DEFINITION of 'Unikrn'

Unikrn is the operator of an eSports betting platform that uses cryptocurrency tokens. Unikrn’s tokens are called UnikoinGold.


Created in 2014, Unikrn is a Seattle-based company that focuses on the eSports industry. eSports are most commonly associated with video game competitions, and has experienced rapid growth in global popularity. The company’s founders, Rahul Sood and Karl Flores, created a platform where bets can be placed on the outcome of these video game competitions.

Bets are placed through a cryptocurrency token called UnikoinGold. In addition to allowing the tokens to be used to place bets, the company wants the token to be used by tournament organizers when paying out prizes, and to allow spectators to give tips to tournament participants.

UnikoinGold tokens can be exchanged for more well-known and highly-traded currencies such as bitcoin and ethereum, providing UnikoinGold token holders with the opportunity to convert their initial investment back into U.S. dollars. Tokens can also be used on its platform to be on eSports games.

Unikrn uses a token standard called ERC20. This standard outlines the rules that all etherum tokens follow, which allows developers to understand and predict how the token will function since it is a decentralized token on ethereum’s blockchain.

The use of blockchain technology is designed to circumvent the betting laws that required Unikrn’s previous foray into in-game currency, Unikoin, to only be used within the platform itself. This prevented individuals from being able to readily convert their winnings into other cryptocurrencies or physical currencies, such as dollars.

The novel use-case for Unikrn’s tokens – eSports betting – may create further limitations as to its usefulness. Some UnikoinGold holders may consider the token an investment, waiting for it to appreciate before trading the tokens for bitcoins, ethereum, or other cryptocurrencies. The end goal for these individuals is likely a conversion into U.S. dollars.

Those who purchase UnikoinGold tokens in order to places bets on the platform will have to make sure that they are located where Unikrn is licensed to take bets. Unikrn splits these locations into Full Service Jurisdictions, where it can offer all betting services, and Limited Jurisdictions, where it can only offer some betting services.

In addition to UnikoinGold, Unikrn intends to release a more limited-use currency, called UnikoinSilver, that is used for transactions in the platform economy. This cannot be withdrawn for the system, making it much more similar to a casino’s house chips or in-game currencies used in online games. It would most likely be used in Limited Jurisdictions, as these do not allow full betting rights. Because of these limitations, UnikoinSilver would not be considered an investment opportunity the same way that UnikoinGold would. This is because it cannot be traded for other cryptocurrencies in a currency exchange, such as CoinBase.

In 2017, Unikrn announced that it would raise $100 million through an initial coin offering (ICO). The cryptocurrency token sold in the ICO, called UnikoinGold, is a follow-up to an initial round of venture capital that raised $10 million. The initial round of funding made the news because of its association with Mark Cuban, the owner of the Dallas Mavericks, as well as other celebrities.

  1. Crypto Commodity

    A crypto-commodity is a digital representation of a commodity, ...
  2. Simple Agreement for Future Tokens ...

    Simple Agreement for Future Tokens is an investment contract ...
  3. eSports

    ESports mimics the experience of watching a professional sporting ...
  4. Augur REP Token

    The Augur REPutation token (REP) is the cryptocurrency of Augur, ...
  5. PerksCoin

    A PerksCoin is a cryptocurrency designed for use in the cannabis ...
  6. LedgerX

    LedgerX is a clearing house that specializes in cryptocurrency ...
Related Articles
  1. Investing

    VC Fund Blockchain Capital Launching Initial Coin Offering

    Blockchain Capital will be the latest firm to launch a token for public sale via an ICO.
  2. Tech

    What Are Fixed-Price Cryptocurrencies?

    A new breed of cryptocurrency has its value fixed to a particular 'real-world' asset.
  3. Tech

    The Rise of 'Initial Coin Offerings'

    A growing trend sees more digital tech companies creating their own currencies. What is in store for this developing industry?
  4. Tech

    A Crypto Primer: Currencies, Commodities, Tokens

    Here's a brief primer on the differences between cryptocommodities, cryptocurrencies, and crypto tokens.
  5. Tech

    Top 5 Cryptocurrencies by Market Cap

    In the ever-shifting world of digital currencies, these coins and tokens have come out on top.
  6. Tech

    MIT Tech Review Reveals Plan to ‘Destroy’ Bitcoin

    MIT Tech Review has an interesting three-pronged strategy to kill Bitcoin!
  7. Tech

    Gold and Blockchain: An Unlikely Power Couple

    A cryptocurrency that derives its value from physical gold could provide a hedge against volatility.
  8. Tech

    Are There SEC Guidelines on ICOs?

    The SEC's Report of Investigation recently said that tokens are subject to the federal securities laws.
  9. Tech

    Bitcoin Has A Regulation Problem

    Bitcoin, which has run afoul of regulators around the world, is slowly being accepted by some government agencies.
  10. Insights

    Investors Might Use ICO to Buy NYC's Iconic Plaza Hotel

    Plaza tokens could offer a stake in the iconic hotel of the same name.
  1. Is financial spread betting considered an investment?

    Learn about the basics of investing in spread betting and how investors protect investments from loss when using this risky ... Read Answer >>
  2. What are the odds of getting a perfect bracket in Warren Buffett's March Madness ...

    In 2014, Warren Buffett announced that he would give whoever could correctly guess every game of the NCAA men's basketball ... Read Answer >>
  3. What am I buying and selling in the forex market?

    The forex market is the largest market in the world. According to the Triennial Central Bank Survey conducted by the Bank ... Read Answer >>
Hot Definitions
  1. Return On Equity - ROE

    The profitability returned in direct relation to shareholders' investments is called the return on equity.
  2. Working Capital

    Working capital, also known as net working capital is a measure of a company's liquidity and operational efficiency.
  3. Bond

    A bond is a fixed income investment in which an investor loans money to an entity (corporate or governmental) that borrows ...
  4. Compound Annual Growth Rate - CAGR

    The Compound Annual Growth Rate (CAGR) is the mean annual growth rate of an investment over a specified period of time longer ...
  5. Net Present Value - NPV

    Net Present Value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows ...
  6. Price-Earnings Ratio - P/E Ratio

    The Price-to-Earnings Ratio or P/E ratio is a ratio for valuing a company that measures its current share price relative ...
Trading Center