What is GameXcoin?
GameXcoin, found online at https://www.gamexcoin.io/, is a digital currency targeted towards the gaming community. Game X Coin builds an ecosystem that connects game developers, players, and games using blockchain technology. GameXcoin has developed its own blockchain platform targeted for games. Its blockchain technology is based on third generation blockchain called EOS, and it is developing SDK for games to be implemented on the blockchain platform.
GameXcoin aims to tackle the current market friction for game stakeholders:
For Game Developer:
- Game production and marketing costs are skyrocketing.
- Platforms charge game developers unfairly large fees to operate yet developers have no alternatives but to accept those terms.
For Game Player
- Players take the risk of their investment into game not being granted a proper value in the real world.
- There are barriers for players to freely trade their items due to (1)large commission fees charged by exchanges, (2)risk of fraud.
GameXcoin will utilize blockchain technology to provide a solution to these challenges as it promotes transparency within the game as it prevents the manipulation of in-games, which preserves their value. Blockchain technology will build a trust relationship between game developers and players which results in an ecosystem where every stakeholder benefits.
How Does GameXcoin Work?
GameXcoin is being proposed as a way to monetize the world of gaming. The GameXcoin explains that the major challenges that game developers face such as a lot of competition that reduces the life span of the game, high commission fees, and expenses that they incur during the development of the game. And the problems that game players face like high commissions, risk of fraud and the disadvantages brought forth by cash based trading. GameXcoin claims to have found a way to solve that using blockchain technology.
Basically, GameXcoin’s idea is to allow each game developer to create their own cryptocurrency. This cryptocurrency is used as in-game money. The developers can create this cryptocurrency that has value in the game. However, by the time it circulates through gamers, the token will have value because it can be used to pay for in-game items.
In more straightforward terms, GameXcoin plans to make it easy for developers to create a secure single inter-game economy. It appears that these cryptocurrencies will be bind on the GameXcoin blockchain. Each developer will be able to make their own currency on GameXcoin's blockchain using GXC’s escrow system. Furthermore, all the GXC coins, tokens, and items can be exchanged in a built-in DEX.
GameXcoin Features
Game Currency Bank
GameXcoin allows each game developer to create their own cryptocurrency used as in-game money using GXC’s escrow system. The Game Currency Bank will also collect and organize information about different cryptocurrencies involved in the GameXcoin ecosystem.
Inter-Game Economy
In existing game economies, currencies you earn in a game stays within the game. In the new game economies made possible by GXC, currency flow and usage are revamped for a better game experience. Additionally, gamers can utilize the tokens outside of the game so gamers experience greater satisfaction from earning loots.
Blockchain Platform for Games
- Game developers can operate a token wallet and distribute tokens via GXC.
- Game developers can create game items or contents only available for purchase with tokens to maximize the exclusivity of the token.
- Gamers can access all functions of the blockchain - such as community, account, stats - natively in the game.
GXC DEX
GXC provides an item and token trading platform (DEX). DEX allows players to exchange GXC coins, tokens, and items safely and conveniently on the blockchain. All transactions are recorded onto the blockchain which means they are secure and low in fee (estimated to be less than 3% of transaction amount). DEX will be built into the game’s UI through the GXC SDK.
GXC Wallet
Information regarding how players spend their tokens, how much time they spend on each games and the token acquisition history will be securely stored in the GXC wallet.
The GameXcoin ICO
GameXcoin plans to issue 1,000,000,000 GXC tokens. 40% of the total supply is going to investors. 20% each is going to the team. 5% is going to advisors, the rest 55% is reserved for networking sales and lock-in for masternode.
The GameXcoin ICO is scheduled for September 10, 2018 to December 15, 2018. The tokens will be priced at 0.068 USD.
Who’s Behind GameXcoin?
The company is led by CEO and Founder, Kai Kim and CTO, Jin Yang. Kai is Graduated from Yonsei University’s Department of Computer Sciences. He began his career as a software engineer in 1999 focusing on mass-storage servers and games. He founded Whooper, a payment solution firm, and worked together with Nice Information & Telecommunication, South Korea’s major fintech company, to launch Payat, a mobile payment service that processes 300 billion Korean Won ($300 million USD) in transactions each year. Jin was a former lead web engineer at Mozzet, former CTO at Qpick, a search engine for direct purchase of foreign goods, and former CTO at Profound, a marketplace for business consultants. He has more than 10 years of experience in designing and developing servers, architectures and UIs.
A number of Game specialists, developers, and blockchain technologists are also listed in the website https://www.gamexcoin.io/about-us.
Conclusion
GameXCoin is a subsidiary of Blockchain Ventures, established in December 2017. GXC has developed its own blockchain platform targeted for games. GameXcoin is an ambitious concept that aims to unique the in-game currencies of the gaming industry onto one blockchain. The GameXcoin blockchain will enable developers to create their own cryptocurrency of the blockchain, then use those as their in-game currency.
For more information about GXC, you can visit online at https://www.gamexcoin.io/ or visit their whitepaper available at https://drive.google.com/open?id=1bPi-aXCMBQs0by1wLw2jRgFQ9gHxN9JO.
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