Binance, the world’s largest crypto exchange, announced yesterday that it has listed its altcoin project Gala Games (GALA). The price of the cryptocurrency flew with the listing announcement. So what is Gala Games? The GALA token is the main cryptocurrency used in the Gala Games Ecosystem. Learning what this token is and what it does is important in understanding how to use it. Cryptocoin. com, we researched what Gala Games (GALA) is for you, let’s examine it together…
What is the altcoin project Gala Games (GALA)?
Gala Games is a GameFi platform that aims to create an ecosystem of Blockchain games. GALA is the service token of the platform and is used for node operator incentives, network management, in-game rewards for playing platform games, in-game currency and NFTs for purchasing items in the Gala store. Gala Games is not a single game, but rather a series of different Blockchain games that prioritize fun and have Blockchain in the background.
So far, Gala has released one playable game: Town Star and an NFT collectible series VOX. It plans to release more games in the future, including a fantasy RPG game, a sci-fi strategy game, and a tower defense game. Other games are also in development by Gala Games such as Fortified, Mirandus, Echoes of Empire and Spider Tank Project. Since its launch in July 2019, Gala Games has reached 1.3 million monthly active users and the most expensive piece has been sold for 26,000 NFTs worth $3 million.
Let’s look at the Gala Games (GALA) team
Gala was founded by Eric Schiermeyer. Eric Schiermeyer was the co-founder of Zynga, a popular social and mobile gaming company. Under Schiermeyer’s leadership, Zynga launched popular hidollar series such as Poker, Mafia Wars, and Farmville.
What is Gala Token?
There will be 35 billion GALA tokens in the maximum total supply. There are currently about 7 billion GALA in circulation. 17.123.286 GALA is distributed daily at approximately 0200 UTC. Half of this GALA is distributed to the Founder’s Node operators and half to the Gala Games conservator. Every year on July 21, GALA distribution will be halved. For example, as of July 21, 2022, the daily distribution of GALA will be 8,561,643 instead of 17,123,286.
The GALA token serves as a utility token that is used to purchase in-game items and can be earned by running a node. GALA token runs on Ethereum and BSC Blockchain. The network is secured by its own cluster of nodes called Founder Nodes. Gala specifies a maximum of 50,000 Founder Nodes that validate in-game transactions and secure the network.
Where is the GALA token used?
The GALA token is the digital utility token of the Gala ecosystem. It is cryptographically secure and unique to the Gala ecosystem. GALA can be transferred between users and they have full control over how it is used. GALA powers the Gala Games Ecosystem. Founder’s Nodes earn GALA by supporting the ecosystem on which games can run. Town Star, the first game produced for the Gala Ecosystem, has a reward structure in which the first 100 players in GALA are awarded.
GALA is currently based on the Ethereum Blockchain and complies with the ERC-20 standard. GALA is a non-refundable service token to be used as a medium of exchange between participants in the ecosystem. The purpose of introducing GALA is to provide a convenient and secure form of payment and agreement between participants (for example, payment of digital goods or in-game items) interacting within the Gala Games ecosystem. According to the team, GALA in no way represents any shareholding. This token was created for use in the Gala Games ecosystem.
This project started to appear in the headlines when the world’s largest crypto exchange Binance listed Gala (GALA). However, since the project is still new, we recommend that you do your own research before investing. Because new projects are subject to serious volatility in the market and can either miss or reset your money.