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15 Insights on Skincoin ICO


Jul 21, 2017 Posted /  4911 Views


15 Insights on Skincoin ICO

15 Insights on Skincoin ICO:


In the last few years, eSports have become extremely popular with the media. In 2011, when the Valve Corporation introduced an opportunity to exchange and trade in-game items (skins) from the popular CS: GO, Dota 2, and other video games based on the official Steam trading platform, they no longer became just in-game items, but in fact became an actual currency: a lot of online services started to accept them as a payment method, exchange them for real money and other skins, or use them as bets on betting platforms. Skincoin introduces a platform for immediate exchange of skins for the cryptocurrency, which is a liquid asset that can be used for further skins speculative trading, replace the turnover of skins on video game websites and can be used for conversion of the income after trading skins into fiat money and it is launching a cryptocurrency based on Ethereum blockchain the Skincoin.

Here are the 15 insights on Skincoin ICO:


1. What are skins:


Skins are in-game, virtual items that are usually used in games like Counter-Strike: Global Offensive (CS: GO), Dota 2, Team Fortress 2. The term “skin” is derived from the typical function of these virtual items. ie changing the appearance of a player’s in-game avatar, weapons, or equipment.

2. The emergence of Skin market:


The skins market began to grow and develop rapidly after Valve Corporation introduced an opportunity to exchange and sell skins to other players. A player could use the skin in the game itself, by installing it for his character; sell it on a trading platform or pass it on to another player as a means of exchange or as a gift via Steam’s API. A great number of players wanted to profit from the skins’ liquidity by selling or exchanging the items as if it was the stock market.


3. The problems in the skins market:


Recently, the Valve Corporation which acts as a platform that helps in online gambling through the Steam platform is suffering many criticisms for supporting online gambling and betting which is technically illegal. So there is a chance for the company to be distant from skin trading and online gambling sites because there may even be legal action against them. In 2016, the Washington State Gambling Commission demanded that Valve developers stop supporting gambling related to games’ items and the Steam platform.

4. Solution Skincoin offers:


By introducing the cryptocurrency SKINCOIN into the gaming industry the problem of convenience and safety is solved when it comes to the gaming services. This will protect all types of gaming platforms as well as exchange services from Valve claims and blocking of accounts on Steam. Cryptocurrency SKINCOIN does not qualify as a payment method in the usual sense. This protects SKINCOIN from claims of the regulatory and other governmental institutions. And for introducing SKINCOIN into the current gaming system a service is being launched with a convenient API for the immediate exchange of skins into SKINCOIN and vice versa.

5. What is Skincoin:


Skincoin introduces a platform for immediate exchange of skins for the cryptocurrency, which is a liquid asset that can be used for further skins speculative trading, replace the turnover of skins on video game websites and can be used for conversion of the income after trading skins into fiat money and it is launching a cryptocurrency based on Ethereum blockchain the Skincoin. And their main product under this ICO is an exchange service with a convenient API for connecting to the third party websites so that they can accept payments in SKINCOIN without
having to open and maintain their own stores.


6. Advantages of the platform:


SKINCOIN is created to change the current system of video game services and replace the coins (points) of different gambling services with skins trading operations. Any skin can be immediately exchanged for SKINCOIN at a stated price and vice versa. The client will not have to wait for the next suitable contractor to appear for the deal. Implementation of SKINCOIN as a universal coin for video game websites will greatly simplify the skins trading process. They are creating a system in which all the platforms like OPSKINS, BITSKINS, CSGO, SKIN HUNT, etc will be able to participate in a united process of fast trading.

7. SKIN tokens:


The crypto token of the platform is the Skin tokens which is based on Ethereum blockchain technology. Total issuance of the tokens is limited to 1 000 000 000 SKIN coins. From the total supply, 58.8% (588 million tokens) will be available to participants, 30% (300 million tokens) will remain in the SKINCOIN Foundation until the official exchange is launched and 10% (100 million tokens) will be distributed among team members.

8. SKINCOIN ICO:


The Skincoin ICO has started from June 21st and it will end today, ie July 21st. THe ICO is launched with a minimum sale goal of 5000 ETH and maximum sale goal of 100000 ETH. For the first two days of the crowd sale, bonus of 20% tokens was awarded for the investors. Token Exchange rate is 6000 SKINS = 1 ETH. The minimum transaction amount is 600 SKIN (0.1 ETH) and the maximum transaction amount is 18000000 SKIN (3000 ETH).

9. Post ICO:


All collected funds shall be received and stored on wallets with multi-signatures. After the ICO SKINCOIN will be available for purchase in crypto currency exchanges like Bittrex. Token holders can buy the tokens from there and use them. All the unplaced tokens will be destroyed. And the additional emission of tokens is forbidden.


10. SKINCOIN ICO allocation:


The biggest part of the attracted funds will be spent on marketing which is necessary to maximize the coverage of the market with SKIN-tokens. For marketing 60% (max 60000 ETH), for development 20% (max 20000 ETH) and for scaling the service 20% (max 20000 ETH) are allocated. If they achieve the goal of the ICO, 50% of the marketing fund will be used for Youtube advertising.

11. Skin Exchange service API:


All the platforms that have connected to the API of our exchange service, will get an opportunity to quickly receive payments and make all transactions with the users in SKINCOIN. The user can top up his balance on the website and his exchange interface with the inventory will be downloaded through the API. By choosing the necessary number of items the user immediately exchanges his skins via our service and we transfer SKINCOIN to the balance of the user on our partner’s website. Right after this, the user will be able to make all the transactions on the third
party website in SKINCOIN.

12. Skincoin Price:


The rate of SKINCOIN on trading platforms and exchanges will be calculated as the median stock market rate of the major cryptocurrency stock markets. The exchange rates of skins will be updated every 2 hours. This is done to avoid clients’ risks which have to minimize abrupt changes in the price.


13. SKINCOIN Wallet:


A special wallet will be created for a convenient storage of SKINCOIN. With its help, it will be easy to transfer SKINCOIN between different trading platforms, stock exchange, exchange points and game services.


14. Why contribute in SKINCOIN:


After the ICO they have planned to implement the payments in SKINCOIN on Steamtrade.net, Skinwin.com, Case.club, Skin-hunt.com, Csgodep.com. It is believed that these platforms together will offer the demand of up to 50% of the total cost of the publicly traded tokens. The company forecast to occupy the 10% skins market share (approximately $700 million). Therefore, the demand for tokens can potentially outpace the value of publicly traded tokens by 20 times. Therefore the purchase of SKINCOIN at ICO gives you an opportunity to enter the infrastructure project with twenty-fold potential value growth at a low cost.


15. Other features of the API:


Identification on the exchange platforms will be possible through the Steam account. In fact, the buyer will be able to buy a skin with SKINCOIN and immediately use it in the gaming process. Besides, the instructions will be created for the users and our partners, which will thoroughly describe the opportunities by the SKINCOIN project and how to use them.


Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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