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Without question this is a horrible idea. The ICO model is extremely greedy and development is focused on ideas that will not work. Any online chess tournament with significant prizes will attract bots strong enough to beat the best players in the world.

No evidence of Chess DAPPs ideas of any value have been presented. I see lots of buzzwords and zero substance.

Serious chess players will avoid this ICO like the plague.

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It is obvious that the developer is not a serious chess player and only using "chess" as a buzzword to attract investment from non chess players who do not understand the realities of playing chess online in the age of computers.

Ignoring the prize money problems (easily abused with computer assistance), creating decentralized DAPPs for playing chess is a solution in search of a problem.

Very fast time controls are dominant online and latency is extremely important. With numerous reliable free solutions already available, it makes no sense why someone would pay transaction fees to utilize a blockchain based chess DAPP to play a chess game online, (with more lag and less features than existing free options).

We mainly focused on rapid chess.
Are you interesting in playing chess?
If yes, you can visit this site: Chesscube.com
Chesscube fueled by virtual currencies (Chess Cubit or Crow which are centralized virtual currencies). You're just able to deposit fiat money, buy their Cubit or Crown to play and cannot withdraw your money. ChessCube is still working very well with thousands of games played everyday.

The clear idea we are pursuing is that you will have an advanced Chess Application fueled by a decentralized cryptocurrency.