Gala Games: Revolutionizing Gaming with Blockchain

Gala Games: Revolutionizing Gaming with Blockchain
Gala Games, founded in 2019, is a pioneering force in the world of blockchain-based gaming. Created by a team of industry-leading game developers, including Eric Schiermeyer, co-founder of Zynga, Gala Games has set out to redefine the relationship between players and the games they love. The platform leverages blockchain technology and the principles of Web3 to give players more control, freedom, and rewards.

Traditionally, many game publishers have relied on models that require players to continually spend money to enjoy their favorite games. Gala Games seeks to disrupt this by creating a vast gaming platform featuring AAA-level games, many of which are free to play. This shift aims to empower players by granting them ownership of in-game assets, fostering a greater sense of community and control.

Gala Games operates with the GALA token at its core. GALA serves as the primary utility token within the Gala Games ecosystem. It facilitates the purchase of NFT items, rewards Founder's Node operators for their contributions, and covers network fees on Gala's blockchain.

Each day, the emission of GALA tokens is divided, with 50% going to Founder's Node operators and the remaining 50% allocated to the Gala Games conservatorship. The conservatorship reserves funds for future ecosystem growth and project funding. Moreover, GALA token emission undergoes a halving process each year, reducing the daily supply over time.

One of Gala Games' unique features is its commitment to a "games-first" approach. The team boasts centuries of combined experience in game development, placing the gaming experience at the forefront of their priorities. The platform aims to provide gamers with unparalleled freedom, allowing them to own, earn, and play with true autonomy.

Gala Games simplifies the onboarding process for newcomers to the Web3 world, making blockchain transactions accessible through platforms like Coinbase and MetaMask. This user-friendly approach, combined with the ability to purchase in-game items directly with credit cards, opens the door to a wider audience of players.

Additionally, Gala Games collaborates with OpenSea, a leading NFT marketplace, allowing players to trade their in-game items peer-to-peer. This integration enhances the liquidity and tradability of in-game assets.

Gala Games stands out not only for its gaming experiences but also for its commitment to community engagement. The platform's Discord community serves as an open channel for players and community members to provide feedback, contributing to Gala's ongoing success.

In its quest to expand the Web3 entertainment landscape, Gala Games has launched Gala Music and Gala Film, branching out into music and film industries. Furthermore, Gala's generative NFT avatar project, VOX, has gained significant attention, with collaborations involving Dreamworks' Trolls and AMC's The Walking Dead.

Players on Gala Games can collect in-game NFTs that offer various benefits, boosts, and reward opportunities. This flexibility empowers players to enjoy games with less commitment and the freedom to explore a diverse range of titles.

Gala Games' decentralized gaming network relies on Founder's Nodes, which play a crucial role in the ecosystem's growth and decision-making process. Founder's Node operators actively participate in voting mechanisms to shape Gala Games' future, including deciding which games join the platform.

In summary, Gala Games is not just a gaming platform; it's a movement that reimagines the relationship between players and their favorite pastime. By embracing blockchain technology, empowering players with ownership, and fostering an engaged community, Gala Games is leading the charge in the evolution of the gaming industry. As the platform continues to grow, it is poised to become a dominant force in the world of Web3 gaming.



Website: games.gala.com
CoinMarketCap: Gala
Roadmap:

Project Quantum (QBIT): Merging Gaming and Cryptocurrency

What Is Cardano ADA?

ADA is the native cryptocurrency of the Cardano blockchain. It is used as a means of payment, to participate in the governance of the network

I dont hold enough Ethereum

 

Aptos

Aptos is a new Layer 1 blockchain that is currently generating a lot of buzz in the crypto community. It is a venture capital-backed cryptocurrency that is still in the planning stage, but its proposed features have already caught the attention of many investors. Aptos aims to increase scalability while offering unique security and usability options that make it accessible to average users.

Silvergate Capital Suspends Dividends to Preserve 'Highly Liquid Balance Sheet' Amid Crypto Winter

 

Silvergate Capital Corporation, a California-based crypto bank, has suspended dividend payouts to preserve its “highly liquid balance sheet”, according to a company statement on January 27th. The firm has halted “the payment of dividends on its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, in order to preserve capital.”

The bank reported a net loss of $1 billion in its Q4 2022 report on January 17th. The poor performance was attributed to the overall sour market sentiment, which has seen investors opt for a “risk-off” approach over the past year. However, the bank emphasized that it still maintains a “cash position in excess of its digital asset customer-related deposits.”

The bank's CEO, Alan Lane, used similar language to the latest announcement, noting that the company is still bullish on the crypto sector but is working to maintain “a highly liquid balance sheet with a strong capital position.”

