Customers have been reassured by the cryptocurrency exchange that their funds are safe and that their transactions are in the process of being carried out.
According to a statement that was released on the 18th of December, users of the cryptocurrency exchange Gate.io are experiencing sluggish deposits and withdrawals on transactions as a result of a node maintenance that is being performed by a third-party cloud provider. The statement was made public on the cryptocurrency exchange’s official blog.
Despite the fact that they had previously claimed the opposite, Gate.io has stated that transactions are still being carried out and that customer funds are safe.
It is not immediately clear whether the delay in transactions is related to OKX’s outage, which was caused by a hardware failure at a Hong Kong data center owned by Alibaba Cloud, which is the primary infrastructure provider for OKX.
Alibaba’s Cloud server experienced an outage on December 17 and did not recover for more than fifteen hours after the outage. Users were unable to make cash withdrawals or deposits during this period of downtime.
In spite of the fact that OKX trading services were brought back online after a delay of a few hours, users of the Twitter account for Gate.io are still reporting that they are having difficulties placing trades.
The company announced that it would be launching its first Blockchain Node Service a few days prior to the disruption that occurred with Alibaba’s Cloud services. The cause of the disruption is unknown.
It is anticipated that the service will go live at the beginning of the first quarter of 2023, and its primary objective will be to make it simpler for businesses to create applications that make use of blockchain technology.
According to Alibaba, the new platform-as-a-service solution will be beneficial to developers because it will reduce the amount of time spent on tasks related to operation and maintenance. This will result in less time spent overall.
The company stated that the application of their technology would make it possible for node hosts to actively monitor other nodes and automatically switch between them in the event of a failure in the network. “Because it does not require hands-on monitoring or issue mitigation, developers are free to focus on product development and may therefore be able to speed up the pace at which the product roll-out process is completed,” said Alibaba’s.
Gate.io, one of the top cryptocurrency trading platforms in the world, has announced the launch of its payment gateway dubbed Gate Pay.
As announced by the exchange, the Gate Pay offshoot is its latest attempt to deepen its resolve to foster the broad adoption of crypto and blockchain technologies.
Gate.io said Gate Pay will bring cryptocurrencies as a means of payment for individuals merchants and businesses as a whole at no cost whatsoever. Considering the assets involved, the exchange said users may be required to pay a network fee, depending on which of the 21 cryptocurrencies it is currently supporting with the service.
“Gate Pay is our next major commitment to further crypto adoption. It will bridge the gap between Web 3.0 and daily life, reducing the barriers for users and merchants to utilize cryptocurrency fully,” said Dr. Lin Han, CEO, and Founder of Gate.io.
The trading platform Gate Pay technology platform will be accessible to the more than 12 million users it has accrued over the years. From the current 21 digital assets it is supporting, the exchange has assured that the Gate Pay outfit will come to support an additional 130 cryptocurrencies in the near future.
The new service is a detour from its core trading offerings which it extended to institutional investors back in May. Exchanges are known to launch their payment offshoots in order to complement their push into the broader e-commerce world. For Gate.io, however, it hopes to add other value-added services over time including the pivot into C2C transfers and promotional handouts amongst many other things.
“From release to later evolutions, Gate Pay will become an important step in promoting the use of cryptocurrency. To achieve this, Gate.io will constantly innovate new product concepts to enrich the functions of Gate Pay,” said Feng Zhou, Director of Gate Pay, Gate MiniApp.
The new payment outfits embrace is being pioneered by Uquid.com, a Web 3.0 e-commerce platform
Gate.io hacked Twitter account appears to be promoting a fake giveaway of 500,000 USDT, putting users at risk of losing funds.
A hacker from unknown origin has taken over crypto exchange Gate.io’s Twitter account, putting the exchange users of over 1 million at risk of wallet drainage to the ongoing fraudulent 500,000 USDT giveaway.
The hacker replaced the website URL in the exchange’s Twitter account from the initial Gate.io to a fake one, gate.com (https://xn--gte-ipa.com/), impersonating the exchange.
