[The article has been updated with additional information]

The International eBoost Society announced today that it will create and issue the world’s first cryptocurrency for use in the growing eSports field, according to co-founders Marshall Long, Nicholas Thomas and Lionel Iruke. 

According to the official release, the new eBoost token is a piece of software that will be used as an in-game cryptocurrency to facilitate wagering in player-to-player matches within the rapidly growing sector. The Society is responsible for the creation, maintenance and promotion of the eBoost software token, which will initially be used by the popular eSports site, Mockit, which has received over five million replays on Amazon.com’s Twitch.tv.

“We see eSports and in-game cryptocurrency as a supremely logical fit,” said Long, who will serve as chief gaming officer.  “In just the past few years, eSports has come from a rounding error on overall gaming sales to a $1 billion market on its own that is growing much faster than any other gaming sector.  We believe the passion and enthusiasm of eSports players and viewers is unrivaled, and our goal is to allow every eSports participant globally the opportunity to place friendly wagers with any other player in the world, regardless of national borders or banking systems.”

The eBoost Society will kick off its public crowdfunding today at 11 am PT/2 pm ET/6 pm GMT exclusively at cryptocurrency exchange Bittrex. The crowdsale could be reached at here. The token is being created by a development team led by prominent cryptocurrency developer Jim Blasko. BitAngels founder Michael Terpin is also an investor and advisor.

eBoost will be a non-mineable, proof-of-work token, with 100 million coins authorized, up to 20 million of which will be sold in a crowdsale that begins its public portion today with a 24-hour bonus of 60 percent additional software tokens over the final day baseline of 3000 eBoost per bitcoin.  Every day thereafter, the rate of bonus coins will drop, beginning with a 33.33 percent bonus on day two through no bonus on day 42.  The crowdsale site will automatically change the bonus coin formula daily at 11 a.m. PDT / 2 p.m. EDT / 6 p.m. GMT.

The private software presale has been by invitation only and ends one minute before the public crowdsale begins today; the public crowdsale schedule is as follows:

• Bittrex will host 20 million coins at a first-day price of 4800 eBoost-per-BTC each. After that, the second-day price will drop to 4000 eBoost-per-BTC, and it will go down 25 EBST per day until it reaches a final-day price of 3000 EBST-per-BTC.
   
• The crowdfund will run for approximately 42 days beginning September 15, 2016 at 11:00:00 PST and ending on October 27, 2016 at 10:59:59 PST.
   
• The crowdfund must raise a minimum of 150 BTC to be considered a success.  If this minimum goal is not reached, all crowdsale funds will be returned.
   
• Any coins not sold by the end of the 42-day crowdsale will be verifiably “burned” (destroyed by sending to a public address with no known private key).
   
• Initial trading coins will consist of the crowdsale coins, plus 2 million coins held by the Foundation for initial business development, marketing, tech updates and maintenance.