Cubiex eSports Review - a fundamental analysis
At My Crypto Spirit, we all love blockchain technology and cryptocurrencies. But as some of you may know, we have a special interest for blockchain solutions in the gaming industry.
Our shared interest for games recently led us to an interesting blockchain project — a project that aims to incentivize eSports and create a blockchain powered gaming ecosystem. That project is Cubiex.
Cubiex describes itself as a next-generation tokenized social network for eSports & gaming enthusiasts, with the vision to connect gamers on a global basis.
Worldwide, an estimated 400+ million hobbyist gamers are currently active. Cubiex defined a problem in the worldwide gaming community that’s actually twofold. Most gamers have:
(1) no way of monitizing their gaming experience; and
(2) no clear mediums to be a part of the professional eSports scene.
Cubiex intends to solve the problems of both social connectivity and incentivization by building a next-generation tokenized social network for eSports & gaming enthusiasts. Their vision is to connect gamers on a global scale in an ecosystem with features such as rewarded content creation, eSports & crypto league, P2P matchmaking, livestreaming & virtual in-game items trading.
Tokenomics and funding
Project whitepaper V1.8
Token type: BEP2
Total supply: 150.000.000 tokens
Public sale token price during IDO: 1 CBIX = $0.079
Public sale allocation: 4.22% of total supply
On 17th of July 2019 Cubiex eSports held an Initial Dex Offering (IDO) on Binance DEX. In total more then 750+ people have sent more then 34000+ BNB worth of 906.000 US $ — exceeding the IDO allocation by almost two times. The overall sales target of 500.000 US $ was hit just after a couple of seconds.
There’s a lot of information about the team on the Cubiex website. Click here for the core team members, including their background and LinkedIn profiles. In this chapter, we will highlight a few team members by taking a look at their history and in what way their expertise strengthen the team as a whole.
First off, let’s take a look at the founder and CEO of Cubiex, Pierre Chahine. When looking at his profile, it’s immidiately clear that we’re dealing with a gaming enthusiast; someone with a passion for eSports. Pierre has no less than 20 years experience as a gamer, of which he has spent a considerable amount of time as a professional Counter-Strike 1.6 Pro Series Player. He has also been in a management position, acquiring and managing teams at any skill level.
Just going by his experience in the eSports world, Pierre knows a lot about social connectivity, rewards structures, digital collectibles, content creation and livestreaming in the world of eSports.
He has now made it his job to ensure all of these features are represented by Cubiex, allowing for the creation of a platform where all eSports aspects come together.
Pierre’s eSports experience combined with his history of being an entrepreneur and private banker with a passion for financial markets & blockchain technology makes a strong case for the potential we see in Cubiex with Pierre leading the project.
Secondly, development is arguably the next most important aspect of any business working on blockchain solutions. Cubiex currently has 2 employees with an expertise in development: Marc Schroetel [Chief Technical Officer] and Joel Witzke [Blockchain Engineer].
Let’s start with Marc Schroetel. What we can see from his background is that he has been a developer for at least 15 years, starting his first job experience in 2005 as a Web Developer. He then moved on towards being a consultant and software architect before taking on the role of CEO for Sanid, a mobile engineering company. Taking this background into consideration, his role Chief Technical Officer seems to be a very good fit for his profile.
Joel Witzke — whilst still working on his masters thesis on the Ethereum Network at the moment — already has 10 years of experience in backend development. At Cubiex, he will be in charge of smart contract development and scaling. Again, Joel seems to be a great fit for the team when considering his university background and the experience he’s gained during his masters thesis as well as in working during his studies.
Most team members at Cubiex eSports have a strong affinity with gaming and/or eSports. At My Crypto Spirit we highly value a passionate team; it’s important to know what drives a team towards reaching their goals, what motivates them to give it their best. And when taking a look at the history of Cubiex’ team members, it’s clear the team is heavy on eSports enthusiasts and experts in different aspects of the global eSports scene. This — at the very least — ensures us this team is passionate about their goals at Cubiex eSports.
Cubiex currently has 8 members on their Advisory Board. Click here for an overview of the advisors on board, including their background and LinkedIn profiles. The advisors are a balanced mix of blockchain, financial and gaming advisors. We will highlight one advisor in both the gaming and blockchain category and check out their role in the Cubiex ecosystem.
On January 30, 2019, Cubiex announced that they signed an advisory and promotional agreement with one of Turkey’s most influential gaming streamer: ThetaBetaPlays — a Youtube Channel owned by Berkant Cen and his wife. At time of writing, ThetaBetaPlays has a total of 345k subscribers on YouTube and usually has 50k-200k viewers per video. Besides YouTube, they are also active on Instagram and Twitch.