The fake website was seen promoting a phony giveaway of 500,000 USDT, asking users to connect their wallets (such as MetaMask) to claim the rewards. Once a user bulges and connects their wallet to the scammer’s fake website, the hacker gains access to the existing funds in their wallet and eventually drains their assets.
PeckShield, a notable Blockchain investigator, also confirmed this hack and warned users about the fake website.
Notably, Gate.io has now recovered its Twitter account, as it appears the original website is now back on the company’s page.
Hacking major Twitter accounts in the industry to scam fans or users is not a new thing. Last year, Blockchain.News reported that Graham Ivan Clark, the teenage hacker who took over popular Twitter accounts in 2020 and used them to scam users out of Bitcoin, was found guilty in a Florida court.
Clark hacked into verified Twitter accounts belonging to prominent figures like US President Joe Biden, former President Barack Obama, Amazon founder Jeff Bezos, Tesla CEO Elon Musk, Uber, socialite Kim Kardashian, and other personalities. He was then able to tweet out messages asking for followers to send Bitcoin.
While hacks like this could continue to surface, the United States Federal Bureau of Investigation (FBI) has recently warned that individuals should verify the validity of any investment opportunity and be on the lookout for misspelled URLs as well as domain names impersonating financial institutions, especially cryptocurrency exchanges.
The booming of the crypto coins like Bitcoin in different regions and nations is unstoppable. This has recently been observed in the case of the Central African Republic (CAR). Of course, one of the major questions that have remained unanswered is whether Bitcoin adoption can work in such a developing country.
CAR betting on Bitcoin
The CAR overtook regional cryptocurrency front-runners like Nigeria and Kenya to become the continent’s first country to officially adopt Bitcoin as legal tender.
The Central African Republic has become the second nation in the world to adopt Bitcoin as its official currency after El Salvador took the same approach last year.
Late last month, lawmakers in the CAR’s parliament voted unanimously and passed a bill legalizing Bitcoin and other crypto assets, according to a statement from the presidency.
As a result, Bitcoin will be considered legal tender alongside the regional Central Africa’s fiat currency, CFA franc.
Blockchain.News invites Marie Tatibouet, the Chief Marketing Officer, at Gate.io cryptocurrency exchange, to help us explore whether Bitcoin can work in the Central African Republic as a legal tender and to propose a way how the cryptocurrency can be adopted in the region.
Tatibouet has lived and worked in the Americas, Europe and Asia. Before joining Gate.io, she was the CEO of a Digital Marketing Agency in Hong Kong, working with clients in the blockchain technology sector. That puts her at the forefront of the industry, which poses a challenge to traditional currency.
Tatibouet acknowledged that the decision by the CAR parliament to unanimously pass a law in favour of the adoption of Bitcoin was driven by the need to solve currency and exchange rate challenges.
The executive told Blockchain.News:
“The main thing that CAR wants to solve by legalizing Bitcoin is attracting foreign capital. However, CAR has rich natural resources and ranks low in human prosperity. Therefore, attracting foreign capital could enable exponential infrastructure growth.”
CAR’s adoption of the most popular crypto was likely a result of wanting to try something different to try and address long-standing fiscal challenges.
The government suggested that adopting Bitcoin as a legal tender would spur CAR’s economic recovery and growth, while also helping stabilize the nation, which has been wracked by a decade-long civil war. The country, which is landlocked in the heart of Africa, has been gripped by violence and political instability for years.
Challenges facing the crypto program
Although the move to consider Bitcoin legal tender has been praised by the crypto community and was welcomed as another step toward mainstream adoption of cryptos. Tatibouet was worried about Bitcoin’s adoption in the CAR, disclosing that the decision by CAR to adopt Bitcoin has been viewed as controversial, which will make implementation quite difficult.
The decision made by the administration has also drawn criticisms from opposition parties. The regional central bank, which manages a common currency used by six countries, including the Central African Republic, also said that decision was made without consulting the financial regulator.
