In this blog, I want to try and help members and investors see and understand what the potential is for the Scorum platform and the built-in long term profit potential of its economic model. These are just my thoughts and they were developed from my own research into blockchain technology and from my observations after watching the development of several other blockchain projects. These ideas and projections do not come directly from the Scorum development team nor have they reviewed my ideas, but I am drawing on the information written in the White Paper, from the things that the team has talked about in their blog posts, and from the answers that they have given to questions asked on Telegram over the last few years.
What We Already Know About The Scorum Blockchain
The Scorum blockchain is one of several forks of the Graphene type blockchain (Steem), and it is closely related to the EOS blockchain. As such it can do anything that Steem and Hive or other similar forks can do, and it can also do many of the same things that the EOS blockchain can do. It has fast 3 second block times and you can transfer Scorum coins across the network at no cost. When you look at the current fees on other blockchain platforms you can see why this is a huge benefit. Unlike these other blockchains though, there is absolutely no inflation on Scorum, the income of both the node operators and the rewards system is now completely tied to advertising revenue! That means that the current circulating supply of 29,265,075 can only deflate from here due to lost account keys or the accidental burning coins by some careless user sending them to a nonexistent wallet address (I'm Guilty). To give you some perspective on this commonly overlooked fact, just look at Steem itself, the circulating supply of Steem is currently 372,345,441 and the supply is inflating by a small number of Steem coins every day. That is nearly 13X the total supply of Scorum coins! We have all witnessed other blockchains burning their coins as a way of increasing the value of their remaining circulating supply, so imagine what would happen if Steem decided that they wanted to be like Scorum and they burned 343,080,366 Steem, or if Hive burned 275,033,523 Hive coins? How much do you think their remaining coins would be worth? When you calculate that number you will then realize how much SCR would be worth if it receives the same level of adoption as those platforms.
Another difference between Scorum and the other graphene-based social media platforms that you may have noticed is that Scorum currently does not have a stable coin of its own in its wallet. The reason for this I believe is that we are waiting for a better solution than the one that was introduced by Steem or that is provided by all of the current stable coins. I have not completely confirmed the development team's strategy, but I believe that they are either waiting to see who provides the very best and most efficient solution, or they are waiting to see which of the current solutions actually receives the greatest adoption. I do know and have confirmed that there will one day be a stable coin in the Scorum wallet, which will without a doubt open up many more options for Scorum members. We have to understand that this team is not like most of the others, they have thought things through and they are patient. It is true that the bear market in crypto happened before there was sufficient adoption for them to thrive during and after the ICO, but I personally admire them for doggedly plodding along and adjusting their strategy for the current situation and never giving up on the project. Now here we are at the beginning of a new bull cycle and Scorum is in a good position to start taking advantage of the new advances in blockchain technology and we are ready when the next big phase in blockchain adoption finally kicks off.
Besides the applications that we already know about from our roadmap, a version of any application currently running on Steem or Hive could also be Run on Scorum. But unlike those generalized content projects, the Scorum version of those applications would be applied specifically to sports or sports betting. Just take a moment to think that through.
Some Of The Things That Scorum Is Capable Of
- Smart Contracts
- Leaves the door open for developers to build DeFi solutions right on the Scorum blockchain without Scorum members having to leave the platform to conduct useful financial transactions.
- Will allow members to build trustless contracts for "on platform" jobs and set up payment systems.
- Purchase game tickets and sports-related gear at the Scorum store on credit, it can be contracted to be paid through future rewards earnings.
- The facilitation of loans against your SP so that you don't have to power down if a financial emergency were to arise.
- The Scorum blockchain could have numerous e-games operating on top of it and these games could utilize its own NFT's in the same manner as Steem and Hive are currently doing. But just imagine if you were able to store and see your collectible Scorum sports cards or in-game tools or collectibles right in your Scorum wallet? What if you could sell or trade these items using a smart contract solution for a fractional fee?
- What if you could support amateur sports leagues by purchasing limited edition NFT trading cards of the participants in hopes that one day you would have a first edition card of a player that later went pro and turned into a superstar? The league could raise a lot of operating money and besides feeling good about helping out and supporting these young athletes Scorum members would also have the chance of ending up with a rare gem of a collectible.
- One of a kind digital sports collectibles that are created by, or digitally signed by famous athletes.
- League Pages, Team Pages, and Player Pages At some point in the not too distant future, we will have pages on Scorum that are totally dedicated to special subjects.
- Leagues - A league page could contain all of the important information about the league, its administration members, its history, and the member teams. Leagues that registered for accounts could then post blogs about upcoming events and other pertinent information. This would provide a good location to showcase the accomplishments of the league and its affiliated teams and any promotions or offers that are available to prospective athletes and fans.
- Teams - Here you could find such things as all of the accomplishments of the team, a list of the team members and staff, schedules for the upcoming year, and ways that fans can get involved with their favorite team. It would include team history and automatically updating statistics. Those teams with a Scorum account could then receive messages of encouragement for the team and they would be able to interact with fans on a whole new level. This would become a good place to announce promotional offers or rewards for loyal fans. Teams could directly and immediately receive a percentage from the profits of the sale of fan merchandise and collectibles sold at the Scorum store.
- Players - A page for players would showcase all of their personal and team awards and trophies and list their personal stats that would automatically update after each game. Bloggers could then use these stats when reporting on something involving that player. I have said this before but I'll say it again here, the additional income potential for players who decided to sign up for an account on Scorum could be huge if Scorum were to receive adoption. Imagine if a personal representative (PR) or the player himself/herself wrote a blog after each game. Would you upvote your favorite player's post-game blog and comment on something about the game to him/her? Would you be thrilled if that player upvoted your comment or replied to you? I keep thinking about how much extra a player could earn if thousands of fans on Scorum upvoted a weekly blog, especially after the price of SCR goes above $100!
- Casino Apps/Game Rooms After all of the professional sports have been added to betscorum do you think that will be it and there will be no expansion into other areas? You do realize that the Scorum team is largely made up of poker players right? I would be surprised if the gambling aspect of Scorum was not expanded in the future, or at the very least that Scorum partnered with other platforms for easy cross-chain use of Scorum coins.
This is not an endorsement for gambling, I don't gamble myself and I'm just including the comment above because it is a major potential use case for SCR in the future.
The current circulating supply of Bitcoin is 18,475,356 and there are only two known use cases that I know of right now for that coin, it is a store of wealth and it can be used to settle large trade deals. Scorum can also be used for either of these things plus as you can see above the use cases for Scorum coins are enormous. Currently, there are only 15,796,817 SCR that are actually in circulation the rest are locked up as SP. There are hundreds of leagues for every sport, many thousands of individual teams, and there are millions of athletes in the world. If you tried to turn 1 SCR into an NFT to create a trading card for every professional athlete and coach past and present then you would run out of SCR in no time. If you simply signed up just the professional athletes in the world with an account of 1K SP without signing up a single fan, then you would still run out of SCR before you were finished. If any major professional sports league with all of their teams, all of their players, and all of their fans were to sign up for Scorum accounts then there would probably be less than one SCR apiece for them to share. I believe that, like Bitcoin, there will be a day in the future when the majority of Scorum members will own less than one SCR and be happy with that! It can cost hundreds of dollars to transfer Bitcoin during periods of high traffic, but you can transfer any amount of SCR for free!
This is just a small sample of the many possibilities that I have thought of for Scorum, I hope that you will take the time to add your own thoughts and possibilities for the future in the comments below.
Some say that I'm just a dreamer, and I can't deny it. But what are we without our dreams, and how can we be successful unless we look ahead and try to think of all the possibilities?