Among the top performers of the past 24 hours, the token GALA appeared on November 25 and crept into 44th place.
GALA is not really new, currently the company already has 1.3 million users and 90 team members. The associated gaming company was founded Gala gaming 2019 by the US-American Eric Schmiermeyer. The company’s mission is to “make blockchain games you really want to play”.
At first, that sounds like an approach that probably all companies in this area are pursuing. The design looks a little different in this case, however, because Schmiermeyer wishes that gamers can no longer simply “take away” the games just because the company behind them no longer sees the application as profitable. That is why Gala Gaming uses a decentralized approach, with everything that goes with it: NFTs and GALA tokens.
GALA is currently making headlines. As CoinGecko reveals, the token was up 54.1 percent in the last 24 hours alone and was trading at $ 0.700995 at the time of going to press. Looking at the last month, you could almost get Shiba Inu flashbacks, because GALA rose by a remarkable 726.6 percent at the time. The token thus took 44th place among the most valuable cryptocurrencies in terms of market capitalization.
Gala with the full program
The Gala network is based on the Ethereum blockchain and uses the ERC-1155 token standard. This lays the foundation for gamers to have more personal responsibility. The idea behind it: the community should determine which games are developed and financed. On the one hand, there is the Discord Channel, through which most of the communication takes place.
On the other hand, Schmiermeyer has come up with a relatively complex proof node system that consists of three consensus mechanisms: Proof of Work, Proof of Bet and the Proof of Storage. Like many other tokens, GALA is used to maintain governance in the system and to create incentives for node operators.
The gaming platform is also trying to build a global gaming ecosystem through which gamers can exchange the possessions they have won in the games. This is what the NFTs do. These can be auctioned for GALA tokens via the company’s own marketplace. A total of around 26,000 NFTs have been sold so far, the most expensive of which for the equivalent of three million US dollars.
Attention: Restrictions on the nodes:
Only the proof-of-work-based nodes can decide on the development and financing. This is a maximum of 50,000 so-called “Founder Nodes” that anyone can purchase via the website. 21,550 of these founder nodes are currently online. They receive NFTs for their work and GALA tokens for all games assigned to their license. The company emphasizes on the Website almost in record mode that these nodes are “not an investment”, just because you get a node does not mean that you can earn guaranteed GALA tokens with it. For this, a certain interaction in the network is required, with which one apparently receives the licenses. Because the GALA distribution is based on the allocation of points based on the commitment of all nodes.
The GALA tokens are distributed on a daily basis. 17,123,286 tokens are currently being distributed per day. This amount is halved every year on June 21st. Of this, 50 percent go to the founder nodes and 50 percent to the “guardianship other games ”. So far, 7 billion GALA tokens are in circulation. Just a fifth of the maximum there will be: 35 billion GALA tokens.
The Proof of Bet are additional chargeable nodes that are operated for certain games by means of an “intelligent rental structure”. There is also the proof of storage. These are free nodes that can fully host games. With this one would like to remain independent of large workers like the Amazon S3 hosting solution.