How South Africa's 'Shark Tank' Saw its First Bitcoin Investment ~Corin Faife (@corintxt) | Published on Nov xix , 2016
In what could last a world's starting fourth dimension , bitcoin made an appearance on the pop TV serial Shark Tank this week.
Vinny Lingham , "Shark Tank" South Africa ~Image via M-Net
Launched inwards Oct , South African audiences right away guide keep their ain version of the pop TV franchise (in which entrepreneurs amongst a delineate of piece of work organisation thought pitch to a panel of investors , aka the 'sharks’). But piece bitcoin may non seem similar an obvious correspond , a notable investor inwards the technology is giving it small-screen visibility.
For the starting fourth dimension flavor , ane of the 4 sharks is Vinny Lingham , a South Africa entrepreneur known for a string of companies including Gyft , Yola in addition to right away blockchain startup Civic. He also happens to last ane of the most song supporters of bitcoin , having incorporated it into yesteryear products.
In the most recent episode , Lingham brought bitcoin to the fore yesteryear offering his investment to the developers of augmented reality game Augmentors inwards bitcoin.
In the clip , made available online yesteryear telly network M-Net , Lingham tells the Augmentors founders: "The work you’re trying to solve some creating rarity … tin sack meliorate last solved yesteryear using the bitcoin blockchain. So , my offering volition last 500 ,000 ZAR , or roughly 59 bitcoins , for 20% of your business."
In interview , Lingham explained he was given confidence inwards his investment yesteryear the success of games similar Spells of Genesis , a trading bill of fare game that integrates a blockchain-based token.
Lingham told CoinDesk:
"I made the investment inwards bitcoin because I believe that it's the correct blockchain for the Augmentors squad to leverage to construct a globally accessible game where ownership of express digital assets tin sack last verified."
Games similar Augmentors in addition to others correspond a starting fourth dimension foray into the role of cryptocurrency tokens for gaming , but augmented reality games may seek to last an ideal house , he said , for this blurring of the lines betwixt in-game in addition to real-world value.
Change of direction
In curt , Lingham proposed that blockchain last used every bit a novel solution to the problems the entrepreneurs were trying to solve – generating scarcity in addition to uniqueness inwards a digital environment.
Initially , the thought for Augmentors was that game characters would last summoned yesteryear real-world items , metallic element "triggers" that would last sold to players inwards guild to generate revenue.
But nether the novel organisation , the fellowship volition enhance funds yesteryear selling 'databits' , an in-game cryptocurrency that also makes role of the Counterparty token organisation in addition to that players volition last able to purchase items in addition to abilities for their characters.
It was a quick alter of management , but ane which the squad behind the game seem to guide keep taken inwards their stride.
"After Shark Tank , Vinny threw us inwards at the deep terminate in addition to basically told us to figure it out ," said Michael Joubert , creator of the Augmentors game in addition to Pb developer on the project.
Notably , Joubert's comments betoken to how hard it remains to role blockchain technology , fifty-fifty for the highly technical.
Influenza A virus subtype H5N1 self-taught developer , Joubert built the initial epitome of the game single-handedly , earlier showing it to Kyle Haffenden , a friend from high schoolhouse who went on to move a co-founder in addition to electrical current managing manager of the company.
Still , he said it took nearly a calendar month for them to figure out how Counterparty could last used inwards the token sale.
"It was a flake of a learning plication , but at the terminate of the 24-hour interval it was straightforward to exercise it ," Joubert said.
New collaborations
Since adapting its platform for blockchain , Haffenden said the Augmentors guide keep developed a skilful human relationship amongst other game companies working inwards a similar space.
"We been chatting amongst Spells of Genesis , Book of Orbs; all of the other Counterparty games guide keep been inwards behave on ," Haffenden said. "We've been listening to what they're doing , explaining what we're doing – you lot could tell that there's a lot of involvement betwixt us."
At acquaint , no appointment for the initial crowdsale of tokens has been announced , but yesteryear Joubert's jurist , a total launch is probable to last a twelvemonth to xviii months from completion of the sale.
In the meantime , some grapheme fine art for the game is already online , along amongst some backstory for the game world.