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.
There are thousands of chess games played online everyday. Enthusiastic chess players spend a lot of time playing chess without any achievement. Many chess softwares and websites have built up modern platforms for chess players to fight against computer and human or to join online tournaments in all formats which are the same as authentic tournaments. The difference between those two tournaments is that online players just receive virtual medals without any material value. If there is a game-based platform in which chess players are paid whenever they win a game or a tournament, it would be great chances for millions of people whose dreams are to play chess for real award. That platform which is based on an advanced prize delivering system will hold both amateur and professional tournaments in all levels. Accompany with the quick development of blockchain technology, that platform will eventually come true. We, the men who are enthusiastic in both chess and cryptocurrency have been working hard to build up a Blockchain based Chess Dapp or Decentralized Chess Playing Platform which is fueled by a cryptocoin, named ChessCoin.
ChessCoin Specifications
Coin name: ChessCoin
Coin Ticker: CHESS
Algorithm: Scrypt
Type: Hybrid PoW/PoS
PoW lasts for 4096 Blocks
PoS works from beginning.
Block reward: 64
Target spacing: 64 seconds
Max supply: 74.666.667
Premine percent: 64%
Premine amount: 48.000.000
Min stake time: 2 hours
Coinbase maturity: 32 blocks
Premine is used for ICO to raise fund for further development of ChessCoin based Dapps. PoW which lasts not too long (4096 blocks) is for stabilizing and securing ChessCoin network at the early phase. 32% anual stake reward would not be high because this will encourage ChessCoin investors to hold it for long term. One another important thing is that an impressive PoS reward will be more attractive to chess community. The more people join in , the more value ChessCoin will increase.