content

Decentralized Gaming Platform DeFi11 Eyes Expansion After $3.5M Raise

Decentralized Gaming Platform DeFi11 Eyes Expansion After $3.5M Raise

PRESS RELEASE. DeFi11, a decentralized gaming ecosystem, is introducing major changes to both revamp the platform and make it fairer to users as part of an expansion fuelled by recent funding.

17th June 2021, New Delhi, India – Fantasy sports have gained massive popularity in recent years. The market is expected to grow by 7% by 2024. However, a lack of regulation has allowed companies to exploit users. Many fantasy sports and virtual gaming platforms have been accused of publishing false volumes, creating fake winners, and misusing user data. DeFi11 was created to stop these unfair practices, providing a safe platform for the users. Powered by blockchain, DeFi11 eliminates centralization and maintains user privacy. In addition, DeFi11 will tokenize gaming assets using non-fungible tokens (NFTs), allowing users to access features like liquidity pools, prediction-based smart contracts, and staking.

Touted as the first DeFi-powered fully decentralized gaming ecosystem in the world, DeFi11 is introducing changes for better gamification of its platform. DeFi11’s team recently announced a collaboration with Polygon (formerly Matic) to integrate its layer 2 solution with a new protocol. The new smart contract-powered protocol aims to improve the scalability and security of the platform. Some of the core benefits that smart contracts would offer include data abuse checks and the prevention of financial fraud. The creation of dummy winners – a fraudulent practice common among fantasy games – can also be restricted using smart contracts.

NFT and Decentralization

While NFT-gaming was always a prime feature of DeFi11, it has now decided to fully integrate NFTs into its gaming ecosystem. The tokenization of gaming assets means that NFTs can be collected and traded within the game for the first time. The introduction of NFTs will also help to create a live 3D experience in the game.

Moreover, DeFi11 is developing a revolutionary P2P interaction feature that will pioneer the prediction market. Set to deploy in phases, the P2P interaction feature will be completely self-functioning without the need for any intervention from a third party. In its bid to further decentralize the gaming ecosystem, DeFi11 is trying to open source all the platform’s code.

Recent Developments

For DeFi11, the recent months have been quite eventful. The company was the silver sponsor of the 6th Global DeFi Congress that was held in Dubai in February this year. In May, DeFi11 announced joining hands with TDeFi, a prominent name in the NFT and DeFi world that has helped many startups over the years. Through this collaboration, DeFi11 aims to further expand its NFT space. DeFi11 also announced partnering with Biconomy, a multi-chain transaction infrastructure, to solve the issue of micro-transactions within the game. Finally, DeFi 11’s most recent funding round managed to raise just $3.5 million, resources which it will use to support further development of its unique gaming platform.

Upcoming Announcements

Indeed, over the next few months, DeFi11 will be making a number of major announcements and rolling out several new features. This includes a second fundraising round, followed by a campaign geared towards promoting its upcoming IDO. A complete overhaul of the company website, with more details and features, is also in the works. DeFi11 also announced the successful launch of its beta app on June 1.

Further down the timeline, DeFi 11 plans to launch post-IDO staking, start a referral and bounty hunting program, and announce several partnerships all aimed at boosting the platform’s userbase. All precede the announcement of the platform’s first-ever IDO, the details of which will be announced later this year.

About DeFi11

DeFi11 is a decentralized gaming ecosystem primarily centered around fantasy sports and NFT gaming. It is powered by DeFi or decentralized finance, an umbrella of financial applications that utilize blockchain. As the first crypto-fantasy gaming ecosystem of its kind, DeFi11 strives to solve the issues of transparency, accountability, and security that often plague the world of fantasy sports.

DeFi11 offers complete transparency and anonymity to its users. It believes in complete decentralization of the platform – including P2P transactions without involving the house. Through randomized winner selection and community governance, the platform is attempting to eliminate bias and fraud.

For more information about the DeFi11, visit their website.

Follow DeFi11 on Twitter.

Stay up-to-date via DeFi11’s blog.

Join the discussion on DeFi11’s Telegram community (also available for Korea, Indonesia and Vietnam).

Read the DeFi11 Whitepaper here.

DEFI11 is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory