Quite recently, people didn’t know about cryptocurrency at all; or they knew, but perceived it as something was unrealistic and difficult to understand. But over the several years of the existence of the cryptocurrency; the situation has changed a lot: thanks to many enthusiasts, a lot of trust has appeared in “electronic money” – both from the side of investors and from the side of ordinary users. The world of sports also didn’t remain in the shadows and showed its trust in cryptocurrency; not only in words, but also in deeds. Thus, the KSOC Sports team has created a virtual platform for the agent of football players; where KSOC Sports is a unique and exclusive way to participate and pay. KSOC Sports is a PivX y Dash based cryptocurrency.
The goal of the project is to serve as a “de-bureaucracy”, as the current process of negotiations between football clubs about players is extremely bureaucratic due to the rules set by FIFA.
In this regard, KSOC Sports has created a virtual system in which people around the world, outside the sports world; as well as companies, agents and entrepreneurs, can virtually acquire percentages of athletes.
Solving bureaucratic problems using blockchain technologies
KSOC Sports presents possible ways to solve bureaucratic problems using blockchain technology.
KSOC Sports experts argue that blockchain can bring undeniable benefits. Thanks to a transparent and decentralized system, data verification can be carried out by any participant, which will strengthen the trust relationship between the company and its citizens.
Another potential benefit is the protection of confidential data.
According to analysts, FIFA athletes are the main targets of hackers. But KSOC Sports can reduce or prevent cyberattacks.
Aside from bureaucracy, corruption is a common problem and KSOC Sports can play a role in fighting it as well.
The blockchain technologies on which KSOC Sports built can not only fight bureaucracy and corruption, but generally change the way services provided to citizens. The possibilities are almost endless.
KSOC Sports is based on Proof-of-Stake
KSOC Sports cryptocurrency is based on the Proof of Stake mechanism, which is very popular today.
Proof-of-Stake is the principle of cryptocurrency protection, under which currency can only be mined by a user who already has the currency that he is mining on his account. And the more the miner’s share of ownership is, the more he mines as a percentage. Thus, having 5% of the total currency in the account, the user will generate 5% of new blocks.
Benefits of Proof-of-Stake, and therefore of KSOC Sports:
1. Unlike PoW, it doesn’t require huge energy costs and device maintenance, the mining process isn’t associated with solving problems, and, accordingly, the quality of equipment doesn’t matter.
2. Proof-of-Stake has no time and currency restrictions, since the calculations are carried out according to a different scheme and there is no decreasing geometric progression, unlike PoW, which will end sooner or later.
3. Immunity to “51 attack”. An attack in which 51% of the computing power controls all processes with Proof-of-Stake is absolutely not profitable and doesn’t make any sense, since you should have 51% of the total volume of cryptocurrency on the market in your hands.
KSOC Sports – eco-friendly cryptocurrency
For a long time, PoS coins have been in the shadow of PoW. However, now the Proof-of-Stake algorithm is gaining popularity. Even Ethereum announced their plans to move from PoW to PoS, as this principle intended to correct the main disadvantage of PoW – the huge consumption of electricity.
More and more companies care about the environment, and in this regard, they are switching from Proof-of-Work, which requires huge computing power, which, in turn, results in high energy consumption, to Proof-of-Stake, which will be the solution to this ecological problem.
Thus, in addition to other advantages, KSOC Sports is also an eco-friendly cryptocurrency.
KSOC Sports consumes less than 1% of electricity for transactions than BTC needs. Not so long ago, Elon Musk announced that Tesla refuses to accept Bitcoin as a means of payment for electric vehicles, due to its adverse impact on the environment. However, at the same time, the inventor and billionaire didn’t rule out the transition to “green” cryptocurrencies. Perhaps the company should look at KSOC Sports?