NEW YORK, NY / ACCESSWIRE / June 23, 2020 / In a unique attempt to bring chess and blockchain together, Algorand announced on June 18, 2020 that World Chess will record official ratings and titles from players on the Algorand blockchain. Algorand’s decentralized network will reflect all this data in real time, ensuring its complete accuracy and security.
The digital chess platform called FIDE Online Arena was developed by World Chess, where players can take part in official chess games to compete for ranks and titles according to FIDE rules. The joint venture with Algorand replaces the existing system and enables World Chess to synchronize millions of player data in the chain and to make the official ratings universally accessible to all other chess platforms and media sites.
As an open source, public blockchain, Algorand brings complete transparency, reliability and automation to the online chess ecosystem through its decentralization technology. Since all player ratings are now verified on the blockchain, the player’s data is completely protected from fraudulent activities and is thus a tamper-proof database. The transparent reporting, coupled with open access to the data for the community, will encourage more players to confidently join the FIDE Online Arena.
Algorand offers scalability at the enterprise level and a throughput of over 1,000 transactions per second. Using these features, World Chess will be able to take into account the growing body of player data and ensure that ratings are reviewed and recorded almost instantly. The Algorand blockchain also enables World Chess to develop an enriching digital chess ecosystem by incorporating additional features such as internal currency, incentives and rewards for the chess community, and blockchain-based live betting.
Algorand and World Chess entered into a partnership in July 2019 to publicize the takeover of the two growth areas through the cooperation. Six months ago, World Chess launched a hybrid IPO (an STO, i.e. Security Token Offering, followed by an IPO) on the Algorand blockchain.
The story goes on
Algorand COO Sean Ford expressed their enthusiasm:
“We are very excited to be working with FIDE Online Arena and World Chess to bring digital chess ratings to the Algorand blockchain for the first time.” He added, “This historic moment brings the blockchain community one step closer to mainstream adoption as a widely competitive game like chess leverages distributed ledger technology to set the official record for the trust of millions of online To serve chess players and fans. ”
On June 17, 2020, World Chess hosted the very first chess game recorded on the Algorand blockchain. The opening game was played between Algorand founder Silvio Micali and the Russian grandmaster Sergey Karjakin, who won the round. It was moderated by Michael Kopilkov from Cointelegraph, who shared his optimism about what the collaboration between FIDE and Algorand means for the future.
Algorand’s success with World Chess shows its effectiveness in the world of digital gambling and thus confirms the performance of the blockchain. This will reassure other Algorand venture partners positively. With such an accomplishment in their luggage, Algorand is expected to work upward with added confidence and vigor in various areas such as IoT, DeFi exchanges, peer-to-peer transactions, and messaging.
About Algorand Inc.
Algorand Inc. developed the Algorand Blockchain – an open source, permissionless public blockchain based on their innovative PPoS or Pure Proof of Stake consensus mechanism. The company, founded by the Turing-award-winning renowned cryptographer and MIT professor Silvio Micali and his team, aims to enable companies to introduce Decentralized Finance (DeFi), integrate various assets into the chain and provide reliable data protection models. The Algorand Protocol is designed to strike an unprecedented balance between scalability, decentralization and security through blockchain, and to promote a borderless economy.
To learn more, visit algorand.com.
The International Chess Federation (also known as the World Chess Federation) or Fédération Internationale des Échec (FIDE) is the umbrella organization for international chess competitions. The Switzerland-based organization was founded to bring all national chess associations under one roof. FIDE, founded in 1924, is recognized by the International Olympic Committee and organizes various variations of international chess competitions, including the World Chess Championships and Chess Olympiads.
Visit fide.com for more information
Via the FIDE online arena
The FIDE Online Arena is the official FIDE online chess platform operated by World Chess. Players all over the world can take part in official tournaments here for official online ratings and titles. The FIDE Online Arena, launched in 2014, has gone through subsequent feature upgrades, including various forms of championships and tournaments. It uses FIDE approved anti-cheating software and behavior tracking module with artificial intelligence to ensure fair play.
Visit myfide.net to play.
About world chess
World Chess, a London-based media company, is FIDE’s commercial partner and is responsible for broadcasting all FIDE events. The company has helped revolutionize and popularize chess around the world. It has organized world chess championships in the US, UK and Russia and is currently developing a chess league called Armageddon for television.
Visit worldchess.com for more information.
SOURCE: BC Newswire
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