State of the SportyCo ecosystem – May 2018 edition, part 1
We’re busy bees at the SportyCo HQ – but we think an update is due so everyone can be in the know with what’s happening in the next weeks and months in our ecosystem. As there’s quite a lot to tell, we’ve divided this update into three parts: our platform, our campaigns and our partners. So without further delay – let’s dive into it!
Our platform and the first campaign were live only a couple of months after the end of the token crowdsale – a great achievement for everyone, but especially the development team. While the SportyCo community was enthusiastic about the platform launch, the acceptance of campaigns is not on the level we expected, even though we believe both campaigns currently running are solid in terms of business/career plans and potential return to participants.
We have identified – through analysis, community feedback, insight we got from our sports advisors, and info from participating clubs and athletes – two main points that we need to take into consideration on why this is so:
- Current SPF holders are, with some exceptions (hats off to all of you 🙂 ) not interested in investing into campaigns – but in waiting for others to invest, which will, ideally, raise the token price on exchanges. While this is a completely legitimate action plan on behalf of holders, we have to address it somehow for the platform to succeed.
- But… the process of investing or donating is complicated – not due to the platform, but because the crypto ecosystem is not user friendly – yet. So getting new people on board is hard: they have to buy coins (i.e. ETH or BTC) with “old-world” money first, then convert it to SPF tokens (on a different exchange, nonetheless), and THEN they can invest into athletes. The majority of people interested to be small investors or supporters are not crypto-savvy – they don’t know how to do this, so they don’t participate.
So what will be our next steps?
FIRST: We are currently upgrading our platform to make it easier for first-time investors to participate. This is not a simple task – all investments and potential returns are smart-contract based, and we have to put in several safeguards when including investors who don’t know what the term “smart contract” actually means, and processes which doesn’t involve automatic transactions. Our developers are in full swing, but will take us some time to set up and test properly. We expect to be done in a couple of months.
SECOND: When we have the necessary infrastructure in place to make contributions for less-crypto-savvy participants easier, we will be going much wider in recruiting people to our platform – both by promoting SportyCo as well as enabling athletes and clubs participating to go much wider in acquiring investors and supporters.
Here we are moving on to the subject of campaigns on our platform… a topic we will address tomorrow, in our next article.