Have you ever heard of George Weiksner? If you haven’t, there is a good chance that you will in the future because this kid is the new prodigy in the crypto world. You probably would not be surprised if you were told that this person created a cryptocurrency for online gaming, but there is something shocking in this story: he is a 11 year-old-boy.
Who Is George Weiksner?
The CEO of Pocketful of Quarters, George Weiksner, lives in Old Greenwich, Connecticut, and is a 6th grader at Greenwich Country Day School. He has drawn the attention of the world after releasing his ICO for the Quarters, his own tokens, which he created while doing activities that any normal kid does, like homework.
The idea for the project came up when Weiksner was in a car ride back from school talking with his father about cryptocurrencies. As soon as he heard about them, he had an idea about a coin that you could use in all your games. He thought that could solve a problem he had: he would earn a lot of coins in a game but would simply not have where to spend them after he finished the game.
George’s idea might have been good, but certainly, the kid’s family helped him a lot. George’s dad, Michael Weiksner, has a ph.D. in Stanford and is a general partner in Rostrum Capital, an investment company. With the help of the father, little George decided to launch an ICO for the funding of his own platform.
While he has plenty of ideas and projects for the future, George does suffer from being such a young star. He states that many major entrepreneurial networks are rejecting him and a lot of people do not believe in his project, he is certainly happy about all the media attention to his project.
A Cryptocurrency to Solve the Problems in Online Gaming
The motto of Pocketful of Quarters is to be a universal cryptocurrency for games. The idea is actually pretty simple: you create an account, buy the tokens (or you can earn them as rewards from playing games) and then you can use the same tokens to acquire items or special goods in many different games.
Obviously, it would be impossible to create a really universal token for games from the start, so the plan of the company is to start with 10 games. In fact, most of the games that you can play using these tokens are still somewhat simple browser games. You can find them all (and play them for free) on the company’s site.
Will this cryptocurrency solve the problems in online gaming? Not really, at least not at the moment. The potential of Pocketful of Quarters is that, if this project really works well, it can be easily implemented on other online browser games because the API of the project is open source and you can make your own games use it.
Something that might influence the decision of the developers for using Quarters in their games is that it creates a really easy way for monetization. If a gamer spends Quarters in a game, the developer gets three times that quantity of tokens.
While you will probably never see these tokens being used in giants of the gaming industry like World of Warcraft or League of Legends, there is definitely some potential for other Massive Online Multiplayer (MMO) and Massive Online Battle Arena (MOBA) games to use this monetization system.
The Quarter Tokens
The Quarter Tokens are ERC-20 tokens based on the Ethereum blockchain. Unlike most of these tokens, they are not suitable for receiving dividends of the company, only to be used on games. Do not think that there is no way from making money from these tokens, though.
As stated before, developers always receive three times the quantity of tokens that the gamers spend and gamers can always generate tokens from games, so Quarters are constantly multiplying in numbers.
While this will subject the Quarters to constant inflation, it is important to notice two factors. Every time that the number of tokens double, token holders receive 25% more free Quarters than they hold at the moment. This will make it interesting to hold tokens because you can profit this way. Also, you can cash out your tokens and get Ethereum whenever you want, so dodging an inflation wave is very easy.
The Pocketful of Quarters ICO
Unfortunately, we still do not have much information about the upcoming ICO. The pre-sale status is marked as “pending” on the company’s site, although it looks like it will start soon. 500,000 Quarter tokens will be sold in this phase and the plan is to raise 1,000 ETH before the main sale. The pre-sale price is 1 ETH per 500 tokens.
The main sale is marked to start in Spring 2018, but there is not a lot of information about it. You can read more about the upcoming sales if you participate in the company’s Discord, Telegram or follow it on Twitter.
The Future of George Weiksner and Pocketful of Quarters
It’s hard to say where George Weiksner will be in the future. If the ICO is actually successful, there is a great chance that you might hear a lot about him in the future. Is this the beginning of the career of a worldwide famous entrepreneur or only one more of these one hit wonder kids stories? Only time will tell.