BlockTalks x Game Credits AMA Transcript!
We recently hosted an AMA with Game Credits, on October 21st at 4 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Josh, Chief Product Officer at Game Credits So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Game Credits to our community in layman’s term?
Ans — Game Credits has been developing a full platform to host many aspects of implementing game functionality and NFTs. We are now working on an exciting new project called Genesis Worlds. Genesis Worlds is a multi-creator gaming universe, with a diverse community working together. We are starting with a token launch of GENESIS token, the next up will be a Mining Claim NFT. This NFT will be an animated world and will provide the holders rights such as allowing their owners to participate in world governance, own Land within the World, and mine GENESIS ERC-20 tokens. When the Land sale opens, Mining Claim NFT owners will be able to purchase land which will allow them even more access within the Metaverse we are building. What’s really cool about this whole project in addition to the other mentioned utilities is that GENESIS is purchased using GAME, so the pricing for GAME will be impacted.
Q2. What are the advantages of Game Credits to the other alternatives in the Blockchain field?
Ans — The advantages of GAME (token) is that it’s linked to GENESIS token, which has utility within the Genesis Worlds Metaverse. We are building a 100yr metaverse with full utility from earning, NFT’s, live events and gaming, and an entirely open community. For us, beyond our initial launch, community drives our project forward by helping to make decisions through governance, which World Stakes give. It is perhaps also important to note that the GAME used to purchase a Genesis World stake, is LOCKED into that NFT, which will further impact the value of GAME.
Q3. What are the major milestones Game Credits achieved so far & what are in the future pipeline?
Ans — Game Credits has shifted focus to building a 100yr Metaverse within our Genesis Worlds project. Our first Milestone is launching the Genesis token, which is 1 week from today on October 28th. We have also developed a handful of NFTs that will be launching approximately 6 weeks from now, that give you mining claims.
Questions Asked on Twitter For Game Credits Team!
Q1. What are the main milestones on your road map, both in terms of what you’ve already accomplished and what we might expect in the future? Any partnerships or short/long-term technological achievements you’d like to discuss or draw attention to?
Ans — The big upcoming milestones are (1) GENESIS token launch on October 28th, (2) First World Shard sale before Christmas, (3) Genesis Land Sale in 2022 (4) Publicly playable Genesis product in Beta in 2022. We’re partnering with Polygon, Quickswap, Moralis, and Unity and Epic Games for game development. Plus, we have some other partnerships that we’re not yet ready to talk about.
Q2. You have many opportunities at Games Credit, whether you’re a digital artist, designer or software developer. But in what all ways will a normal trader or investor benefit from the platform? What are you offering for users looking to invest and reap the gains in long term?
Ans —The biggest direct benefits for the DeFi-minded community — traders, investors, speculators, etc…are the various ways you can farm and mine GENESIS. Holding World Shards over time earns you a lot of GENESIS. And you can farm GENESIS with GAME on the farming portal. Again, the longer you farm, and the more GAME you put in, the more GENESIS you’ll recieve. But…
the indirect benefits are where GENESIS will really start to shine — it’s all the gamers that will play the game, as well as all those artists, designers, and developers who will come together as a community to create it. That’s where the true value is created, and that’s what we’re asking everyone to buy into.
Q3. What is project’s revenue model? In which ways do you generate revenue/profit?
Ans — We’re developing Genesis Worlds as a non-profit, so there are few to no revenue models. This is a core part of our 100 year plan; companies that are built around profit generation are likely to end up selling out to bigger companies, and that destroys decentralized projects. The Genesis Foundation is a not-for-profit entity that will be created to manage the balance of GENESIS tokens (Game Credits itself won’t hold any GENESIS tokens at all). The Foundation will direct tokens to teams, creators, and individuals working on aspects of Genesis Worlds. The Foundation will be self sustaining for at least 20 years. Beyond that, it will need some sources of revenue. Likely revenue streams that it will maintain are NFT sales to a broad player base, and direct revenue from free-to-play players. ALL that revenue will be reinvested in the long-term health and growth of Genesis Worlds.
Q4. Do token holders have right to participate in the governance of the project? On What kind of decisions can they vote on about the project? How do you keep yourself motivated for more developments and non-stop work in this Covid-19 pandemic?
Ans — Yes! That’s a core part of Genesis. The entire project is community-driven, so any decision can be voted on. Obviously some things will be more or less difficult to implement — if the community votes to invent time travel, that might take us a while. Though, I guess, it doesn’t really matter how long it takes to invent time travel — once you’ve invented it, you just go back in time. I expect most votes will be around critical game mechanics, lore, or big picture strategy.
that’s a really great question — Covid-19 has taken a toll on everyone. We’re lucky — Genesis Worlds is a fully remote team, so we weren’t impacted as much as many other teams were. But motivation can be hard. We like to keep the end goal in mind — a gaming Metaverse that will still be thriving in a hundred years time, long after Covid-19 will be a distant memory.