Berkant and his wife are focused on the Turkish Counter-Strike Global Offensive amateur and pro-series scene. Part of their work lies in connecting the amateur scene with the competitive scene through securing & gaining the streaming rights for various events such as the Blast Pro Series İstanbul.
The agreement they have with Cubiex means they will be featuring the MVP & overall product development in 2019 and further on, as well as create user traction parallel to the release of the Cubiex MVP in 2019.
Their audience will be given exclusive access to Cubiex’s social network as alpha testers to test the Cubiex MVP and support the team in further development as well as community votes on different site features.
Currently employed as a business development manager for Times Microwave System, Josef Salcman is the co-founder of Cryptoinvest.es, the biggest Spanish speaking crypto-network. Cryptoinvest.es consists of a team of crypto experts both in knowledge and trading. The website offers a range of blockchain related services, e.g.:
A blog with in-depth blockchain information;
Courses and training on trading, investment and security;
An active community of people interested in cryptocurrencies and blockchain technology
Considering both Josef’s experience as a business developer and his expertise in — and access to — a wide range of blockchain aspects, we consider him to be a valuable asset to the team in his role as a blockchain advisor.
Taken as a whole, the Cubiex advisory board is a solid mix of experts on the most important aspects of gaming, blockchain and financials. Together, it provides Cubiex eSports with a lot of potential for making the right choices; implementing the advisors’ combined knowledge in Cubiex’s strategy can definitely help create a much needed robust gaming ecosystem.
The roadmap shows that the team is currently on schedule. The Initial Exchange Offering was planned for the current quarter (Q3) and was finished on the 17th of July 2019. The next milestone the team and community are looking forward to is the release of the MVP or Cubiex V1.0 Public Release in Q4.
A notable aspect on the roadmap is the amount of users expected on the Cubiex platform. The team is aiming for 100.000 users in Q2 2020 and up to 500.000 users in Q2 2021. This may not sound that much when thinking of the millions of gamers currently using competing platforms, but — in our opinion — this is actually a very realistic view on development and traction gained for a new business. It may or may not eventually exceed 500.000 users in Q2 2021, but realistically, it always takes time for users to adopt new platforms or technology with any kind of product. This is why it is important to have advisors and influencers such as ThetaBetaPlays on board.
We can’t possibly rate Cubiex eSports without taking a look at the fundamental features, how they work and what they add for gamers and followers alike as opposed to currently existing gaming platforms. So let’s take a look at these features and discuss the value they add to the world of gaming, starting with Cubiex POWER Tokens.
Cubiex POWER Tokens
As Cubiex POWER Tokens are at the core of the Cubiex ecosystem, it is important to understand what it is and how it works. POWER is a currency that is only used within the Cubiex platform and will not be available on any external exchanges. POWER can only be ‘bought’ via the Cubiex platform through a 1:1 conversion of CBIX.
All rewards, donations, prize money and marketplace currency are represented in the POWER Token. For users of the Cubiex platform, all income generated through matchmaking, streaming or social media content production can be used to purchase digital in-game items on the Cubiex.Market or can be spent via the matchmaking platform to participate in community matches.
Important to note is that — when a user wants to convert his POWER to CBIX — 50% is immediately available, while the remaining 50% will be available after a 4 weeks vesting period.
Cubiex allows users to create and share content on the platform. This content can be anything we usually see in gaming content — e.g. writing articles, blogging or uploading useful content to the community.
Content creators can earn POWER tokens depending on the number of community upvotes and the influence an article has on the community. The exact mechanics to this are not mentioned in the whitepaper, making it difficult to have a meaningful discussion about it at the moment. We are interested to see the actual implementation later this year though.
The live streaming feature allows gamers to create an audience who can subscribe to their channel, watch live streams, follow and interact with each other. The platform allows for followers to send donations in Cubiex POWER tokens. Different from Youtube and Twitch, Cubiex Live Streaming allows gamers to raise their income through donations whilst massively reducing commissions as well as their dependency on sponsors.
We consider this to be a huge advantage over the ‘traditional’ streaming platforms. Not only does this increase independence and potentially income for streamers, the POWER they gain can also frictionlessly be used for all other features on the Cubiex platform — all of which can be perceived as important for the streamers to keep their audiences engaged.
This is a marketplace that allows gamers to buy and sell digital in-game items at a secured personal price with the help of smart contracts. The currency used for this will be Cubiex POWER Tokens and there are no transaction fees involved in any of the purchases in Cubiex.Market.
The marketplace also allows for brands, marketing agencies and game developers to upload and sell in-game items.
The added value of Cubiex.Market is that the marketplace is available as part of one coherent platform Cubiex is developing, making it a smooth process compared to other marketplaces. Besides that — it being on the blockchain — using smart contracts makes sure the marketplace is trustworthy ad safe to use.
