What is the Bombcoin? Purpose and utility of the token

Lately, you’ll have noticed that stories on cryptocurrencies and the creation of new tokens are all over the news — these digital tokens are becoming more widely accepted and used, with increasing numbers of investors, companies, and even countries getting in on the act.

As always, Banger Games is at the forefront of technology in the gaming experience, ensuring that its users can enjoy the advantages of this cutting-edge decentralized economy within our gaming ecosystem, by creating our own virtual currency.

Introducing Bombcoin, the revolutionary global currency of Banger Games, a gaming platform and ecosystem that connects and rewards all user types within the industry.

Bombcoin will be the first global currency that can be transacted, earned, mined, and burned through actions carried out among communities operating on the IoG (Internet of Gaming) network.

Why do we need Bombcoin?

Nearly 3 billion gamers around the world are not being compensated for their gameplay. The gaming industries provide little, if any, control or ownership for the gamers themselves, in terms of buying the latest games year after year, and spending on upgrading their gaming set-up, and on in-game assets like skins and emblems.

Bombcoin aims to bring together the currently fragmented gamer economy with one shared and exchangeable blockchain currency. With the use of such technology, gamers are no longer just users, nor winners or losers within the games; instead, they will become the architects of the system. A solution built by the gamers, for the gamers.

How is Bombcoin being built?

Phase one of Bombcoin is being built on Polygon, a protocol, and framework for building and connecting Ethereum-compatible blockchain networks that can interface with each other in a scalable solution.

The benefits of Polygon include its extremely low transaction fees, its fast transaction speeds, and its infinite scalability opportunities.

As a result of these benefits, Bombcoin

• is easy to purchase, transact, and exchange
• can be converted into other cryptocurrencies or fiat (conventional government-issued currency)
• offers genuine ownership rights for users
• is transparent and secure
• is built by, and for, gamers

How will Bombcoin be earned and transacted by Banger Games users?

Any gamer, esports team, Icon, game studio, brand, or investor will be able to start creating monetisation streams, enabling true ownership of their gaming Metaverse.

Every transaction on the Banger Games platform will require the use of our tokens — in other words, Bombcoin.

Phase 1: Earning Bombcoin as a reward and for NFTs

In the first phase, scheduled for 2021 and 2022, the token will be used as a part of the reward and transaction system of the Banger Games platform. During this initial phase of the platform, the token will be used for:

• SMART Tournament creation, entry, and rewards
• Rank system rewards
• Stabletoken swaps (tokens whose price is tied to an asset, such as a cryptocurrency)
• Blockchain collectibles (NFTs, or non-fungible tokens: for more, see our article on Web 3.0)
• Minting NFTs & NFT marketplace interactions (gamers, publishers, and brands can sell their earned or created items to a gaming audience)

Phase 2: Fully operating Play2Earn Ecosystem

During this phase, due for 2022 and 2023, the token will be used for the following functions, in addition those already introduced in phase one:

• Rewards for matchmaking (when gamers connect and participate through high-quality P2P servers)
• Publisher jackpots
• Proof of Stake (PoS)
• Challenge creation and competition
• Systems for achieving objectives

Phase 3: Earning Bombcoin through the P2P model

Banger Games IoG will eventually operate through a P2P business model. Any gamer or user will be able to replace centralised cloud or network providers and become a cloud provider (or user) themselves.

This will allow users to create their own monetisation abilities: cloud provider users will be rewarded by the ecosystem with Bombcoins, in ranges depending on the demand from peers for their supply of shared cloud and network capacities.

During this third phase, the token will be used for all the functionalities explained in the first two phases, plus:

• Connecting and sharing P2P cloud resources and networks
• Player tokenization (investors will be able to purchase tokens from the platform’s top players)
• Crowdfunding
• Gaming equipment

Look out for more articles coming soon about the Metaverse and other hot IoG topics.

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