Scorum and OpenLedger Bring the Best Aspects of Decentralization to the Wide World of Sports

scorum.community (58)in #cryptocurrency • 7 years ago (edited)

Scorum’s vision has always been one of decentralization and rewards; focusing and fusing these ideals with blockchain technology to offer sports fans something more for their enthusiasm.

That’s why we jumped at the opportunity to partner with OpenLedger and list the SCR token cryptocurrency on OpenLedger’s decentralized exchange. OpenLedger functions as a gateway to the Bitshares DEX which has been executing direct peer-to-peer cryptocurrency exchanges since 2015.

The goals of OpenLedger, Bitshares, and Scorum align perfectly. We all want accessibility, security, and utility from the cryptocurrencies we believe in. As OpenLedger CEO Ronny Boesing puts it: “Scorum is building an innovative sports media platform on top of the Graphene Framework. OpenLedger shares this same blockchain foundation so it is exciting to see the Scorum team apply it to the world of sports. Scorum will use the fast and free transactions of Graphene to connect sports fans all around the world in their rewarding blogging ecosystem.”

Scorum sees OpenLedger as the ideal first exchange for the listing of its SCR tokens. OpenLedger offers users a seamless fiat gateway into the Bitshares decentralized exchange. All this means that sports fans who use Scorum can exchange their cryptocurrency quickly and securely without relying on a centralized third party exhange.

Centralized exchanges are a weak point in meeting these goals. They can be hacked, they can freeze funds, they can be regulated by governments at will. That’s why this year will see a rise in decentralized exchange trading with Bitshares and OpenLedger as established solutions to further the growth of the industry as a whole.

Where does the Scorum audience of sports fans fit into this equation?

Picture this, market forces and real life combine for your average football fan Bob. Bob has some ETH and Bob loves football, and he’s a clever fellow so he uses OpenLedger’s mobile wallet to store his ETH. One week, Bob notices a nice rise in the value of ETH so he decides he wants to place a quick bet on his club’s weekend football match.

A few thumb swipes later and Bob has quickly and securely exchanged some of his ETH gains into SCR tokens, opened up his Scorum account, and placed a commission-free bet on the weekend match. Of course, we can’t predict the outcome of the game, but Bob can enjoy it wholeheartedly with the knowledge that his cryptocurrency funds are secure and his winnings will be as well.

How does all that happen?

We’re not quite there yet, but the combined intellect and development accumen of OpenLedger, Bitshares, and Scorum will make this scenario a reality soon. The Graphene Framework and its Delegated Proof of Stake consensus algorithm is the backbone for all of these transactions. The Bitshares blockchain can now boast as being the longest blockchain in the world at over 23 million blocks (as of January 4th).

By giving OpenLedger users the keys to their blockchain addresses, OpenLedger account users are in full control of their funds. Trades happen peer-2-peer and are recorded on the Bitshares blockchain, meaning that the exchange functions as a distributed orderbook among users instead of a centrally controlled, and vulnerable, platform. The Bitshares DEX that OpenLedger is based on already has +20 nodes and many more to come distributed around the world and the Delegated Proof of Stake consensus algorithm allows it to process transactions quickly and securely supported by whatever amount of witnesses needed at the time. At the moment, 21 witnesses are used to support the blockchain to scale as needed.

For Scorum users, the key takeaway is the ability quickly and securely exchange funds, including fiat currencies, into and out of SCR tokens. This falls in line perfectly with Scorum’s goal of creating a seamlessly useable cryptocurrency for everyday sports fans all over the world.

Scorum and OpenLedger are united in the belief that secure, decentralized cryptocurrency exchange and mass adoption of cryptocurrency will happen simultaneously this year!