Meteorite Network

4 min readMay 27, 2021

Introduction

Blockchain and Smart Contracts open many doors to new decentralized businesses and eliminates the need for expensive third parties. Many new companies are now working on this technology, and large companies are testing it in closed networks to collaborate directly with each other without the need for intermediaries. Moreover, another main reasons why cryptocurrencies are more fashionable is because we know that traditional banks, as modern as they want to be, have an old-fashioned culture and mentality. Beyond the typical financial instruments, they have only evolved to provide some online services. Now, with the emergence of DeFi (decentralized finance), a world of financial instruments is opening up, accessible, open and without permissions for anyone with a cell phone or a computer connected to the Internet. It is a movement that takes advantage of decentralized networks to transform old financial products into transparent protocols that work without intermediaries.

For that reason, there is a lot of projects that are starting to use this new technology. However, not all of them are worth it. We have to read well what each project is dedicated to, what is its whitepaper, its qualified advisors, etc. As I said, blockchain technology has gained popularity due to the hype about cryptocurrencies which has shaken many startups to launch their own cryptocurrencies even without convincing fundamentals. This trend has emerged because new entrants have been more agile in adopting emerging technologies compared to incumbents who are hampered by legacy systems. However, this competitiveness and this advantage enjoyed by the new players may be short-lived, as no economies of scale are taken into account.

Sports is undoubtedly one of the most discussed, most used and most practiced topics. But it has not yet finished breaking into the world of cryptocurrencies and much less through DeFi. For this reason today I bring you a new project called Meteorite Network (https://meteorite.network/) that is based on blockchain technology and that through smart contracts aims to create a new world of sports linked to decentralized finance.

Definition

Going into detail, Meteorite Network or Meteorite Finance (https://meteorite.network/) is a Defi “Hold-to-farm” protocol based on sports. The platform intends to reward each user who holds its token through a commission that will be established on a percentage basis for each transaction made in its ecosystem.

It should be said that Meteorite Finance has just launched its first product called Meteorbet. METEORBET has been designed to create a bridge between sports and the defi space to meet this growing expectation and demand for sports betting in the cryptocurrency world, so that the user will be able to bet their cryptocurrencies on any sport and be rewarded if they get the result right in $METEOR, the METEORBET token.

How does it work?

The Meteorite Network is a DeFi farming protocol based on the Ethereum blockchain network in which for each transaction made, 1% will be charged and distributed among the holders of the token. In addition, within the Meteorite ecosystem it will be possible to create other products which will also support the METEOR token, thus generating a positive impact on the token and giving it utility.

As a first case, the Meteorite Finance team has already created its first use case in the form of sports betting. As mentioned before, Meteorbet has been launched as a decentralized finance pra sports betting platform that allows $Meteor bettors to place bets on major sporting events through their cryptoassets.

Bounty program

The project gives the opportunity to earn $METEOR tokens performing some social media tasks and doing simple steps from the bounty program explained into the following Bitcointalk Thread here (https://bitcointalk.org/index.php?topic=5331064.0), where you can access the link in order to see what are the conditions to become an early Meteorite Network contributor and start acquiring tokens.

For more information about the project, you can visit and read their WhitePaper available here (MeteoriteNetwork_WP). You can also stay tuned in their official Telegram Channel (https://t.me/Meteoritenetwork). I hope you liked the post and soon I’ll send you new ones.

Token details

$Meteor is the main token of the Meteorite network, which is created through the Ethereum blockchain, thus generating smart contracts for each of the use cases given to the platform. As main functions it does not yet have many, but it will undoubtedly be very useful in the future, since for each project launched within the Meteorite Network ecosystem, a function will be assigned to the token.
For the time being, users can bet their $Meteor through the Meteorbet sub-platform via sports betting.