New York, New York | June 3, 2020
— The North American Collegiate League (NACL) is launching an automated tournament solution for their players built using ConsenSys’ Ethereum blockchain software. The blockchain-enabled platform allows organizers to create custom tournaments with easy participant onboarding and smart contract-powered payments. The platform currently showcases Ethereum-powered payments and prize pool management that is fast, inexpensive, and fully transparent.
“Going forward, when players sign up for NACL tournaments, they’re given the ability to have a cryptocurrency wallet generated for them and opt-in to an automatic payout system for their tournament winnings. No prior knowledge of wallets or expertise with blockchain is needed to start earning Ethereum and other cryptocurrency” says David Chen, president of NACL.
During the first NACL blockchain-integrated event in April, players battled for a share of the 500 DAI prize pool, equivalent to $500, through a six round Fortnite tournament. Tournament payouts for players who connected a wallet were facilitated using the tournament’s smart contract which automatically dispersed their share of the winnings to their wallets upon completion.
The platform aims to go one step further and automate the match reporting process for games that have open APIs. Withdrawal into fiat currency, if the players choose to do so, will be just as seamless, with a compliant crypto to fiat conversion built into the platform.
“All prize pool payouts were sent immediately upon completion, in one transaction, for a total fee of about 10 cents,'' says Chris Gonsalves, head of gaming partnerships at ConsenSys. “This is compared to traditional tournament platforms which are more labor intensive, requiring verification of the correct winners, and payments are facilitated manually through many individual payments which have typical transaction fees of 2.5% + $0.30 each and can take many days to get processed.”
ConsenSys is one of the world’s largest blockchain companies, building the tools, infrastructure, and applications that power the Ethereum network. Since 2014, we have tokenized billions of dollars in digital assets, including a wide range of consumer products, stablecoins, real estate, and financial instruments, powering tens of billions of dollars in blockchain-based transactions. Through our applications, we have served hundreds of thousands of users, ranging from central banks and major financial institutions to developers and retail users of the Ethereum mainnet.