A decentralized, private platform with lower fees, and a compelling value proposition
What it does
The Crypto11 system facilitates a Peer to peer as well as a guaranteed prize pool fantasy sports model in which participants compete amongst them by creating virtual teams consisting of players from a professional sport.
A point system is used to quantify the performances of the selected players and these scores determine the overall results of the competitions.
All transactions will be conducted on the Terra Blockchain, using our own token $crll.
We will use Band Oracle's to ensure that all data being used to calculate results, will be Decentralised using multiple sports book apis.
This will be the first protocol on the Terra blockchain (and Band Protocol) to have access to real-world decentralised sports data in 5 different sports, that can then be used by other protocols building on Terra and Band.
Crypto11 will offer one of the lowest Rake Fees in the Fantasy Sports space, at 5% to bring in users from other platforms.
We will also increase the number of Winning teams that take part to 75%, (for large pools - which is industry leading) thus ensuring that not only do players have a greater share of the prize pool, but more teams are winning compared to our competition, both on fiat and blockchain platforms.
Users will have the option to be part of our Staking reward system that distributes 25% of the rake (5% of the total pool) collected by the platform, to Stakers.
Users who choose to become Liquidity Providers to the protocol will also be rewarded with 25% of the rake fee.
The protocol has a built-in deflationary system, that is implemented by burning 40% of the rake fee.
The remaining 10% is distributed between Angel Protocol (2%), Development (4%), & Marketing (4%)
How we built it
We are building it with Terra and Band protocol.
Challenges we ran into
Finding the correct team of developers with relevant experience or with the aptitude to learn. Creating the Band Oracle.
Accomplishments that we're proud of
Writing the first version of our smart contracts, starting the APIs for our backend, and native app development.
What we learned
Honestly, we're still learning every day. And making progress every day as well. So the lesson I guess would be, Patience is paramount.
What's next for Crypto11
Launch v1 Testnet