CRYPTO NEWS AGREGATOR
Tue, Sep 28, 2021 7:21 PM by Valte

Defying Gravity: Gala — Blockchain Gaming Platform

Gala Gaming

Gala is a community-driven gaming crypto project launched in 2020 and aspiring to create games that everyone can enjoy no matter how well they understand the blockchain system. The Gala Game Network produces decentralized games in which not only every purchased item forever belongs to the user, but also allows players to have control over most of the things happening with the game: from the items design to road map decisions or even the directions of the project development.

Gala price has already grown 400% since its launch on Binance and that shows the probability for the platform to stand out from the numerous other blockchain games featuring play-to-earn elements and NFTs. The project was created by a team of 60 developers and the Gala Games community already has 1.3 million members.

What is Gala?

Gala is a native utility token that drives the ecosystem. Gala Games platform builds blockchain-powered games that provide players with real ownership of the in-game items through non-fungible tokens. The project focuses on the quality of the games instead of designing MVP-type of games more common in play-to-earn space. At the moment it has 5 free games that can be accessed through decentralized applications. Gala crypto is used to purchase items, p2p transactions, rewarding nodes, etc.

Originally built on the Ethereum blockchain Gala Games leveraged the p.NetworkBridge dApp to bridge the token to Binance Smart Chain as a Bep-20 asset to reduce transaction fees for the usage of Gala tokens. The coin is not supposed to be a store value and also as it’s a utility token there is no burn rate to cope up with the inflation.

Gala Node Ecosystem

The community members contribute to the system by running Gala Nodes. To do that one needs to buy a license for Nodes Gala price of which is around $13000 and then by running node software they will get rewards in Gala tokens and potentially rare NFTs. The total number of possible nodes is 50,000.

There are several components of Gala Nodes Ecosystem:

  •         Gala Games – helps to integrate games from other studios to the decentralized network, works on software updates while maintaining the best development tools, and also working on marketing to grow the network;
  •         Game Development – other studios that publish games on the platform (after the approval by community voting) can release their own NFTs through Gala Games protocol and tool kits to create standardized crypto packages, NFT libraries, and wallets integrated into the games;
  •         The Governance-based Random Distribution Algo – distributing NFT rewards to the node network (this part is still under development and the community is still to decide how it is to be implemented;
  •         Public Database with the Easy-to-access Endpoints — to make the analytics and audits on the Gala Games ecosystem easier;
  •         Treasure Chest – is the place where all the rewards and items of the player are stored so it’s easier to keep a track of their digital belongings;
  •         Triple-Proof-Node System – allowing nodes to receive points for every contributed resource.

Triple-Proof-Node-System uses 3 concepts for the rewards:

  •         Proof-of-Work — when miners provide a hash power they get rewards redistributed to them by a decentralized algorithm according to what the system needed more at the certain moment;
  •         Proof-of-Stake — every node license helps to verify transactions with lightweight protocol and receive points for each verification;
  •         Proof-of-Storage — as the project aims to be completely decentralized and to host games on the node ecosystem itself without any requirements from the centralized platforms the nodes receive points for the storage according to the location, speed, and reliability.

It also has 3 different types of nodes:

  •         Founder Nodes – based on fully-owned NFTs and limited to 50,000 items that allow to receive NFTs from all the games and to retain 100% of the items and Gala crypto allocated to the node license.
  •         Paid Nodes — used for particular games and operate on smart contracts and reward is given to those who rent while the fee is collected via smart contract and split between the project management and sent to Grandfather Nodes.
  •         Free Nodes — used for both Proof-of-Work and Proof-of-Storage rewards and available for anyone who is willing to support the network; they will receive rewards but most of it will go to the network support.

The complicated system is made to keep Gala crypto price reasonable and to make sure that users get the rewards for the real input and not only holding the tokens.

Tokenomics

Gala has a total supply of 50 billion tokens. Right now around 7 billion Gala is circulating and 17 million Gala is distributed every day — half of it goes to the founder’s note operators and the other one — to GalaGames conservatorship. Gala Games planned a halving cycle in its emission schedule that happens every year on 21 of July halving the emission.

At the moment of publishing, Gala's price was $0.09551 and the market cap almost reached $700 million. According to the chart, the price has slightly dropped lately but the longer-term chart indicates that it’s just a price correction after spiking from the day Gala was bridged to Binance.

To sell, buy or see the amount of Gala the user has to send it to the digital wallet through any exchange where it is listed at the moment. The only question for anyone is will the Gala price grow and if it is worth investing, including buying in-game items and operating the nodes.

But as the interest in blockchain games grows and as with the only one game ready to play at the moment, the number of users ready to jump on board exceeds 1.3 million it shows the potential for the project and Gala price to grow.  


The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

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