As a seasoned researcher with a keen interest in both blockchain technology and martial arts, I find the partnership between Karate Combat and Hedera truly intriguing. Having closely followed the evolution of web3 applications and the rise of decentralized finance (DeFi), I am excited to see how this intersection unfolds in the world of sports.
In simple terms, the innovative Karate Combat, a top-tier martial arts competition held online, will soon introduce its layer-2 blockchain system powered by Hedera.
On October 11th, the Karate Combat team unveiled plans for their layer-2 platform, named UP, to launch on the Hedera network (using HBAR coins) during the first three months of 2025.
Prior to this, the Karate Combat team has granted a license for their software suite, enabling sports leagues, teams, eSports, fantasy sports platforms, digital currencies like meme coins, and online gambling platforms to migrate to the web3 environment using the UP layer-2 network.
In simpler terms, the gaming feature “Up Only Gaming” offered by Karate Combat, boasting over 100,000 active users, enables holders of the native token, KARATE, to acquire extra tokens by correctly foretelling the results of fights on the platform.
UP token to launch in 2025
University of Phoenix (UP) is providing partner platforms with the ability to construct duplicate mobile applications using their software suite, which can be tailored to their needs. Additionally, Karate Combat will provide grants and rewards to its associated organizations upon the launch of the layer-2 token UP in 2025.
As a researcher involved in this project, I am excited to share that early builders stand to benefit significantly. A portion of the total supply of UP tokens, amounting to approximately 30%, will be allocated for those who stake in the KARATE platform. This incentive aims to encourage and reward their active participation in our shared endeavor.
In other words, 10% of the allotted tokens are earmarked for a rewards scheme designed specifically for HBAR. These tokens will find their way into liquidity pools, as well as Hedera-backed decentralized loaning and lending platforms, and staking mechanisms.
The Hedera-focused organization, known as the HBAR Foundation, has formed a strategic alliance with Karate Combat. This partnership designates the HBAR Foundation as the exclusive blockchain supporter of KC.
We’re now halfway through our third year working together with Karate Combat, and it’s truly amazing to witness their achievements. As the initial professional sports league regulated by a token, they’ve raised the bar significantly and have explored the limits of what can be done using blockchain technology.
David Cramer, chief operating officer, The HBAR Foundation.
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2024-10-11 20:38