Algorand an Official Blockchain Partner of the FIDE Grand Prix Series
Have you ever heard about the partnership of Algorand Blockchain to Word Chess? If not then let me discuss to you the valuable details and the development that the Algorand compromise to the partnership.
Algorand is an open-source software and blockchain technology company, announced today a partnership with World Chess that will make Algorand the first official blockchain partner of the FIDE Grand Prix Series. The chess players from around the world are now capable to be engage for the official FIDE Online Arena ratings and qualify for official titles. The blockchain is incharge of recording official ratings and titles data this will bring network in real time and reliability and transparency to the rating system of digital chess. All ratings of the players will be validated on the blockchain that makes the tournament more reliable, secure and be departed in any deceitful activity.
The Chief Executive of World Chess and also the organizer of the FIDE Grand Prix Series, Ilya Merenzon said “Chess has been a sandbox for technology, from the first computer game to the latest artificial intelligence solutions. With Algorand joining the World Chess Championship cycle as a blockchain partner, chess has a chance to become a permanent part of this new and exciting technology, we see a lot of overlap among chess fans and blockchain enthusiasts, and also unlimited opportunities to develop blockchain solutions and projects that chess can test and adopt.”
Algorand Blockchain is a public cryptocurrency blockchain and protocol that aims to deliver decentralization, scale, and the security of all it’s participants. It is also defining the standard blockchain technology and making possible new borderless economy.
“A partnership between Algorand and World Chess is exciting given the overlap among early blockchain adopters, computer science and chess enthusiasts,” stated by W. Sean Ford, COO at Algorand. “Chess is an incredibly nuanced, complex and global sport that rewards strategic thinking, and is moving rapidly to the mainstream through events like the FIDE Grand Prix. As we see blockchain adoption and DApp development also move to the mainstream, we are excited to work with key FIDE events to bring these two worlds together.”
About the players Prize
Since Algorand online tournament is been held weekly for all players. They set a 3 minutes time control with a 2-second increment per move. The Algorand also stated that the prize fund for each tournament is 600 ALGO but will be equally divided to the first three winners and there will also be a special prize of 800 AlGO for the best result shown by a player that will be base on the results of all Algorand online tournaments. They also set a rule that the Prize will be awarded to prize holders only once so if a player wins multiple tournaments, he or she will receive the prize once. A not distributed prizes will be awarded to players who have the same number of points as the winners but loses by calculations in chronological order.
About Algo as a Prize
Algo is the cryptocurrency of the Algorand Blockchain. It perform the same key tasks as paper money but since they are truly digital Algo can do so without all the challenges of paper money. The Algorand cryptocurrency can be also use for buying goods or services that is why all the Algo that is been received at the Algorand Tournament on the FIDE online arena can be exchange for a goods in World Chess shop. Winning players can get obtain the World Chess Academy set that is produced in a plastic in the same design as the famous official World Chess Championship set. A limited edition official World Chess Championship sweatshirts, t-shirts and pins are also available. Also a subscription to the live masterclasses with top grandmasters or even subscription to FIDE Online Arena where the players can play officially rated games and obtain official online titles such as Arena Grandmaster, Arena International master, Arena FIDE master & Arena Candidate master.
About Fide Grand Prix
The FIDE Grand Prix is a Series of four tournaments staged in global cities and also the main qualifier for the World Chess Championship. 21 of the world’s strongest chess players to dispute the qualification to challenge the incumbent World Chess Champion. The Series takes place over the course of 2019 in Russia, Latvia, Germany, and Israel. The Series is organized by World Chess and the Fédération Internationale des Echecs, (FIDE), the chess governing body.
Reference:
worldchess.com