Even while we are still in June, we wanted to share a few things with you without waiting July. Enjoy the read!
GX FaucAd to GX Faucet
As you know, that program’s name was FaucAd when we first implemented it. We wanted to let our users spend their tokens to purchase ad unit slots on our website to promote their websites and such. Many of you have used that feature but we decided to remove that because it wasn’t really proper for a gaming website.
We have a plan for future, actually, it was always in our minds. A program we call as GX External Services will have such features that are not related to gaming directly but it has its time. So for now, our GX FaucAd will continue to walk its road as GX Faucet.
Implementation of GX Playground
As we have notified you guys on our latest medium blog post, we had a program called GX Playground and it was expected to be released in June. We could keep our word and released it a few days ago.
GX Playground is powered by one of our official partners, Cloud Games and it lets you guys earn some GX while playing games and having fun. Rewarding amount and periods are dynamic and mostly random but it’s better to play different games rather than playing the same one. Switching games often would increase your chance to get more GX.
As a first step, we have added 1 game per genre and we will add new games periodically.
Regarding Exchange Listing
Many of you ask us about when GameX will be listed on big exchanges or continue to apply for other exchanges. We have answered this question before but I’ll try to explain it again.
As you know (or not) GameX is built by a small team with near to zero funding support. Our ICO was semi-public and there was only a handful of gaming enthusiasts who showed their support for our platform. So, listing on big exchanges is not that easy since they ask for between 1 and 300 BTC to list you. Also, some of them expect your platform to be listed on Coinmarketcap (which requires your platform to have at least 100k USD daily trading volume). Most of them, on the other hand, makes you sign a contract that you will maintain at least X USD trading volume per month otherwise they have a right to remove your coin.
So, what does that show us as GameX? First, we can’t provide such listing prices at the moment. Second, our trading volume is not enough for big exchanges. When we listed on Binance for example, a magic wand won’t touch us and make GX tokens traded like crazy. In a few months, we’d lose our position on such exchanges due to inactivity of trades.
So what are we doing and what will we do?
To make GameX a trusted and actively used platform, first, we need to complete the development of our main projects. When we start using GX tokens for actual utility purposes rather than spending them on raffles, we will have a real value. That is our main goal.
Please keep that in mind, adding GX to exchanges in the current state won’t change anything or jump GX’s value like you expected. Exrates.me is a great example for that.
You are tested with your patience in that period. You may sell your tokens and leave GameX or stick with us and continue to earn and accumulate your tokens for future uses. Our test is about survival. We need to keep you guys with us until we start doing our real work.
We don’t sit idly about it!
We are always in contact with newly emerged exchanges to list us. We don’t aggressively apply to them but we don’t also close our communication channels with any of them.
AdzX for example, as you know we are the winner of the exchange listing voting there. We’ll be added to AdzX soon, waiting for them to sort a few things out.
On the other hand, we made a contract with Coinbene to list GameX by paying 1 million GX (it is the amount for our deal, we didn’t send it so they didn’t scam us). Everything was signed up but they suddenly canceled it without giving a reason.
Anything other than AdzX?
Yes. We are in contact with 2 more exchanges. But We can’t give any names, especially after Coinbene incident.
Burning GX Tokens
GX’s max. supply limit is 10 billion and our current circulating supply is around 2.1 million with 4k unique holders. We came this far in 6 months and these all are hard earned GX not giveaways. Our user loyalty program, GX Alliance is the source of this amount.
The thing is, that 10 billion limit was calculated and decided on our first ecosystem plan which we don’t follow anymore. The old plan was to release a few million GX each month but our project resource management is completely different than our first days in January 2018.
We’ve decided that 10 billion is too high and we can never reach that amount with our current GX rewarding rate. We need to reward our users with 10k, 20k GX for even small things to fill that rate gap.
We also asked you guys about it on our website via a poll and until now around 97% said that it’s logical to burn it. So we’ll do it.
We’ll periodically burn GX tokens and decrease our max. supply limit. The first plan is decreasing it to 1 billion but we may go even further than that. We all believe that it’ll increase our market value due to scarcity. Not suddenly of course, but in time.
GameX’s Net Income Increased
After adding ad units of some popular crypto-currency advertising networks to GameX, we have started to get some passive income. It’s currently enough for our server and other maintenance costs.
This income will positively affect the game quality of GX Raffle Store when we buy new games. Also, we use that money to buyback GX tokens from time to time.
Work in Progress
We are currently working on;
- Dashboard performance improvements.
- DB clean-up and speed optimizations.
- Addition of 4 new games to GX Raffle Store.
- UI and statistics improvements for GX Raffle Store and GX Playground.
- (Major) GX Marketplace BETA’s first release.
Waves Platform and GameX
Our founder, Orkun Hirlas (Kraeius) has become a Consul and Ambassador of Waves Platform last month. He is working together with Social Media, Local Ambassadors, Consuls and Development teams of Waves Platform.
GameX also cooperates with Waves Lab and Waves Platform Marketing Department to expand the adoption of WAVES and Waves-based tokens.
That’s all for today guys, take care of yourselves!
Rosa, Account and Project Manager of GameX (GX)