Hey there creatures of the Hodl-space, Otto11 here and I trust you are good?.
So I thought I'd share a memory from my childhood and also share my view on our changing and modern world.
Abstract:
In 2011, I was an avid gambler, back then one of the most common sporting activities in Nigeria was soccer, we are usually a team of 5 members and 3 substitutes against 7 to 10 other competing teams.
Now how this worked then was that the competing teams of (let’s say) 10 would contribute a given amount of (let’s say) about 5000 Ngn ($12.6).
For the reward system, the 1st and 2nd position get up to 55% and 35% in rewards respectively while the remaining 10% goes to the officials.
Though fun at the time, there were a lot of disadvantages, the major ones were;
- The rewards weren't secure (security); This meant a fight could break out and disrupt the whole event.
- Cheating; The officials may rule in favor of another team which means, bribery and wrong calls.
Because of these recurring factors and the risk of being attacked after the games, I moved to e-sports, Fantasy, and Sports betting.
What is E-Sport?
First off, it’ll help to know that e-Sport is a competition but unlike most competitions, It is done using Video games.
That means to participate it’ll require multiple players (Multi-players) to compete. Looking at it much closely though, You can tell that e-sport has almost the same mode of operation as my street soccer competition when I was younger but its major difference is, it is virtual which still doesn’t fully guarantee safety, fairness, etc.
Now when you add blockchain to the mix…
Now, eSport being P2E, doing it on a blockchain takes it to another level, this is where I learned about GamyFi.
What is GamyFi?
It is a Blockchain-based e-Sports and gaming platform which incentivizes gamers and sports enthusiasts for their skills and knowledge with exciting rewards and NFTs.
This way GamyFi will introduce the world to the blockchain by offering a balanced platform where there’d be fair and safe gaming.
GamyFi ecosystem currently features 5 applications:
- Fantasy sports.
Lottery.
PvP multiplayer games.
Prediction Market.
NFT marketplace.
Problem:
Privacy: These are common with the common betting platforms, because users are required to provide private data to use their services.
Fees: Charges on tax and fees often drive users away too as they are mostly too expensive for players to afford.
Solutions:
GamyFi runs on the Blockchain, which means it enables trustless and Speedy transactions.
Cheap and super affordable fees.
Tokenomics and Allocation
The native token of GamyFi is GFX, The GFX token will be Community-driven with yield Farming protocols and other forms of distribution like staking and gaming programs.
There are only going to be 10 million GFX tokens and since there can never be more than 10 million GFX tokens there is potential for gains in value soon.
Lastly, I think...
With what Gamyfi has achieved this year, it's clear that it's one of the rare platforms that are actually implementing and following its roadmap.
Looking below at the token allocation diagram explains how the GFX token would be distributed.
