MECA Coin is a new ICON-based utility token for the MECA Casino platform, set to be launched later this year. With the project currently in a private funding stage, we caught up with MECA Coin’s DIRECTOR of business development, Chris Lee.
For those new to MECA Coin, please could you give us its background and what it is trying to achieve?
Chris Lee: MECA Coin (MCA) is a utility token to be used on the MECA Casino platform.
MECA Casino is casino platform on the ICON blockchain that offers decentralized online casino for users to enjoy high-quality casino games in a trusted environment while providing an opportunity to become a casino operator without having to own hardware and software. The ICON blockchain offers superior transaction speeds (average 2,000 tps) and low fees compared to Ethereum, and this can resolve the fundamental issue of poor game quality on a blockchain network.
Gambling is about more than simply winning or losing. It is also the entertainment factor and the duration of play that brings enjoyment to players. In order to create a strong and loyal player base, it is essential to keep the ‘fun factor’ of gambling in mind during the development of both game design and odds structuring.
A modern vision for the future of blockchain-based casinos is one that combines transparency and fairness with visually superior gameplay and social elements. Players want more intuitive and well-designed game content, but they also want to know they are not alone in the experience.
A ‘player first’ mentality is essential not just during the development of the platform, the game graphics, and social creation; it must be included when defining player odds and in customer service. The platform that is able to fully provide these market demands to the end users’ experience will be the one to rise above the ranks and claim the greatest share of the market.
The MECA Casino platform will have various types of casino games as well as a sports betting solution, starting full service from Q4 of 2019.
* Decentralized online casino ownership to enable users to own and operate a casino.
* Triple-layered random number generator for completely fair gameplay.
* Highest level casino games and sports betting for the ultimate gaming experience.
You are currently in the process of a private sale. What is the timescale on this and how is it progressing?
CL: As we all know, the crash and continuously bearish crypto market has made it difficult for most crypto companies. It also impacted the MECA Coin project. But during the seed round, we were able to sign collaboration agreement with ICON and raise funding from ICON as well as a reputable Japanese crypto fund to be able to move onto the private round. The private round will be completed by the end of March and we will continue to the IEO /exchange listing.
“We don’t look at players as simply passive participants but rather potential business partners.”
Could you talk us through the MECA Coin team?
CL: The MECA Coin team is composed of experts from online VR casino, mobile/online gaming and the casino industry. The three founders have more than 50 years of combined experience in game development and distribution. Our CEO James has a diverse background in law, finance, digital content & platforms and gaming solutions. He has spent his 25-year professional life in Asia, including Hong Kong, Seoul, Singapore & Shanghai. We also have a strong development team led by CTO Warren Lee who has fully developed a VR online casino platform in the past. We have eight advisors (Can be viewed https://mecacoin.io/) from various industry to support our management team.
What differentiates MECA Coin from other crypto gambling coins?
CL:The development of games for MECA Casino started in 2016. Development on seven games has been completed, including more complicated table games like blackjack and baccarat, five more traditional slot machine-based games.
While all seven games have completed testing on mobile devices, HTML5 web versions will soon be available to integrate full compatibility across a variety of devices and platforms.
It is important to emphasize that MECA Casino is differentiated from most other blockchain-based projects in that we have already developed extensive company assets, before receiving any funding during a private sale. MECALABS has been developing 3D casino games for the last three years with a highly-skilled team of online game developers, and has already commercially launched smart phone and VR versions of their products.
A major strength of the MECA Casino platform is in its integration of players as nodes on the network. We don’t look at players as simply passive participants but rather potential business partners. The value of each player-owned casino will be determined by the full user capacity. This will determine a basic asset price to define the casino’s valuation. Casinos can be purchased as an asset and owned by players. Owners will then gain the status of ‘Master,’ which will allow them to collect fees from games played within their casino. Fees will be distributed to Masters with a portion being utilized to ensure stability and maintenance of the overall system.
How do you see the outlook for crypto within the wider gambling sector?
CL: Online casinos continue to capture a larger percentage of the total gambling market each year.
Traditional online casinos maintain an excessive profit level and operators of these platforms have a high level of centralized authority, which leaves the chance for fraudulent manipulations. In an attempt to alleviate these problems and foster user trust, they work hard to acquire casino licenses or other regulation compliance.