The advent of cryptocurrency has changed the way in which individuals transfer value to one another. While cryptocurrency is extremely useful for individuals or businesses that are seeking to minimize the cost of transferring money, digital currencies are also extremely useful for microtransactions.
The fast transaction speed and minimal fees associated with cryptocurrencies make them ideal for microtransaction facilitation. One of the industries in which microtransactions is most prevalent is the gaming industry- microtransactions have recently tripled the value of the entire gaming industry.
A new blockchain based startup is aiming to bring gaming microtransactions onto the blockchain with a new token that can be used to both transfer gamer credit between games, and help developers monetize their games.
In this article, we’ll take a look at the Totum platform and find out how it works, as well as assess the Totum ICO to find out what it offers in order to assist you in deciding whether it’s worth investing in.
What is Totum?
Totum is a decentralized gaming blockchain that is aiming to allow any player or developer to monetize their participation in the gaming industry. The Totum platform will allow users to transform any internal logic in a game or browser into a liquid crypto tool.
Totum offers benefits for both players and developers. Players are able to convert in-game coins from specific in-game currencies to Totum-based tokens and back again seamlessly. The platform also allows users to turn their playing time into a real liquid crypto asset.
For developers, the Totum platform allows for the monetization of game logic, and lets developers set the withdrawal amount from in game currency to cryptocurrency themselves. The manner in which Totum allows gamers to monetize their playing time also increases game popularity. Importantly, Totum is simply and easily integrated via backoffice, APIs, and extensive documentation.
Totum is backed up by the efforts of miners, who are rewarded with a unique mining system. Totum miners benefit from an absence of a mining limit, and are able to mine completely anonymously with no need for identification.
The Totum ICO
In order to fund the development of the Totum platform, Totum will be running an initial coin offering. The Totum ICO will launch on the 15th of December 2017, and will conclude on the 31st of January 2018. During the ICO, 15,000,000 TOTUM tokens will be released, with an exchange rate of 1 TOTUM to 0.0033 ETH.
Interestingly, Totum have set both minimum and maximum transaction limits for investors during their ICO. Investors must purchase a minimum of 10 TOTUM, and are limited to a maximum of 100,000 TOTUM.
During the first ten days of the Totum ICO, investors will be provided with a 20% bonus. Up to 88% of the total amount of Totum will be available to investors, while 7% will be distributed across the Totum development team. Tokens that are not redeemed during the ICO will be burned.
In a rare move, Totum have also backed up their ICO with a refund policy. Failure to hit the ICO goal of 1.0 million token sales will trigger a refund process, in which all invested ETH will be returned to the wallet addresses from which it was sent.
To date, the Totum development team has already finished a significant amount of work, and even delivers a project demo on the Totum website that can be used to familiarize users with the interface and capabilities of the platform.
After the successful conclusion of the Totum ICO, the Totum development team expects the finalization of stage one of the Totum blockchain to conclude in March 2018, with final API integration and Totum cryptocurrency conversion complete by May 2018.
While there are many different ICOs that are focused on enhancing liquidity in the game industry, the Totum ICO is intelligently constructed and is backed up by a significant amount of work that has already been completed, as well as a refund system. If you’re interested in a potentially lucrative gaming microtransaction based ICO, Totum is worth a closer look.