CryptoCup World Cup betting platform goes live

The platform, which runs through blockchain-based smart contracts, allows players to create their own tokens using Metamask. They make their predictions on each of the 64 games in the tournament, after which a unique token is created holding their forecast to compete for a prize pool, which currently stands at 17 ETH or about $9,000 (£6,684). There is an express mode as well that allows players to make predictions on which four teams will play in the finals.

The ETH-based tokens, which are not in themselves cryptocurrency, can be traded off in a secondary market and can gain or lose value based on market conditions. “The token is tradable, which means that you can buy and sell tokens during the World Cup, speculating with the current number of points and the future predictions available,” CryptoCup CEO and cofounder Federico Goldberg says.

“For example, if my token — after 20 matches — is at the top position, and the price for the top position is 30 ETH, I might be interested in selling the token for 10 ETH to another person to cash out early and not risk more. The person who buys the token pays 10 ETH, as they see a great chance to finish in the first position and win 30 ETH.”