CAR is among about six central African nations—Cameroon, Chad, Republic of Congo, Gabon, and Equatorial Guinea—that use the Central African CFA franc unit of exchange, “a regional currency backed by France,”
While the CAR government regards Bitcoin adoption as a way to bootstrap payments in the country, it is not clear how. Tatibouet explained:
“At this point, it isn’t easy to understand how Bitcoin and crypto will affect the common people in the short term. You need the internet to interact with crypto, yet just 4% of the population has access to the web. It is difficult to understand how BTC could gain widespread public usage without deeper internet penetration.”
Internet coverage in the CAR is merely 11%. The country has a low life expectancy and extreme poverty, with just 557,000 of its 4.8 million people having access to the Internet.
The way forward
So far, the Central African Republic has provided few details on how it plans to address these challenges. While the government said that the move made CAR one of the world’s “most visionary countries”, residents in the capital Bangui, where most are familiar with mobile money to buy goods and pay bills, were baffled with the idea of adopting Bitcoin as legal tender, making the cryptocurrency an accepted means of exchange for goods and services.
“The issue here is to understand the main purpose behind CAR making BTC legal tender. At no point did they say words like ‘banking their unbanked masses’ or anything like that. Instead, their main purpose is to achieve global economic inclusion. So, what that tells me is that general public usage may not be their immediate goal,” Tatibouet explained.
The government approved the decision without proper consultation with major stakeholders. This not only implies the breakdown of the rule of law, but also will eventually provoke that the social, economic, and environmental costs and potential unrest that must be assumed by the entire society as a whole.
Tatibouet further stated that “now it remains to be seen whether CAR will be able to attract crypto entrepreneurs or not.”
Since the country has already witnessed some of its mistakes as well as challenges it faces, it may be willing to learn and take appropriate measures.
Tatibouet believes that if CAR can implement its Bitcoin program well, then it will attract some of its neighbours (Countries like Cameroon, Chad, Equatorial Guinea, Gabon, and the Republic of Congo, which all face the same financial situation) in the long term to see the cryptocurrency as the future of finance and a provider of great freedom.
Gate.io, a major cryptocurrency based in the US, announced on Wednesday that it has launched an institutional services arm that is designed specifically for servicing brokers and market makers.
The new service, which is named “Gate Institutional,” will provide the tools needed to help institutions to increase their cryptocurrency exposure. The division aims to offer a “best-in-class crypto trading solution” to large companies seeking to trade cryptocurrencies, a group that includes market makers, hedge funds, and buy-side firms, among others.
The new institutional division has programs that target to fulfil the needs of brokers and market markets. Such a move is part of Gate.io’s commitment to increase liquidity while continuing its expansion.
Gate Institution’s market maker programs support some of the major cryptocurrencies in the world with flexible trade strategies, a frequency of 900r/s for order placement, 5000r/s for order cancellations, and support for over 300 connections through WebSocket.
On the other hand, the broker program supports three types of brokers – Portal, API, and Exchange. Each of the brokers will earn bonuses and rewards depending on the way they use the platform.
Besides that, Gate Institution plans to issue an exclusive NFT pass, which users can hold in order to access Gate.io’s metaverse. Gate.io said that the NFT has been upgraded with 3D capabilities and will enable users to access whitelist qualifications or direct airdrops.
Gate.io is therefore keen on continuing to serve institutional clients at maximum capability.
Mariela Tanchez, Director of Business Development at Gate.io, talked about the development and said: “More and more institutions are curious about cryptocurrencies and are looking to diversify their portfolios. To ease their access to crypto services, Gate.io launched Gate Institutional. Being a comprehensive crypto ecosystem, Gate Institutional will benefit a wider range of brokers and market makers.”
Cultivating Innovation in the Crypto Industry
Gate.io establishedits crypto trading services in 2013. Initially, the exchange was based in China, but later the firm moved its services to the US, where it witnesses a huge daily trading volume. Its headquarters is based in Virginia where it supports more than 500 crypto coins for trade and around 30 for direct purchase.
With over 10 million registered users on the platform, Gate.io is regarded as one of the major crypto exchanges in the world and provides services related to the trading of multiple leading digital assets.
