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Make money playing chess online with POWChess and BSV blockchain

Make money playing chess online with POWChess and BSV blockchain

PowChess is an online chess server that allows users to compete in games for real money using Bitcoin SV.

Proof-of-work and the inherent capabilities of the BSV blockchain make it a perfect fit for online gaming and chess, in particular, says Alexei Torgashov, Co-Founder of PowChess.

PowChess is an online chess server that allows users to compete in games for real money using BSV blockchain. The platform is unique because it has payments directly integrated into its platform – allowing for micropayments.

Wealthier players can play for large sums of Bitcoin and they wouldn’t have any issues with a credit card allowing them to make a deposit. But smaller players or players in countries where credit cards aren’t easy to get have a barrier to entry with other chess games.

Similar to other popular online chess platforms, PowChess has a built-in Elo rating system and an ‘activity points’ system to show how much time a player spends on the platform, Torgashov said.

‘I restarted playing chess when the first wave of online chess (popularity) came across at the beginning of the coronavirus lockdowns in March 2020.’

‘The chess market has grown pretty big and I saw the opportunity here and thought about how I can make a platform where people can play chess and earn money with micropayments.’

Growth plans for PowChess

Torgashov said PowChess aims to further grow its platform in the coming months, with plans to onboard Masters and Grandmasters. He added that PowChess plans to add additional authentication and NFT features shortly.

‘So we will give tokens to the Grandmasters so they can get some benefits or play in special queues and so on.’

‘For example, Magnus Carlsen is the world’s most famous player and the world’s best player, and he doesn’t have much time to just play with random users on a chess website.’

‘But what if there was a minimum stake on his profile of, for example, $1,000? Then if some random intermediate player challenges him, maybe he will accept the offer because he will make $1,000.’

Get paid to play chess

Torgashov noted that users can always play for free and earn activity points. These in turn translate to payouts for the most 1,000 active users, he said.

‘So the top 1,000 most active players will earn money. And of course, if you’re playing in public view then you will be matched with players of your own strength. So I think you will have a pretty good chance at winning some money.’

Another way that users can earn additional money is through the introduction of arenas. He noted that the prize pool on traditional chess websites is relatively small and only split across the best players at the top.

The introduction of ‘chess arenas’ on PowChess aims to address this by taking the prize pool and splitting it across the top 50% of players.

Only possible on BSV blockchain

Torgashov noted that this ability to offer micropayments at a mass scale is only possible through the power of the BSV blockchain.

He added that when first deciding to build PowChess, the decision to build it on BSV blockchain was ultimately an easy choice due to its ability to rapidly scale and offer smart contracts. ‘So it was an obvious choice that we would have to use BSV,’ he said.

The BSV blockchain network allows new, highly scalable workflows to replace subscription and ad-based revenue models, leveraging Bitcoin’s highly efficient blockchain as a real-time financial database.

The Bitcoin ledger allows service providers to focus on their customers, removing payment gateways, shopping carts and the slow, clunky steps of on and off-ramping clients to 3rd party processors to complete transactions.

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