GameCredits is ditching its Proof-of-Work mining mechanism and switching to become an Ethereum token later this year. The platform will start working together with another team called NovaToken. Currency owners of both projects will get to claim an equivalent amount of a new ERC-20 token based on a blockchain snapchat of both networks in the near future.
NovaToken is very esports-oriented, and to them the collaboration with GameCredits is mainly one from a marketing perspective. However, for GameCredits it will allow them to embrace esports tournaments and non-fungible tokens much easier. In addition the new system will introduce an exchange platform, while also allowing users to stake their GAME tokens on a certain game. It's a way to create funding for a developer, while users become investors and earn rewards over their stakes.
GameCredits will move to the Ethereum network this summer. The newly established GAME token will replace NVT and the current GAME currency. This also means that exchanges will swap the projects. This could mean that the new token will be available on ForkDelta, Altilly, Bitbay, Bittrex and Livecoin.
In March last year the GameCredits team launched their own online shop for games. However, the blockchain has been around since 2014 and never really gained any market presence within the gaming industry. That's something that projects like for example Enjin did manage to do.
Introducing GAME Rewards
The team has already announced the launch of GAME Rewards. Users get to stake on various games, and token holders earn loyalty points. These points can be redeemed for rewards, like for example in-game items, promotional NFT's, tournament tickets or GAME tokens. Staking also generates a small revenue stream for developers of that certain game. The new team behind GameCredits expects that staking will become a prestigious endeavor within their ecosystem.
Currently the staking system is live on the Kovan test network. The real platform will be live when GameCredits switches to the Ethereum main net this summer. The team is trying to provide an incentive for developers to sign up to their program:
- Increased visibility for their game to the NFT and crypto gaming market
- No cost to sign up on the portal
- A few easy clicks and your game is signed up ready to earn rewards
- A revenue source to earn more GAME
- Gives the game developers eligibility for the company’s game grant service
- Offers a new, innovative way to engage with their user-base and encourage more in-game participation
Posted from my blog: https://www.nederob.nl/2020/05/04/gamecredits-ditches-mining-and-moves-to-ethereum/