State of the Project – March 2019 Edition
While our community managers (Andreja on social and Sean on Telegram) are quick to answer any questions you might have regarding SportyCo, we’ve collected all the info spread on all channels in one place.
The revised SportyCo platform is live and kicking! We have implemented wallets on the platform, enabling you to send and receive funds from and to your private wallets — previously you could only send the funds directly to a campaign. Why did it take longer as we anticipated? The user flow had to be completely rethought- how funds are processed on the platform, what the flow of SPF tokens is when investing and when receiving a return, what gets written on the blockchain and what is an internal transaction… so basically we’ve set up the back end from scratch (while keeping the front end familiar).
After jumping through all the regulatory and development hurdles, and eliminating the bugs we encountered during this process, we can now proudly present the new, upgraded version of the SportyCo platform. We are currently testing the platform in different scenarios on the backend — so far it seems everything is in working order.
And — just as a notice — we’ve moved our Ljubljana offices. We’re still in the city centre, but now, as an added bonus, have a normal landlord. 🙂
We are working on implementing an external payment processor, enabling you to join and participate in campaigns with a credit card — no exchange needed.
It will take some time, as integrating credit cards into a crypto project brings several problems with it:
- Any dealing with fiat money means increased regulatory scrutiny, so we have to check all the boxes from a legal standpoint.
- Every credit card transaction has an intrinsic cost — and we have to find the cheapest way for our users to send funds to the platform (i.e. what happens with credit card transaction fees).
- Because operating fiat transaction requires a banking license, we are working on picking the best external payment processor — which adds another dimension to the whole development and user flow process, especially since the crypto winter has eliminated several service providers in this area.
What about campaigns?
We are currently in discussion with several up and coming athletes to participate on the SportyCo campaign. The plan is to start with smaller campaigns, and build from there – as currently, the crypto ecosystem does not support huge investment campaigns, since everyone prefers to hold their coins and wait for the next bull run.
We will be creative when setting up campaigns — we are integrating mechanics like special rewards for participants, special experiences and funds matching into the process. This will ensure that even in these bear times participating in campaigns will have a good value proposition.
We plan to have the first campaigns ready in the near future — as it’s also dependent on the athletes participating, not just on us, we can’t set a fixed date, but we can assure you that we’re at the end of the process of setting everything up.
Ensuring the success of these first campaigns will be vital for the platform to gain acceptance in sporting circles — we are past the time when just adding “crypto” to a project was enough for people to participate (if anything it’s currently a deterrent to participating). So we want to set everything up for success, which makes our approach a bit more cautious.
With the success of these initial campaigns, we will be ready to move to bigger campaigns, more attractive athletes and bigger potential rewards for participating. We have a lot of work in the next couple of months, but we are sure we’ll be successful, also with the help of our community.
For any additional questions or comments don’t hesitate to join our Telegram channel – Sean and the rest of the team will be happy to help you.