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HomeCoverageSkrilla Progress Update -  22 Nov 2017

Skrilla Progress Update -  22 Nov 2017

by Damon Oudejans on 21st Nov, 2017

Find out whats new in the Skrilla platform!

Skrilla Co-Founder
Damon Oudejans

Skrilla is a licensed, fully regulated, global esports wagering brand.

Happy Wednesday Skrilla Fans,

It is official, the Skrilla Token sale has now closed! The sale ended on November 20, 2017, 9pm UTC time. We would like to take this opportunity to thank everyone who participated in the sale, your support is most appreciated :) The Skrilla team is keen to focus in on the next phase and we look forward to having you join the Skrilla journey.

The Skrilla Tokensale (SKR) results:

Total ETH raised: 1641.08 USD Equivalent: $590,760.00 Total SKR sold: 5,545,344 SKR SKR Growth Pool Tokens: 300,000,000 SKR Team Tokens: 100,000,000 Total SKR token supply: 405,545,344 SKR Initial Circulating Supply: 5,545,344

What will the Growth Pool Tokens be used for?

The Growth pool tokens exist for the purpose of providing liquidity to the network, incentivising desired behaviours and encouraging members to participate in, and grow the network, for the benefit of all holders. Such incentives will see the automated issuing of tokens to members, influencers and affiliates for the following behaviours:

  1. account verification;
  2. deposits;
  3. entry into paid Contests.
  4. referring friends;
  5. sharing content; and
  6. following social accounts.

Skrilla will also run free to enter contests where the prize pools consist of SKR tokens to drive network growth.

What will the Team Tokens be used for?

Team tokens will be allocated to the the Skrilla Team (advisors and core delivery team) and vested to align the Team with project delivery. The vesting schedule is as follows:

Advisor Vesting — Advisors will vest 50% within 14 days of the close of the Sale, and the remaining 50% will vest over two years, with 1/24th vesting each month.

Founder and Employee Vesting — Tokens allocated to Founders and Employees will vest over a minimum of two years, from the date of the allocation of their Tokens, with 1/24th vesting each month.

When we first set up the token structure, the intention was that Team tokens would represent 10% of the total supply. At the close of the Sale, the Team tokens now represent 24.6% of the total token supply. We recognise that 24.6% is a lot of Team tokens! As a result we have committed to redistribute 14.6% of the total token supply from the Team token allocation to a network reserve, with the intention that they may be sold to strategic backers we are in discussions with. This will further fund the ongoing development and scaling of the project, for the benefit of the community. We will keep you up to date on this as it progresses.

Now the token sale is done, what can you expect next?

Unlike most token Sales we already have a strong MVP in the market, which we have been developing for the best part of the year. Now that the token sale is finished, we will shift 100% of our focus back to the product and scaling an audience, which we are super excited about. Here are our short term priorities:

Crypto exchanges

The SKR token has already been listed on EtherDelta. It will be possible to trade SKR on EtherDelta from December 4 onwards. In creating the Skrilla Token smart contract, we applied a 14 day period lockup period from November 20 (the token sale close date) to December 4, during which time it is not possible to transfer the token. After the 14 day period ends, the purchased Skrilla Tokens can be accessed and traded by token holders. We will provide further instructions tomorrow regarding withdrawing your SKR tokens to MEW tomorrow.

We are working towards getting listed on at least one mid tier cryptocurrency exchange in the near future. Getting listed on another exchange is a high priority. We will keep everyone up to date with progress.

Quality Data

We are partnered with SportsRadar, who provide our historical and live in game data for our esports daily fantasy contests. SportsRadar are a reputable operator with years of experience, and work with several large sports daily fantasy and betting clients globally. Right now we are fine tuning our esports data, in anticipation of scaling our audience in Q1 2018, so we can provide the best possible customer experience.

Additional Esports titles

We currently offer CS:GO daily fantasy contests. We have been hard at work on League of Legends (LoL), and the release is imminent. Following on from LoL, we will look to roll out Dota2.

Token Integration

We are excited to be integrating the Skrilla Token into the platform in December. We recognise that to provide value to the Skrilla network and to the token holders, uptake of the token within the Skrilla platform is essential. Our desire is to make SKR the core unit of exchange within the platform. This means users will utilise SKR to enter daily fantasy contests and to receive winnings.

Skrilla eWallet Testing

However, there is work to do around crypto education for any new userbase, as well as restraints around blockchain infrastructure that will present friction for any consumer facing product in this space. We will be working hard to iterate and solve those challenges on the journey to achieving token / utility fit over the coming months.

US Launch

Our US lawyers have been working diligently to prepare the relevant documentation to assist with the launch of Skrilla in the US. We are targeting a soft launch for US beta testers in December.

Initially we will roll out a sweepstakes model (free-to-play) into all 50 states, with pay-to-play following in the states where it is legally viable. Currently there are 16 states which have officially regulated DSF, 9 states have ruled against DFS, and the remaining states have issued no ruling as yet. We will look to enter the States which have no regulatory requirements as a first step towards pay to play, whilst proceeding to obtain licenses for key states. We are in the process of submitting DFS applications with key states.

BitcoinTalk Bounty

During the token sale we ran a bounty campaign through BitcoinTalk. Please be advised the bounty campaign has now officially closed.

For those who participated, please add your MyEtherWallet address in the Bitcointalk thread. The tracker sheet will be updated in the coming days and we will begin to distribute the tokens in the week post December 4.

Thank you to all the bounty hunters who participated and helped us spread the Skrilla word.

That’s the latest and greatest from the Skrilla Team, thanks again to all those who have backed Skrilla and the Skrilla Token :)

Please join our Discord and or Telegram to get amongst the Skrilla community conversation!

Cheers Damon — Skrilla co-founder