The nature of blockchain technology presents innovators with an extremely broad spectrum of different opportunities. Aside from the most obvious application of blockchain technology– cryptocurrency- the distributed, decentralized nature of the blockchain presents interesting opportunities for cloud computing and cloud storage.
There are already a number of platforms that are using blockchain technology to explore these areas of development, such as cryptocurrency mining pools, or cloud computing services such as Golem.ai. An upcoming initial coin offering, however, aims to apply blockchain based cloud computing methodology to the gaming world in order to allow gamers to monetize their processing power.
The Freedcoin platform is aiming to become the world’s first platform that allows PC owners to network their processing power into a grid computing system, delivering income to game publishers as well as reducing gaming costs for gamers.
In this article, we’ll take a look at the Freedcoin platform and find out what it plans to offer in the upcoming Freedcoin initial coin offering to help you determine whether it’s worth investing in.
What Is Freedcoin?
Freed is a new blockchain based monetization platform designed specifically for online games that aims to integrate gamer PC’s into a grid computing system. The Freedcoin solution is intended to provide benefits for gamers, cloud computing customers, and game publishers alike.
Gamers are able to profit from connecting to the Freedcoin network by accessing in-game items as a reward for donating computing power, while game publishers are able to increase their business flow by utilizing the power provided by gamer devices. Cloud computing customers are able to take advantage of large-scale computing resources on demand at a highly competitive price.
Freedcoin is unique in the world of initial coin offerings, as the platform has already collected more than $1 million in funding, and, notably, is partnered directly with IBM as the main Freedcoin tech partner. Specialists from both Freedcoin and IBM are currently working in synergy to develop the Freedcoin platform, backing up the Freedcoin development team with the expertise offered by IBM’s R&D departments.
How Freedcoin Works
The Freedcoin platform will operate on the basis of the “FREEDcoin”. The FREEDcoin will facilitate payments between platform participants, and is based on the ERC20 format of the Ethereum network. Game publishers will be able to reward participants with FREEDcoins, or offer alternative rewards, such as in-game items or bonuses.
The flexibility of the Freedcoin platform allows game publishers to exert a large amount of control over how FREEDcoins or other benefits are used to control gamer interest, determining how FREEDcoins are earned, what they can be used to purchase, and how they are distributed.
The Freedcoin platform is integrated into the software code of a game, and makes computations within a distributed network. The entire platform is managed by a software agent that incorporates a Center for Distributed Computing.
Importantly, gamers are able to determine the load level at which their computer is donating processing power at any given point in time via a user friendly interface. The adjustment capacity offered by Freedcoin ranges from a minimal level that allows for use in parallel with other tasks to a maximum level in which all computing resources are directed toward the Freedcoin network.
Freedcoin also plans to integrate a smart load level system that automatically adjusts load levels depending on the activity of the user. Ultimately, the distributed computing network that will be created by the Freedcoin platform aims to offer faster, cheaper, and more reliable cloud computing services than contemporary server farms.
The Freedcoin ICO
Freedcoin have not as of yet released conclusive details regarding the specifics of their upcoming initial coin offering, but state on the Freedcoin website that emissions of FREEDcoins, or FRD, will only occur during the initial coin offering itself. After the ICO, no tokens will be created or released.
While a comprehensive breakdown of the distribution of tokens during the Freedcoin ICO is currently unavailable, Freedcoin does state that a portion of the tokens generated during the ICO will be placed in a reserve fund for payments. These tokens will be transferred to the wallets of game publisher partners in order to facilitate the payment of network participant gamers that donate their computing power.
If you’re interested in purchasing Freedcoins, it’s possible to submit a purchase request via the Freedcoin website. This option also provides users with the opportunity to sign up for newsletter updates on the progress of Freedcoin development.
The Freedcoin project is an interesting approach to the creation of a distributed computing network, and is set to leverage the vast amount of computing power that is possessed by gamers around the world. If you’re interested in observing the development of this promising project, it’s definitely worth signing up for email updates via the Freedcoin website.