In September last year, Gate.io launched a $100 million fund designed to support early-stage projects in the industry. The exchange unveiled its venture capital vehicle, Gate Ventures, which focuses on early-stage investments in decentralized infrastructure, ecosystems, and applications.
Since the crypto and blockchain industries are still in their early days, Gate.io is working to cultivate innovation in the market. Gate Ventures invests in “wide-ranging” projects with capital injections of up to “multi-millions” of dollars. The venture fund also provides grants to open-source projects that are developing Web 3.0 and open-finance infrastructure.
RichQUACK / QUACK is gaining massive traction worldwide. RichQUACK has just reached a peak of $175Million Market Cap. Crazy as it sounds, it was just sitting at less than $4m market cap 30 days ago. Telegram Group went up from only 13,000 members to 60k members in just a week. RichQUACK is currently trending worldwide and people are lining up to buy them. Transaction Volume is getting crazy and we can see a lot of 100, 200bnbs buy.
Please Note: This is a Sponsored Article
If you bought 10BNB of QUACK last month, you would have 450BNB by now. 4500% Gain in A month. We can see many people got wealthy holding QUACK and they seem to post their gains or brag about them to their relatives and friends creating this massive snowball effect.
After the massive increase, Gate.io suddenly announced $QUACK Listing on Gate.io. They also prepared a great airdrop for gate.io users. A $120,000 worth of QUACK will be airdropped to users on Gate.io.
(1) Duration: 3:00AM 4th November, 2021 – 3:00AM 5th November, 2021 (UTC)(Orders placed by qualified users within these 24 hours will be treated equally.)
(7) To participate in Startup Sale, users will need to be VIP1 and above, can only purchase once with each KYC account.
What is RichQUACK? What is so special about RichQUACK?
RichQUACK aims to pay out rewards to holders by “frictionless yield generation”. Holders do not need to stake or wait for fees to be delivered. Fees are awarded by the smart contract and are immediately reflected in the holder’s balance.
Rich Quack’s goal is to provide its holders with a chance to make money, by investing, building, holding and winning. To do so, building a community of people that are ready to work hard and contribute towards that goal is a priority. The project aims to become the future of a safe and secure investing and fundraising platform, where you can also win a jackpot raffle for holding, and play lotto that pays out every hour, day, week and month.
The unique feature of Rich Quack appears to be in its launchpad, which they claim will be the future of safe and secure investment. Platform is scheduled for release in End of Q4 2021. This would give QUACK a distinguishing feature compared to other meme coins and could drive price appreciation in the future. Quack also announced working with a company that has 60+ developers and have successfully launched more than 250+ projects. To be eligible for Guaranteed Allocation of QUACKPad projects, QUACK holders would be required to stake at least 3.5 Trillion $QUACK. RichQUACK will have a Tiers system where the more $QUACK you have, the more you can invest on new projects.
QUACK community members that Stake at least 1 T QUACK will be eligible to Vote “Yes” or “No” on whether a Project will proceed to the Presale. Projects who only want to use the Launchpad part without prior seed funding and incubation, can do so by applying, and winning the community votes.
QUACK token holders can Stake their tokens on QUACK Staking to gain access to the platform and earn rewards. Staking higher amounts of QUACK gives holders increased access and even greater rewards.
Many people believe that the RichQUACK token is still undervalued right now, and once their product is ready, $QUACK will explode. We can see it from the activity level of their community and also their social media. It’s crazy how a small market cap token can have that high level of engagement.
The difference why RichQUACK is preferred by people over $Shib and $Doge is it’s Small Market Cap compared to Shib and Doge which have reached billions of dollars in Market Cap. Smaller Market Cap means there is so much more room to grow, so many zeroes to conquer, so many new millionaires to be born.
