Blockchain

Interview with Breakout Coin: supported through gambling and gaming verticals as well as ecommerce

Published

7 years ago

8 March 2017

Q: What can you tell us about your currency?

The Breakout Coin payment system is unique in the market as it supports several different currencies, each with different properties. We term this new system a “Multicurrency Chain”, and its’ primary asset is the Breakout Coin (BRK), which is currently supported through use on numerous gambling and gaming verticals, as well as ecommerce retail websites.

Other notable assets include the BRX, which via PoS stakes the BRK, and SIS which secures the network through PoW mining. Also included in the Chain are colored coins called the DECK, consisting of 53 standard playing cards which are not only highly sought after as collectibles, but which also serve a function by securing the blockchain though PoS minting of SIS

Q: What type of services exist or can we expect in the future?

The Breakout Group provides entertainment services that include; licensed, real money gambling in legal to play jurisdictions with a full sportsbook, casino, poker and other verticals; a competitive eSports site; and a PC download game store with thousands of titles from top game publishers.

The Coin Services division provides blockchain services including cryptocurrency development, payment systems, and ICO consulting services.

We are also completing the full infrastructure for the BRK, including the development of new shopping card plugins, block explorers, payment APIs, and a browser-side/mobile wallet that supports all of the beneficial features of the multicurrency system.

Q: Are you targeting the consumer or Business Market? If so, how does the business model work?

All our gaming operations are focused on the B2C market, however our Coin Services work with other companies that are interested in cryptocurrency development of any type.

Our strategy for the mass adoption of BRK includes denominating and/or backing all player deposit amounts in BRK, while using our own inventory of BRK for marketing giveaways and rewards to help expand our member base. As the number of players increases, the demand for BRK will grow, putting an ever-increasing buy pressure for BRK on the exchanges.

Q: What are the details around the most important project you’re working on currently?

Our most important project is to integrate the Breakout Coin across as many fully licensed gaming verticals as possible, and as deeply as possible. Integration has several tiers that we have identified, forming a sort of hierarchy of usage, ordered by the potential for the use of the coin to impart an increasing value of BRK;

1. BRK Acceptance – Does the gaming vertical allow for BRK deposits to fund a player balance? The ability to fund a balance does not imply that the player balance is denominated in BRK.

2. BRK Withdrawals – Can player’s withdrawal their balances as BRK, using real time conversion if their balances are not denominated in BRK?

3. BRK Balances – Are player balances denominated in BRK? In other words, when a player checks their balance, do they see it expressed as a specific amount of BRK that does not change with BRK valuation?

4. BRK Denominated Games – Are the gaming components of a vertical denominated in BRK? For example, will the prize for slots be a certain amount of BRK that does not float based on BRK valuation, but is based on the amount of BRK risked? Another example would be poker chips that come in fixed quantities of BRK, like 5, 20, 100, 500, 1000 BRK chips?

5. BRK Backed Balances – A player balance represents a liability. Do we cover this liability by holding an amount of BRK with a value equivalent to the value of the player account?

Our goal is to answer yes to every question in this hierarchy for every vertical. For many verticals (and external merchants), we have partnered with coinpayments.net to answer yes to the questions in (1). And, because BRK is traded at a major exchange (Bittrex), we can acquire BRK to keep an equivalent value of BRK for every player deposit. In most cases, licensing and other considerations require us to back player deposits with fiat currencies as well. In these cases, we “double-back” player balances.

Q: How does the competition compare?

Although many gaming sites are starting to recognize the benefits of cryptocurrencies for payment processing, to date many have operated outside of licensing or regulatory control. Breakout only offers gaming options in licensed and legal to play jurisdictions and conforms to all KYC and anti-money laundering controls.

Q: The market has many players, what differentiates you?

We are differentiated in 2 ways; by being fully compliant with all regulations, and by offering products to both gamers and gamblers. Our commitment to compliance may mean that player adoption will be slower than for competitors, but that we will have staying power. We intend to build a long-term business and support Breakout Coin indefinitely.

Q: Could you tell us more about your achievements in this?

The Breakout Group has opened 4 gaming sites to date, with another scheduled to launch in May. Each is focused on a different gaming vertical so as to service both gamers and gamblers.

BreakoutGaming.com is a full gambling site that includes a sportsbook with more than 20,000 wagering opportunities each month, a casino with 3,000+ games, a full poker site, live dealer games, and financial market betting.

BreakoutPvP.com provides CS:GO and Minecraft competitive play for real money, and is open for play in 44 U.S. states as well as internationally.

BreakoutGameStore.com provides more than 2,500 downloadable PC and MAC titles from most of the top game publishers in the world.

BreakoutPoker.net is a free to play poker site open to everyone, that awards BRK and other prizes every day.

All player deposits and wallets on all our sites are fully backed by BRK held in secure and segregated wallets.

Q: Could you tell us more about where you see Blockchain technology in the future?”

Blockchain technology is part of an overall trend of automation. Just as robots replaced workers on an assembly line, blockchain has the potential to automate jobs in the areas of finance, accounting, law, and even governance. In finance, we already see that bitcoin can substitute for cash and even banks as a savings account. It even has limited “smart contract” functionality using its built-in scripting engine. In accounting, platforms like NXT allows the creation of tokens that are useful to automate record keeping and track real-world assets. In law, we see attempts such as the DAO, where fiducial relationships between a company and shareholders were to be executed by the Ethereum smart contract engine. Finally, projects like Factom may assist in governance by facilitating record keeping.

But blockchain technology is still scratching the surface and is still highly experimental. As a consequence, we have seen not only incredible successes, like bitcoin itself, but some tremendous failures, like the DAO. However, the failures should be seen as critical moments on the path of improvement, and not as fatal flaws of blockchain technology.