DeFi harnesses blockchain technology to bring decentralization into fantasy sports and betting

While the Fantasy Sports and Betting sector has already grown into more than a $100 billion industry, players still continue to complain about the lack of transparency and auditability of its platforms.

DeFi 11 aims to eliminate those issues by introducing its blockchain-based platform specifically designed to bring decentralization to fantasy sports gaming.

Common Complaints About Centralized Fantasy Sports Platforms

DeFi 11 aims to address the common problems with conventional centralized platforms today. These include the misuse of insider information, artificially bloating the market via the false reporting of daily volumes, the lack of auditing and internal controls which could be used to create dummy winners as well as fake accounts, and the lack of regulation and user privacy leading to the loss of user anonymity.

• Misuse of Insider information – Traces of insider trading are often present in centralized fantasy sports systems. This might happen if employees who have access to the information use it for money-making schemes.
• Artificially Inflated Market – There are suspicions that some centralized gaming platforms artificially inflate their volumes. This is done to lure new players.
• Lack Of Auditing And Internal Controls – The lack of internal controls and audit means that there is no guarantee that declared winners are legit.
• No User Privacy – There are also concerns that user anonymity might be compromised and the identity of users might be potentially leaked.

DeFi 11 Harnesses Blockchain Technology

DeFi 11 is a blockchain-based gaming platform specifically designed to counter the issues found on centralized fantasy sports and betting platforms. Its team of developers, programmers, artists, innovators, and designers is dedicated to providing complete transparency, user anonymity, no market manipulation, and peer-to-peer transactions to users of the gaming platform.

The Defi 11 uses blockchain, the same underlying technology behind cryptocurrencies like Bitcoin and Ether. The technology is known for its security as well as transparency so issues associated with centralized platforms are eliminated on DeFi 11’s blockchain-based fantasy sports and betting platform.

The platform also offers NFT gaming as one of its features. Players are assured that their unique items can be replicated as they securely trade them via the platform’s peer-to-peer trading system.

DeFi 11’s platform also offers several options to players in case they need more money to fund their bets via its staking, swapping, and liquidity pool features. Money can be made through its betting system as well as its prediction contracts features, as well, while the platform also has its own rewards and incentive program. Be updated on the latest project developments here.

Source: https://bitcoinerx.com/blockchain/defi-harnesses-blockchain-technology-to-bring-decentralization-into-fantasy-sports-and-betting/