Here is the current growth of RichQUACK:
Here are the lists of other Richquack Ongoing Community Event (DYOR, Not Financial Advice):
55Trillion $QUACK CMC Airdrop Campaign ($50k Value Airdrop Just ENDED)
10 Trillion $QUACK Raffle (Current Value $21,000 for holders, simple rules to join, just need to buy $QUACK and no sell order for a week)
Top 10 Most active users on Telegram get 1Billion $QUACK Each DAILY
Top 10 Most invites on Discord get 1Billion $QUACK Each DAILY
Poker Tournament 31st October. 1Trillion $QUACK Prize (Worth $2,100), Winner Takes All. FREE TO JOIN FOR HOLDERS (ENDED)
Tesla Model 3 Giveaway! Join their Telegram Group and ask there to know how
Here are some more infos about QUACK / Richquack.com
Important Note: There have been reports of scammers approaching companies via Telegram, LinkedIn and Other Social platforms purporting to represent Blockonomi and offer advertising offers. We will never approach anyone directly. Please always make contact with us via our contact page here.
Global cryptocurrency exchange Gate.io has launched a campaign where new users stand a chance to win their share of $1 million in prizes.
Gate.io Announces Super Mystery Box Giveaway
Gate.io has launched its new Super Mystery Box giveaway for new users that join the platform between Aug. 13 and Oct. 31. Users who successfully sign up to the Gate.io exchange will be able to pick a mystery box with guaranteed prizes from the dedicated giveaway page.
Since the campaign was launched, over 40,000 new users have participated in the giveaway, receiving prizes such as coins and tokens, USDTest, NFT works, discounted fees, and more. New users automatically qualify for the promotion and every mystery box is guaranteed to contain a prize.
Users can also benefit from Gate.io’s referral awards program by sharing their unique referral code with friends, family, and even fans. If a new user signs up using your referral code, you can earn up to 40% commission on their trades. There are no limits on how many users can sign up using a referral code, making it an easy way to earn more rewards.
Besides having over 800 listed coins and tokens to trade, users can invest in new projects on its Startup IEO platform, purchase or create NFTs on its dedicated NFT Magic Box platform, and invest through its dedicated spot trading, margin trading, crypto lending, and yield farming offerings.
Autumn is approaching fast, but Bitcoin and other cryptocurrencies are in full bloom. Since Jul. 21, Bitcoin’s price has risen by over 50%, pulling the rest of the market up with it. As the market sees renewed growth, the crypto space is only going to grow from here.
Gate.io is one of the leading global cryptocurrency exchanges founded in 2013. The exchange enables a new generation of global traders with the tools to access the revolutionary age of cryptocurrencies. The “Gate ecosystem” consists of Gate.io, Wallet.io, HipoDefi and GateChain. Gate.io enables blockchain enthusiasts to trade and store assets in over 800 of the leading cryptocurrencies for over 6 million users from over 190 countries. It is a one-stop-shop for spot, margin trading, futures, perpetual contracts, staking, C2C loans, options and DeFi.
For more information, contact Gate.io’s Head of Communications Diksha Sharma at [email protected] or by calling +6583426634.
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Leading digital asset exchange Gate.io unveiled a compensation program roughly worth $2 million to compensate all users who lost their funds during the recent hack on the PAID Network.
Gate.io Compensates PAID Network Hack Victims
In what comes as a respite for PAID Network token hodlers – at least for the ones who held the tokens on Gate.io – the cryptocurrency exchange platform has announced it would reimburse the hack victims to the tune of $2 million.
For the uninitiated, PAID Network is a decentralized application (dApp) platform that enables a borderless civil legal system. Recently, the platform was attacked by an unknown hacker who minted about 59.4 million PAID tokens worth $166 million.
According to an announcement made by PAID Network on March 7, the attacker tapped a compromised private key to exploit the upgrade function of the smart contract powering the network. Subsequently, the attacker chose to ‘upgrade’ to a new smart contract that gives the user the ability to burn and re-mint tokens. That being said, some dialogues in the community speculate that the hack could be a rugpull and not an exploit.
Regardless of the actual nature of the hack, Gate.io chose to compensate its loyal customers. In that regard, the exchange’s compensation program is meant to cover more than 1,300 users who purchased PAID tokens from Gate.io during the 4-hour time frame after the hack. Users can apply for compensation at the exchange’s website here.