Q5. Can you tell us a little about the Game Credit’s system of government? Can token holders participate in voting? If so, what is the percentage of the voting rights of the token holder?
Ans — For Genesis Worlds, there are two levels of governance. The first is the Genesis level. That’s where GENESIS holders govern the entire project, making decisions that broadly affect the whole game. The second level is World Governance. That’s where the World Shard owners of each individual world make decisions about that world — it’s theme, gameplay, rules, etc… In both cases, it’s straight 1:1 voting rights — only GENESIS holders can vote on Genesis decisions, and only World Shard holders can vote on decisions for that World.
Questions Asked by our BlockTalks Community Members during live Session to Game Credits Team!!
Q1. Can you tell us a little bit about the security issue of Game Credist? Is it safe to bet our capital on the platform? Have you done any audit recently to check the status of smart contracts and code?
Ans — There’s a pretty standard playbook for security that we’re following. Multisig wallets for tokens. Massive test coverage and audits for smart contracts. Open source or open code for gaming clients. Decentralized governance for DAO funds. I’d encourage every project to follow a similar playbook to this.
Q2. What are the components of the GAME Credits Platform? What are the list of exchanges I can buy GAME Credits?
Ans — You can buy GAME Credits on BitBay, Bittrex, Uniswap, and Quickswap. All four have good liquidity, and are well-respected exchanges. There are other places GAME is listed, but these are the four places I’d recommend buying from.
You can’t buy GENESIS yet. But you will be able to soon, on October 28th. And, more importantly, you’ll be able to farm GENESIS using the GAME you just bought. Go to https://genesis.game to learn more. The GENESIS farming lasts forever, with rewards starting high for the first year, and then decreasing over time (in a similar way to Bitcoin emission halving). We fully expect there will be people farming GENESIS in 100 years time.
Q3. Does GAME Credits have its own wallet? Is there any blockchain knowledge experience required before I can buy, sell and trade?
Ans — Both GAME and GENESIS are ERC-20 Tokens, so Metamask is the wallet we recommend. However, we are also using the Polygon Sidechain, so be sure to get your GAME and GENESIS on Polygon if you want to start Farming.
Q4. Current NFT is a hot topic, but are NFT not just for art. Does your project think that more real world use cases will emerge for NFTs as time goes on, why should we take NFTs seriously?
Ans — The biggest thing we’re doing is focusing on the long, long term. So many of the new NFT and defi projects are quick flash in the pan type projects where they launch, they make the creators a bunch of money, and then they’re useless in a month’s time. That’s the opposite to what we’re doing, and it’s why we know we’ll be successful. As we’ve said a lot, our goal is not “make a bunch of profit”, our goal is “grow Genesis Worlds over the next 100 years”. It’s that growth, and that integrated ecosystem that only gets stronger over time, that create the real value for everyone involved.
Q5. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Ans — You can find a wealth of information on GAME Credits at https://www.coingecko.com/en/coins/gamecredits — they have both total supply, and the top markets on which to buy GAME.
For GENESIS, you’re correct — that information isn’t out there yet because GENESIS hasn’t launched. I can give you an overview of GENESIS supply. Overall, we expect the total supply of GENESIS to hit 1Bn tokens in around 20 years time, with half of that emitted in the first three years.
There’s 50M GENESIS dedicated to the farming pool that launches on October 28th. There’s 40M GENESIS dedicated to providing liquidity incentives for GENESIS on exchanges. There’s 10M GENESIS dedicated to providing rewards to content creators over the first 12 months of the project.
The rest of the GENESIS is generated through mining World Shards. World Shards deliver GENESIS over time. Each World Shard can mine up to 10,000 GENESIS over time. The more World Shards held, and the longer you hold them, the more GENESIS you’ll mine.
So the exact amount of GENESIS emitted each year can’t be known up front, because it depends on how many people buy World Shards. However, we expect 200M-300M GENESIS to be mined during 2022, and 100M-150M to be mined during 2023. Emissions of GENESIS will reduce each year, but will continue indefinitely.
Q6. Creating NFTs on the GAME Credits Foundry is easy. And best of all, because the NFTs are created on the Polygon / Matic sidechain, there is no gas fee to create, sell, or purchase NFTs on the GAME Credits Platform. What are the great benefits that Polygon / Matic offers for the creation of NFTs?
Ans — The biggest benefit is the cost of a transaction. It is almost nothing when compaired to ETH mainnet. For a game, you need a high throughput of transactions. So, partnering with Polygon is exactly what we need to make NFTs and Gaming successful.
Q7. What sector of users could use the Products that You are Building other than Gamers?
Ans — Artists of all types, traders, people interested in social gathering in the Metaverse. But, we still feel it is important to implement different levels of gamification to make the world more alive and interesting, for all levels and types of gamers.