loader image

What is Gala currency? | Is Gala currency a promising currency?

Dogecoin, IPCoin and Stepan price analysis
ژوئن 5, 2023
What is analog currency? | Is analog currency a promising currency?
ژوئن 6, 2023

Gala Games introduces itself as a blockchain game ecosystem whose mission is to create blockchain games. As a platform, Gala Games offers a large number of different games to players on the Gala network. This ecosystem uses Gala currency to identify players’ in-game assets. Join us to introduce this digital currency and its blockchain network to you.

Players can buy and sell assets on the Gala Network and receive financial rewards through the game’s Non-Fungible Tokens (NFT). Gala Games tries to differentiate itself from other blockchain games by giving players more control over in-game assets, sometimes costing hundreds of dollars. If we want to briefly describe this network, we can refer to the following:

Gala Games is a game ecosystem based on blockchain.
GALA is the native token of Gala Games that is used to trade assets in this ecosystem.
This network uses triple proof node system to maintain its integrity.
There are 9 billion Gala tokens in circulation and its distribution rate is halved every year to maintain its value.

How does the GALA ecosystem work?

The Gala ecosystem is secured through network nodes that you must use at least 6 hours per day to be eligible for Gala token rewards. These rewards help maintain and grow the network as each node becomes effective in hosting games.

To participate in the Gala ecosystem, users must download and install the NODE software, which can be purchased through a Gala Games account. Finally, the network nodes are converted into non-fungible tokens (NFT) that can be sold on OpenSea and other NFT markets. Node owners receive various bonuses and rewards, including:

Gala daily tokens
NFT tokens
Voting right
In-game coins (games also have their own coins that are tied to owners)

Players can own the generated NFTs and influence the management of games in the Gala Games ecosystem. Founder’s Node’s voting mechanism allows players to influence game development, new titles, and other updates.
Gala Games triple proof node system

Galagames nodes or Gala Node systems are divided into three categories that maintain the integrity of the network. Together, they form what the company calls a triple-proof node system.

proof of work

PoW are founding nodes. These are tier 1 nodes built on 50,000 non-fungible tokens. Founder nodes include users who were early supporters of the network and received NFTs from new players.

Proof of stock

PoS users are paid nodes that operate for specific games through a smart contract “lease” structure.

Proof of storage

Proof-of-Storage are free nodes that allow games to be hosted on the node system, eliminating dependence on centralized hosting platforms such as Amazon S3.

These three maintain the economic structure of Gala in their own way, and thus the system remains consistent with the addition of new members.

According to Coinmarketcap, since its launch in 2019, GalaGames has reached 1.3 million monthly active users and has traded 26,000 NFTs, the most expensive of which is worth $3 million.
History and founders of Gala currency (GALA)

This blockchain startup was founded by Eric Schirmeier, a pioneer in the gaming and blockchain industry and co-founder of Zynga, a popular mobile gaming and social media company. Schirmeier was a fan of casual games that appealed to people, which led him to launch popular games like Zynga Poker, Mafia Wars, and FarmVille.

Schirmeier launched Gala Games in July 2019 after gaining a reputation for working on large-scale projects. His goal was to create a gaming network that gave players ownership of their games.

As of 2020, the Gala Games team has about 65 employees and has released a game called Town Star and a series of collectible NFTs called VOX. The company is working on two more games, Mirandus and Fortified. Other projects include a fantasy RPG, a sci-fi strategy game, and a tower defense game.