“Our users have waited for over a month. Despite multiple requests from our end, there was no response or concrete answer from the other side. Even though we hold no responsibility for the PAID Network’s hacking incident, we take our core values of security, transparency, and integrity extremely seriously. This commitment to our users has compelled us to immediately implement a solution in the form of a compensation program,” Marie Tatibouet, CMO at Gate.io, said in an official statement.
Tatibouet added:
“The PAID Network team did not provide a solution for over 1,000,000 PAID of Gate.io traders that were affected. It is only after we announced our compensation plan on April 23, that the PAID Network team started a claim process to compensate users from the 4-hour window.”
The compensation program announcement was also shared on Gate.io’s official Twitter handle on April 23, 4:28 PM UTC +8. The platform confirmed that users should follow the outlined procedure to get the compensation.
It is worthy of note that DeFi analyst @WARONRUGS had already issued a public warning of exactly the same exploit in late January in his post on Twitter. He explained that any contract owner could mint PAID tokens at any time and that traders need to be careful about it.
Major cryptocurrency exchange platform Gate.io unveiled the updated version of the decentralized exchange (DEX) protocol HipoSwap with low-slippage and high liquidity.
Gate.io Launches HipoSwap
U.S.-based digital assets exchange Gate.io recently unveiled the more efficient version of their DEX protocol dubbed HipoSwap which promises low-slippage and higher liquidity to its users.
For the uninitiated, GateChain — Gate.io’s public chain – went live in August 2020. Soon enough, DeFi platform with the name HipoSwap was developed on GateChain. Now, Gate.io has announced that HipoSwap’s updated version now offers an innovative “maker pool” model for the DeFi space.
What Exactly is HipoSwap?
While automated-market-makers offer a wide range of advantages such as automation, low cost, and efficiency compared to traditional order book models, they also face certain challenges in the form of pricing, impermanent loss, and slippage. HipoSwap fixes all of this and more.
Notably, in September 2020, HipoSwap’s whitepaper proposed an AMM protocol that was based on CPMM and led to the introduction of a few single-currency market-maker pools to make it possible for makers to place market orders, earn swap fees, improve liquidity, and effectively reduce the price slippage of the taker.
By leveraging maker pools, HipoSwap is committed to reduce makers’ transaction costs irrespective of the market ups and downs. Maker pools make it possible for liquidity providers (LPs) to deposit a single token in a custom price range above or below the current market price. If the market price enters the range specified by the LP, they will be able to sell one asset for another and earn swap fees simultaneously.
Commenting on the development, Marie Tatibouet, chief marketing officer, Gate.io, noted:
“Innovation is a key competency for any DEX to move forward. The market is filled with DEX products with game-changing potential, and the prevailing AMM model is getting constantly redefined. As the DeFi boom continues, the rise of a new DEX system is expected, which continually innovates the overall AMM mechanism. HipoSwap and its maker pool provide a new solution to the market.”
News Features of HipoSwap
Once HipoSwap’s maker pool is fully funded, the taker’s slippage can be reduced by a factor of 1/n, where “n” is the leverage used in the trade. Let’s try to understand this with the help of a simple example.
For instance, if the leverage is set to 10, a user can reduce the slippage to 1/10 of what it would have been if they had simply traded with the CPMM LP pool.
HipoSwap promises the following robust and innovative features to all its users:
1) Reduced slippage
Users with high trading volume who are not keen on closing their positions immediately can provide liquidity to the market via maker access. At the same time, they will be reducing slippage for themselves and earning taker fees.
2) A smoother trading curve
The majority of the assets are traded in the maker pool while only a tiny portion is traded in the LP pool
3) Lower gas costs
Unlike other DEX protocols that charge their users an exorbitant amount of transaction fees, HipoSwap charges the consumers minimal fees. The protocol can also be customized to set the transaction fees for the liquidity pool with rates as low as 0.17 percent.
