Blockchain technology and cryptocurrencies will change the future of banking, finance, payments and many other sectors. Many initial early adopters of cryptocurrencies have tried to learn by purchasing crypto. However, buying and trading crypto can be risky as the market is volatile and this is a brand new asset class. There's also a lot of noise online about crypto and it can be hard to determine which sources of info are legitimate and trustworthy. Newcomers to crypto risk losing money if they don't have a good gateway in and the industry risks losing adoption if most people have a bad initial experience using crypto.
This is why we built Altcoin Fantasy. We are a trusted educational platform that uses gamification to drive continuous learning, engagement and to keep people coming back. We teach people about crypto and crypto trading through fantasy trading competitions where they compete against other people worldwide to win real crypto prizes. We've combined the excitement, thrill and fun of fantasy sports, drawing upon the huge fan base, with crypto trading and rewards. It's completely free to use and there's no risk of losing money. There's only gains and no losses in the Altcoin Fantasy world.
One of our main hypothesis centers around the idea that community is key to engagement and we wanted to build competitions that used the player vs player mode to get people even more excited. The KIN challenge came at the perfect time because it allowed us to utilize the wallet and P2P transfer to enable the player vs player battles. The best part was that we could also utilize KIN rewards so that players could play for free without the need to buy any tokens or put in any money and we could continue democratizing access to education and information to everyone globally.
What it does
Just like in fantasy sports, players have the option of joining one or more fantasy trading contests available. Using the educational and research resources on our app, they can read about the different blockchain projects and what they do, review charts showing their performance over time and even read news about each project. Once a player has done enough research and feels ready, they can make a trade using any of the hundreds of coins that we offer for trading in each contest.
With the KIN integration, we added the ability for players to challenge other players to a duel using KIN to drive social engagement and the adoption of KIN. We added a daily free KIN reward redemption that players could redeem. Using the daily free KIN (100 KIN), they could then challenge another player to a 1 vs 1 battle where the winner would take the entire entry fee of 200 KIN as the prize pool if they were the winner. Participants have 12 hours to make the best trades and the player with the highest gains in their portfolio at the end of the competition wins. In addition, a user can tip another with Kin to foster the community of crypto traders. Finally, a user can export and backup their wallets with the backup/restore module we have included.
How we built it
We incorporated the KIN Android SDK on the client side, and used the Node SDK on the server side to communicate with the client. We used a Postgres DB to store metadata information when we whitelist transactions and read it after the user challenges another user with KIN to ensure users cannot replay the same API call to our server.
Challenges we ran into
A big thanks to Chase Barker for answering all of our questions -- he was online whenever we had any questions. We were writing our app in Kotlin so there were some translations that needed to be done. Also the Node SDK had an issue with running the latest version of Node 12, but again the KIN developers responded quickly to our issues.
Accomplishments that we're proud of
We were able to gain an understanding of the KIN blockchain and integrate it into our app fairly easily. We really believe in the transformational aspects of blockchain in democratizing access to finance globally and we're so happy to see projects like KIN that's working hard to spread the message and for us to be a part of that. We also see huge potential in the integration as we only just released the update and in 48 hours, we've already seen 400 people claim KIN.
What we learned
The transaction model and the federated whitelist approach were some key takeaways. The KRE is a programme that we're interested in moving forward with. We plan to use the proceeds of the KRE to engage our users to come back daily by distributing free daily KIN tokens. We also want to encourage more education and awareness and will be doing some fun educational quizzes which we will reward users with KIN for participating in them and learning about different projects/concepts in the blockchain/crypto space.
What's next for Altcoin Fantasy
Future releases using KIN within Altcoin Fantasy's app:
- We are looking at the KRE and how we can further incentivize our users to use KIN within our app
- Release user to user messaging, which will require KIN to facilitate the transaction
- Following specific users will require KIN to unlock this feature
- Encourage people to learn/engage in educational content but rewarding users with KIN for reading articles and taking quizzes
Check out our articles that we posted regarding our experience and our tutorial with interfacing the Android SDK using Kotlin!