MEVU is a peer-to-peer gaming application that will allow players to test their skills and compete individually or in pooled games by creating custom social bets or bets predicting the outcomes of popular sporting events. MEVUs vision represents incredible opportunities of blockchain technology for application in sports betting and a variety of other high-demand industries. Blockchain technology and the development of digital currency payment solutions are a promising alternative to traditional wagering platforms.
How Does the MEVU Platform Work?
MEVU’s open-source smart contract creates a secured escrow that is publicly viewed allowing players to track wagers throughout their life-cycle. All funds are held within a contract on the Ethereum blockchain. By clearing payouts on Ethereum, MEVU can cut the waiting times of traditional sports books while reducing fees up to five times.
Operating above the Ethereum Virtual Machine layer are the traditional back-end components to any web service. The servers hold application data to expedite front-end operations as well as the minimum required amount of user information to ensure no user is able to pose as multiple people.
The top layer is the user interface where players can browse events and place bets. A decentralized result verification system is essential to the MEVU platform as it protects players from the vulnerability of manipulation, fraud from subjective reporting, and criminal activities.
Any match outcome which results in a dispute will automatically be verified by “Oracles”. Oracles are individuals that hold MVU tokens, initially acquired in the ITO, and report game results in exchange for ether.
Payouts will be awarded to the winners based on player reports and Oracle verification. Inaccurate reporting will cause MVU tokens to be lost to the Oracles who were in consensus, eliminating the risk of fraudulent reporting of results.
The reporting period for Oracles will start upon the scheduled event’s completion and will end of 8-16 hours later, ensuring enough time for Oracles to report. A minimum number of Oracles is required to solve any dispute.
The MEVU team will retain ownership over some of the smart contracts to control specific vital aspects of the application. The rest of the smart-contracts will be owned by a central contract not visualized. MVU holders help determine the winner of sports bets by reporting the correct score. Holders stake some of their token balance and attempt to reach consensus on the outcome of an event; they are compensated in two different ways for doing so.
Service fees are collected in the Ethereum cryptocurrency ether (ETH) from head-to-head matches and token holders (Oracles) are incentivized to be on the side of consensus as they can also be compensated in MVU tokens. Half of all MVU staked by those who voted against consensus will be taken and given to the Oracles who reached consensus in amounts proportionate to their stake, this deters fraudulent reporting of sports results.
ETH rewards are proportionate to the percentage of tokens used to opt in.
How to Acquire MEVU Tokens
The pre-sale to accredited investors starts on Jan 22nd 2018. All tokens not sold in the pre-sale will be added to public sale. After the private sale is completed funds will be redeemed to complete the development, testing and auditing of the platform’s main functions in order to be ready for a main launch on June 11th 2018.
The remaining funds will be used for legal costs. All pre-sale investors will have priority to sell back their MVU tokens in the public sale. Any pre-sale investor interested in selling their MVU tokens in the public sale will have to notify the MEVU team by June 5th 2018 with the number of tokens to be offered.
The bulk of gambling globally has moved from brick-and- mortar casino to the internet, and given the growth of blockchain-related applications over the last year or so including smart contracts and peer-to-peer exchanges, the widespread application of blockchain appears to be the next logical evolutionary step for the $40 billion gambling industry.
By leveraging the blockchain technology MEVU is a viable alternative in the gambling industry with a platform that offers transparency, auditability and trust in a decentralized system instead of corruptible central authority.
MEVU aims to become the most revered global platform made exclusively for players to bet anything, anytime against anyone. MEVU will initially focus on social and sport head-to-head bets, but will expand to multi-bets in which multiple players can take the complementary position against a single larger bet.
MEVU offers a comprehensive solution to a community which has lost individual control over peer to peer interactions. Placing control back in the player’s hands through their decentralized platform, MEVU is fostering global competiton while keeping value with the players – not bookies.
The Token Sale is using a Simple Agreement for Future Tokens (SAFT) offering model. U.S. residents participating in the Offering must be Accredited Investors. Investors are required to complete the applicable forms and return the necessary documents to ensure compliance. Once approved, investors are added to the private whitelist and are provided the contribution wallet address.
Please note that MVU is not an investment and will not be considered as such. This is a breakthrough technology & cryptographic token in a decentralized marketplace owned by the users of the community.
Learn More and Join MEVU’s Platform
The information provided in this article is neither an offer to sell nor the solicitation of an offer to buy the SAFT or the security token or any other securities, and no offer, solicitation or sale will be made in any jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale is unlawful.
Certain statements and information in this communication may be deemed to be “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements regarding the completion and timing of the SAFT sale and security token offering and planned use of any proceeds of such sale and offering, and all statements (other than statements of historical facts) that address activities, events or developments that the Company intends, expect, project, believe or anticipate will or may occur in the future.
These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments of the Company’s management as of the date hereof. The Company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to a variety of known and unknown risks and uncertainties.