With the recent news of Steam (an online gaming giant) opting out from the use of cryptocurrencies, there has been a push in the gaming market to develop a platform, that seamlessly integrates the use of digital assets for making in-game purchases.
However, there are many issues which currently exist that need to be ironed out before such a platform can become a working reality. For example, due to the ever fluctuating value of BTC, ETH, it is tough to find a normalized rate at which transactions can take place.
What Is CryCash?
CryCash has been described by media outlets online as being the world's “first cryptocurrency that has been tailored to satisfy the needs of gamers and game developers”. The CryCash ecosystem features a wide array of services that help make gaming a smoother and more enjoyable experience.
Some of the key aspects of this service include:
According to reports online, CryCash has already confirmed integration into Crytek’s game developer platform. In addition to this, company representatives are also saying that they will be partnering with many more service providers in the coming future.
Made Exclusively For Gamers:
While many other blockchain services work to integrate a host of services, CryCash is designed exclusively for use in a gaming context. It is designed to help gamers make easier purchases without having to bother about fiat exchanges, or fluctuating BTC value.
In a press statement released by CryCash, the platform has been described as an “independent decentralized ecosystem of products for gamers fueled by an all-new, gamer-centric cryptocurrency.”
CryCash uses an ecosystem that consists of four independent components that are all run using native tokens called CRC. For starters, there is an app called Plink which is built into the interface. It serves as a social network, a messaging and chat service, a task manager, and a CRC wallet.
Unique Model Of Operation:
As many of us may know by now, a majority of blockchain services allow us to earn tokens by mining. However, CryCash allows users to earn CRC via the completion of in-game tasks. According to the official company website, the tasks are assigned to players by developers (via Plink).
Once the task has been completed, users automatically receive CRC token in their e wallet. For example, while paying a game called “Warface”, users are given the task of killing 100 enemies to earn a total of 5 CRC.
Other Important Aspects To Consider
Good Exchange Value:
According to the company's website, the token is measured in Ethereum, but can also be used in exchanged for fiat currencies. The rate for such an exchange has not be disclosed.
The Crycash ecosystem features a marketplace that allows for CRC to be spent on “in-game items, or other games”. In terms of its design, it will be based upon an al new Cryengine technology, that will allow for good privacy and overall control as well. At this point, it should also be mentioned that there will be small transaction fee of 1.5 percent on all CRC transactions.
The company aims to collaborate with online gaming giant E-sports so as to help increase the visibility of this platform.
Another great aspect of Crycash is its ability to serve as an advertising portal. This allows developers to target their primary demographic more easily, thereby making it easier for players to make trades and purchases.
CryCash Token Details
According to the company’s official whitepaper, CRC tokens will offered from December 12 through January 15. In terms of purchase, the value of 1 CRC has been set at .001. To break down this value even further, we can see that a single CRC token can be bought for around $0.41. It should also be made clear that this price is only applicable during the ICO, and during the regular crowdsale, the token value will be higher.
Lastly, in order to minimize transaction fees, Crycash uses certain protocols that help prevent monetary fluctuations However, this cannot be guaranteed as, in the past few months, the value of Bitcoin and Ethereum have skyrocketed (with bitcoin currently touching a value of $21,000 USD).
In terms of the token sale structure, we can see that:
- 60% of all tokens will be put up for sale to the public.
- 25% of the tokens have been reserved for purchase by advisors, partners and team members.
- The remaining 15% will be used as long term reserves.
The allocation of all collected funds will be as follows
- 30% of all funds will be used towards further platform development
- 30% will be used to initiate the “Buy Back program”
- 20% of the money will go towards marketing and business expansion.
- 10% of the funds will be used to maintain smooth daily operations
- The remaining 10% will be used to cover for legal expenses, as well as serve as a contingency fund.