Since its groundswell in 2017, many have stepped into the uncharted territory of blockchain and cryptocurrency, but not everyone has navigated them successfully.
For this speaker spotlight, we’ll be looking at Rahul Sood, CEO of the Unikrn eSports group and no stranger to treading new ground. Sood got his start as the creator of VoodooPC and has since moved on to become the founder of Microsoft Ventures, Unikrn, and its token, UnikoinGold.
Though Unikrn is far from the only esports company to develop their own token, it is easily the most successful and unique among them. UnikoinGold is a utility token based in Ethereum, designed to support wagers on gaming competitions. This token has not only changed the way Unikrn users interact with the esports industry but also conforms to the strict regulations surrounding electronic bookmaking. Sood is also working with Bittrex to make Palladium, a crypto-banking and tokenized security exchange, a part of the blockchain ecosystem.
We talked to Sood about the prevailing challenges in the blockchain space and his expectations for the industry moving forward. One of the main issues he identified was the lack of security, awareness, and accountability in the current token sale climate.
Right now, any anonymous conman can start an ICO and the community seems to chase anything with momentum. Consumers need to start protecting themselves with more research and rigor before dumping money into tokens, or regulators need to step in and help produce oversight for consumer protection without stifling innovation. -Rahul Sood
He also brought attention to the fact that blockchain is simply not accessible or operable to the average person, an issue compounded by the limited uses of most tokens. Though he was frank about the growing pains he saw in the industry, Sood was also confident in what people could achieve with blockchain moving forward.
I expect crypto consumers to become a lot more skeptical, which means that tokens are going to need to evolve in terms of functionality and value.
Looking back at 2018 from the future, we’ll see this as the turning point that games, commerce, and security-based tokens began to drive growth and innovation, while FOMO-minded greed began to fall off. Sood’s presentation at this year’s conference will shed light on the blockchain-based model for regulated wagering, which represents one of the largest use cases in the blockchain space.