The news of suspended dividends was met with notable losses in both its preferred (SI-PA) and common (SI) stock prices. According to data from Yahoo Finance, the price of SI-PA dropped by 22.71% to $8.85, while SI declined by 3.76% to sit at $13.58 by market close.

This is not the only action the firm has taken to shore up its coffers this month, after it announced on January 5th that it had laid off 200 employees — representing 40% of its headcount — in a bid to keep afloat.

The company’s Board of Directors will re-evaluate the payment of quarterly dividends as market conditions evolve,” the firm added.

This move is a precautionary measure taken by the company to ensure that it has enough cash on hand to weather any potential economic challenges or market downturns. It's worth noting that companies often suspend dividends during times of economic uncertainty to conserve cash and support their balance sheets.

Source: cointelegraph.com

What is Trust Wallet?

Trust Wallet is a mobile wallet for storing and managing cryptocurrency assets. It supports a variety of coins and tokens, and features a user-friendly interface, secure private key storage, and a variety of other features such as support for decentralized applications (dApps). Trust Wallet is an open-source and free mobile wallet, which is available for both iOS and Android. It allows users to have full control over their private keys, which enhances security and gives users full ownership of their funds.

FTX downfall...

 

FTX and FTX.US, a major cryptocurrency exchange and its US branch, filed for Chapter 11 bankruptcy on November 11, 2022 due to a lack of liquidity and mismanagement of funds. The CEO of the exchange, Sam Bankman-Fried, was arrested on December 12 and charged with wire fraud and conspiracy to defraud investors. He allegedly used customer funds as a "personal piggy bank" to make private investments. The value of FTT, the exchange's native token, plummeted, taking other coins down with it, including Ethereum and Bitcoin. Other exchanges with exposure to FTX or FTT also faced financial troubles, with BlockFi filing for bankruptcy on November 28. The new CEO of FTX is John J. Ray III, who led the energy giant Enron through its bankruptcy and liquidation process about two decades ago.

FTX, a major cryptocurrency exchange, and its U.S. branch, FTX.US, filed for Chapter 11 bankruptcy on November 11, 2022. The bankruptcy was a result of a lack of liquidity and mismanagement of funds, which led to a large volume of withdrawals from investors. The value of FTX's native token, FTT, plummeted, taking other coins down with it, including Ethereum and Bitcoin, which reached a two-year low as of November 9.

The former CEO of FTX, Sam Bankman-Fried, was arrested on December 12 in the Bahamas and was later extradited to the U.S. He pleaded not guilty to eight criminal charges, including wire fraud and conspiracy to defraud investors. According to a complaint filed by the Securities and Exchanges Commission (SEC), Bankman-Fried used customer funds as a “personal piggy bank” to make private investments, including real estate and political campaign donations.

FTX's crash had wide-reaching implications throughout the crypto market, as other exchanges and cryptocurrencies with exposure to FTX or FTT faced sinking prices and financial troubles. For example, BlockFi, another cryptocurrency exchange, filed for bankruptcy on November 28.

The new CEO of FTX is John J. Ray III, who led the infamous energy giant Enron through its bankruptcy and liquidation process about two decades ago. In the bankruptcy filing on November 17, Ray exposed the severity of FTX’s murky finances, citing a “complete failure of corporate controls” and a “complete absence of trustworthy financial information.”

The events leading up to the bankruptcy include initial reports and sell-offs beginning on November 2, with the CEO of rival exchange Binance, Changpeng Zhao, announcing plans to sell off Binance's stockpile of FTT due to "recent revelations" of FTX and its sister company Alameda's blurred funds. This led to a rapid decline in FTT's value, as well as that of other coins, with Bitcoin dropping to a two-year low. Bankman-Fried announced on November 10 that the platform saw $5 billion in withdrawals on November 6.

Zhao and Bankman-Fried then struck a deal for Binance to acquire the non-U.S. branch of FTX on November 8. However, Binance withdrew from the deal on November 9, citing news reports of mishandled customer funds and alleged U.S. agency investigations as the reason for their decision.

FTX halted all non-fiat customer withdrawals on November 8 and filed for voluntary Chapter 11 bankruptcy proceedings for FTX, FTX.US, and Alameda on November 11. However, FTX and FTX.US wallets were emptied on the evening of November 11 in an apparent hack, with more than $600 million drained from the wallets.

Overall, the collapse of FTX was a result of a combination of factors, including mismanagement of funds, a lack of liquidity, and a hack that drained the exchange's wallets. The events had wide-reaching implications for the crypto market, and the arrest of the former CEO on criminal charges related to the mismanagement of customer funds further compounded the damage caused by the collapse.