One thing that we would love to see is for all in-game items to eventually become Non Fungible Tokens (NFT), which will further add strength to the argument of cutting out the middleman, whilst also adding real ownership on digital items to the equation. Cubiex eSports would have a great opportunity to accommodate NFTs in their ecosystem if this were to happen. We understand this is a development that’s not being led by Cubiex and isn’t within their current scope; it’s something the gaming industry would have to pick up.
The Cubiex platform will also implement a community matchmaking system. This system will allow individuals as well as groups to compete against each other for POWER tokens. Team accounts can be created on the platform, after which teams can participate in ranked battles. All of this takes place in the Cubiex Battle League, where individuals and teams will be ranked in ladders, giving gamers the chance of generating income while climbing up the ranks at the same time.
This is a very interesting idea that might gain a lot of traction amongst amateur gamers; incentivizing ranked gaming. One things to keep into account is that, where the aspect of earning money with gaming will definitely incentivize a large part of the gaming community, there will also be a part that prefer a gaming scene where money is not involved. We do hope it does not divide the gaming community in any way because of this.
As with most blockchain start-ups, Cubiex has several partners that help a business with the necessary infrastructure and networking to kickstart growth and exposure.
Some of the partners in the picture below — also see here — provide blockchain services and are there to make sure the underlying blockchain infrastructure is well built and maintained, allowing the team to focus on building out their vision.
A short introduction to some of the partners that provide blockchain services that are especially important during the start-up phase of a blockchain business:
Latitude — is an Australia based blockchain services firm that helps start-ups with a range of services, e.g. Community Management, PR and Marketing, Web Design and Smart Contract Audits.
Latitude was announced by Cubiex on April 4 2019.
WeStart — helps with the KYC process;
InCodeWeTrust — specialises on the in-depth technical review of Blockchain projects and advice in the crypto space;
Masternode Ventures — offers a wide range of blockchain services ranging from whitepaper feedback to help with tokenomics and strategy.
Other partners exist to help with exposure and growth in the eSport scene. One of these partners is ThetaBetaPlays, which we introduced earlier as being a member of the Cubiex Advisory Board. A short introduction to the other partners in this category:
Virre CSGO — Professional CS:GO Movie Maker. Virre currently has 280k subscribers on YouTube and his videos usually have an amount of views in the range of 100k-200k;
ESIC — eSports Integrity Coalition. A not-for-profit members’ association that works with eSports stakeholders to protect the integrity of eSports competition. Take a look at what they do and stand for here;
Bravado Gaming — the leading eSports organization from South Africa. Bravado is established in 2006 and started as one of Africa’s most competitive teams in gaming. They are currently Africa’s premiere multi-gaming organization and have some of the best international gamers in the eSports scene. At the same time, they’re building a lifestyle gaming brand. Cubiex and Bravado will work closely together to push both brands globally, essentially being ambassadors for each other on a global level.
Bravado Gaming was announced by Cubiex on April 8 2019.
All in all, most partners currently in Cubiex’s portfolio are there either to help them with the start-up phase or continuously help bring exposure in the global eSports scene. We are especially impressed by the current eSports partners and see them as a great start for sharing the Cubiex platform on a global level. It shows that the team is aware of the importance and strength of networking in the worldwide gaming scene. In the end that is — of course — at the base of Cubiex’s own platform.
We are very impressed with the goals of Cubiex eSports. The team seems to be a coherent group of experts — whilst at the same time being passionate about the eSports scene, which gives us a lot of confidence in their willingness to keep on building to make their dreams come true.
The gaming related advisors and partners of Cubies shows the team knows their way around the global gaming community and are aware of what’s important for exposure and growth. This also makes it clear they know what the global gaming community wants and needs.
Experienced and passionate team;
Gaming partners and advisors with influence in the gaming scene;
Building a robust one-stop gaming platform for both amateur and professional gamers;
Platform features are interesting and provide more value for gamers than similar features on currently available platforms such as Twitch, Discord and YouTube.
Incentivizes amateur gamers to play ranked and start earning while working their way to the professional leagues
Good tokenomics and a solid dual token structure using POWER tokens for the on-platform economy.
It’s yet another social media platform, which raises the question if people want to use an extra platform besides the ones they’re already using. Of course, the idea is that potential users don’t have to use other platforms anymore — e.g. Twitch and Discord. There are several reasons we can think of why people would still ‘need’ the already existing platforms though, especially YouTube.
At My Crypto Spirit, we are very interested to see where this will go. We will be sure to follow the Cubiex development closely and we are looking forward to testing V1.0 of the Cubiex eSports platform.
We will continue to update everyone on our findings and hope you will be there to follow us on this journey.