Out of all cryptocurrencies and cryptoassets circulating today, only a handful have promising, real life usability. The gaming industry is certainly one of the industries where cryptocurrencies can serve as utility tokens with real life applications.
Meet GLN ICO. GLN stands form Game Loot Network™. Their aim is to revolutionize and improve the entire gaming experience by using the decentralization properties of the Blockchain technology. They aim to do that both for the developers and for the gamers at the same time.
The image below shows the projection of the gaming market from 2016 to 2020.
Their platform will provide benefits for the developers to test and build their games much easier and raise funds.
The users of the platform can play and download games, and in addition can earn money (coins) while doing that. They can also decide to become curators and invest certain capital in LOOT coins, which they can later receive back in the form of recurring revenue.
By means of the native token, the users of this platform (among the other things) will be able to
- play tournaments,
- download games,
- purchase various accessories in the games they play,
- generate additional revenue,
- take part on auctions, and
- crowdfund the development of new games.
Check out the video below to familiarize yourself with the GLN rewards system:
The mechanism that will take care of the entire ecosystem is called “smart contracts“. The smart contracts will run on the Ethereum blockchain. Why is this important? The usage of blockchain technology, via the smart contracts, eliminates the need of intermediaries and reduce the unnecessary costs. All participants on the network are automatically rewarded based on these digital contracts without the need to trust any of the parties involved.
The utility token implemented on the platform’s blockchain is LOOT. It is a decentralized form of currency that can be used on the platform or exchanged for other cryptocurrencies or fiat money.
As it is also the case with other forms of digital coins, LOOT is designed to be accessed via a password protected wallet. The wallet serves as an interface for using the private key, which enables control over the stored LOOT tokens.
According to the roadmap, the first version of the virtual world based on the Game Loot Network™ platform will appear August 1st, along with games available for download. By the beginning of November this year, the developers will be able to submit their proposals for new game projects. The users can then choose from among these project and decide whether they would like to fund the developers teams with LOOT tokens in exchange for recurring revenue. The entire 2019. will be reserved for large scale promotion and growing the entire community.
Check out the full roadmap below:
The team is a very important aspect of every new project that involves cryptocurrencies. Without a good team, it’s not even worth discussing the future value of the project.
And the team involved in the Game Loot Network™ platform is really superb. You can check the biographies of the members of the team in the GLN white paper.
The ICO Details
The public phase of the ICO opens on May 29th and will last for 230 days. The total LOOT supply will be 600 million. So if you haven’t yet considered LOOT as a worthy investment, think again. Chances are the blockchain technology will find one of its earliest real-life application in the gaming industry. And Game Loot Network™ seems to be at the forefront of it all.
The Bottom Line
All in all, if you are just interested in gaming (as a developer or user), GLN ICO is something you should definitely check out and join their Token Sale.
If you are an investor, LOOT is not just another ICO coin you buy and wait to dump after some initial gain. LOOT comes with a usability and functionality in mind. This is one of those coins that you HODL for the long run.
Bitcointalk profile link of contributor: https://bitcointalk.org/index.php?action=profile;u=1938519
Butka.me authors may or may not have a vested interest in any of the businesses and projects reviewed on this website. None of the posts and content on Butka.me is investment advice. No information given on Butka.me should be considered a replacement for advice from a certified financial planner.<