Tatibouet added:
“HipoSwap has made a breakthrough model in the decentralized space, using the maker model, which is undoubtedly ahead of the rest of the protocols for a decentralized exchange. This open-sourced and advanced DEX solution solves the problems of high slippage costs and low liquidity faced by the industry.”
Gate.io Continues to Innovate
While DEXes offer a promising alternative to traders and investors compared to the centralized exchanges, it is necessary to ensure they do not have entry barriers in the form of high transaction fees that could hinder retail participation.
Further, for AMM-type DEXes, impermanent loss and slippage are also viewed as major points of pain. HipoSwap’s new iteration is a significant development toward shaping the DeFi landscape so as to make it accessible to all.
It is now possible to trade unique cryptographic avatars and digital arts in the CROSSLINK game, a new update on Mar 3 reveals. In their first gaming NFT event, over 4k gamers participated, creating IOST accounts.
An NFT Marketplace in IOST: TOKENLINK
The announcement comes roughly two months following the launch of the first NFT marketplace in IOST, TOKENLINK, aiming to promote yet another application of distributed ledger technology in the creatives space. This follows their partnership with Platinum Egg in January 2021.
NFT, short for Non-Fungible Tokens, or simply nifties, are a non-substitutable form of tokens used to represent a unique feature/trait of an asset—physical or digital. They usually have a fixed supply, cannot be exchanged for another, and are minted based on a specific, NFT compliant standard.
The expansion of DeFi has spilled over to the NFT scene. According to trackers, leading NFT marketplaces have so far transacted over $363 million worth of unique NFTs from 5,350,820 in Ethereum alone as of Mar 3.
Trading NFTs in the CROSSLINK Game
With the launch of the NFT marketplace in IOST, new users can generate unique digital art and sell them in the CROSSLINK game.
The GPS-strategy linked game launched in September 2020 has attracted over 140k downloads to date. It is among the most popular blockchain games.
In this game, a user can become a hero and fight against extra-terrestrials, earning rewards according to his/her contribution.
It is a blockchain-based game developed by Platinum Egg—a third-party that has forged a partnership with IOST. They are developing games based on the high throughput network taking advantage of its near-negligible transaction fees.
Following this development, the CROSSLINK game will accelerate its expansion in cryptographic art, allowing for special, user-generated avatars and art to be displayed in games. To differentiate themselves from competitors, creators will also receive a portion of the blockchain game’s revenue.
Empowering Artists and Gamers
However, the team plans to introduce new business models to benefit players and NFT creators right up from the design stage. Each art displayed will be an NFT, compliant with IOST’s IRC-722 standard, and sold at TOKENLINK.
IOST launched the NFT standard in April 2020. Aiming to tap on the burgeoning NFT space, the aim was to tokenize each in-game item and assign value. After that, users can trade these NFTs since they are unique and often limited.
With this standard, a vibrant market has been developed for NFTs. Gamers can now trade through their IOST accounts. Presently, TOKENLINK supports NFTs from the CROSSLINK game. However, in the future, trading of all NFTs from the broader IOST ecosystem will be possible.
The marketplace supports both the Jetstream TOKENPOCKET and TOKENPOCKET wallet—a secure mobile wallet that allows users to interact with the IOST blockchain and its ecosystem of dApps. The Jetstream TOKENPOCKET is a chrome browser plugin that’s popular with Japanese IOST developers.
Notably, the IOST blockchain has been acknowledged by Japanese gamers. During the CEDEC2019 conference—a Developer Conference for Entertainment Games in Japan, two gaming companies lauded IOST maturity and compatibility as a proven gaming development platform.
IOST NFTs transcend Gaming
Outside of gaming, NFTs can find diverse applications like in healthcare and general trading.
The IOST blockchain can already facilitate the peer-to-peer trading of energy and private sharing of medical data.
Through this emerging blockchain sub-sector, content creators can track their creations digitally and receive what’s rightly theirs. Most importantly, NFTs usher in a new age of disruption. It democratizes creativity and breaks down intermediation barriers.
Meanwhile, two of the most liquid cryptocurrency exchanges, Gate.io and Latoken exchange, have listed IOST.
