Final Decision of GameX (Regarding Token-Swap)
Before we had some serious problems with Waves Platform, we never planned such a platform change. When we thought that it’s maybe time to move on, we wanted to learn the opinion of our user-base.
Our first closed poll which conducted on GameX with optional comment field resulted as 73% for Ethereum and 27% for staying on Waves. Comments were also mostly in favor of ERC20. Some users also suggested TRON.
While we were doing that poll, we were waiting for a solution to our latest issues with Waves, we gave them time to act but they didn’t care much and when they did or pretended as they did, it was too late. So, we decided to make another poll. This time, publicly and on Twitter.
The result was in favor of Ethereum’s ERC20 with 69%, similar to our closed poll. Participation to our closed poll was around 8x more than the Twitter though.
So, as GX Team, we wanted to change our platform and after we learned the opinion of our users, we think that we can make that change with ease of mind.
Ethereum’s development team and its community are actively working on their blockchain. Vitalik is also one of the most active developers in this industry. They are planning a hard fork in a few months to release their latest update called as Casper. With this update, Ethereum will switch from POW to POS which basically means the end of mining, sort of.
People think that it will decrease the price of Ethereum but if you are familiar with such technical details, you will know better.
Most of the major tokens are created on Ethereum blockchain, that means there are many high-quality platforms there that depend on the success of Ethereum which is a good thing. It means more collaboration. Also, there is a problem that we suffer the most as GameX, exchanges. Adding GX to different exchanges will be easier and choices will be expanded greatly when we migrate to ERC20.
We think that Ethereum will be great for all of us.
Recent Changes on GX’s Total Supply Limit
Our initial plan in January 2018 was to distribute high amounts of GX tokens to our user-base. We had a plan to distribute millions of tokens to the public in iterations but that process didn’t go as planned. For a while, we kept this supply limit as the same but as a platform that uses a user-loyalty program, that old plan wasn’t useful for us anymore. If we wouldn’t reward our users on GameX and only would sell tokens via exchanges, we could keep that limit but we decided to reward our users with believing that it’d keep our platform more active. So, we decided to decrease the total supply limit and our first thought was about making it 1 Billion GX.
After some deliberations and research, with watching our distribution rate, reward amounts, holder count and circulating supply, we decided that even 1 Billion GX is too high. We don’t reward our users with 3–4k GX for simple tasks and if we think that we have distributed 3 million GX in 10 months, reaching to 1 Billion would take hundreds of years with that calculation.
So, our final decision was 100 million, clean and simple. We’ve burned our tokens on Waves Platform and decreased our total supply there to 100 million GX. Around 3 million is on our holders’ wallets and GameX has 97m on the reserve.
Our new ERC20 contract will have 100 million GX and our holders’ will swap their Waves GX to ERC20 GX with the same rate.
Token-Swap Process (Big Picture)
It’s really simple actually. Everything will be handled on the GameX website.
Here are the steps to successfully complete your token-swap;
- If you have some GX tokens on GameX website, you don’t need to do anything. Just keep them there.
- If you have already withdrawn some GX tokens to your Waves wallet or GX wallet on Exrates.me, you need to send it back to GameX’s official Waves wallet. This process is called as depositing. What you need to do to make a deposit is detailed on our “Deposit” page on GameX website.
- When we create our new ERC20-based GX token, we’ll change our “Withdraw” page on the website with the new information. After it’s completed, you will use your ETH wallet address instead of Waves wallet address.
NOTE: We’ll let you know when we have created our ERC20 token contract and we will share its address and other details with you. Until that time, everything will be the same as before.
Exchanges for new ERC20-Based GX
We are in contact with some of the popular exchanges (the ones that built specifically for ERC20 based tokens). One of them, which is a platform that we have close ties, will be ready when we create our ERC20 contract. Don’t worry, you’ll have an exchange even from the beginning. We’ll even make some promotions for you guys.
With migrating to ERC20, we’ll have some serious change on our membership types. The long waited “GX Elite” and other user types will be implemented with ERC20 token-swap. We’ll talk about them later.
We’ll create a campaign on a crypto-related fundraising platform that has a strong, investor community. That platform requires a sum to add your project there and after that, your project must have some votes to start its campaign actively. We’ll pay its cost and we are pretty sure that you guys will sign up there and vote for us (voting is free).
We’ll set our goal and will mention what we have in mind to use that funding. Our advantage is that we are already a pre-built platform with our small but ever increasing community. We can say that we have an MVP, maybe even more than MVP. So, we believe that we already earned the trust of our community and our future investors would see that too.
This process to join the campaign will start after token-swap process completed or at least after it becomes mature, technically speaking.
There will be a soft and hard cap. If we can’t reach that soft cap, nothing will change on our future or goals. We are after a funding to join exchanges more easily, hire additional developers to our platform, spend on PR and other things. We will detail all of them later.
New Security Measures and KYC Requirement
One of the biggest changes is our new KYC requirement for all of our members. To withdraw your tokens to your new ERC20 wallet, you must be a verified member of GameX.
The reason for us to implement such a constraint is mostly about security. KYC will help us to remove fake accounts and cheaters. This is important. A cheater with dozens of accounts would accumulate thousands of GX tokens easily. Such people then sell these easily earned tokens without a second thought, even if the price is too low. They are mostly after a profit, even if it would be around $0.000001. They are bad for all of us.
As GameX, we understand that not all of you would want to share your personal information with us. You may have security concerns or you may simply don’t like to share it. But, we aim to build GameX community on a real strong foundation with people who openly and proudly could say that they are with us.
This change probably gonna affect our active user number. Cheaters would be gone and also users that don’t want to share their personal details would choose to leave our platform. But that’s a calculated risk and we are dedicated to implementing it.
But, we won’t close our doors to other users completely. User’s that didn’t verify their identities still may use our platform and can continue to earn GX. Accumulated GX tokens will be able to use on GX Marketplace since it doesn’t require any identity check (for now).
If you decide to not to verify your account on us and you are not thinking to purchase anything via GX Marketplace, then it’s better to withdraw your token to your Waves wallet now and sell them to the buyers on the exchange, while still, Waves-DEX has enough GX token buyers.
KYC verification will be about a picture of you, It will have;
- Your face (upper body and face — like a selfie)
- Your national identity card (front side and clearly visible)
- A hand-written note that has “GameX” and the date you take the picture at (E.g. “GameX — 9.3.2018”)
Waves’ Approach to Our Latest Decision
After releasing our “Why we leave Waves Platform and move to Ethereum?” article, we have been contacted by the Waves Lab. It won’t be proper to share the details of that conversation but as a summary, we told the Lab that they are free to share their plans for GameX and it’s community as long as it’s a serious step. We assured them that we would share it with the community to learn about their opinion before acting, as long as it also matches with our own roadmap.
The conversation ended like “we’ll get back at you”, but, as you can imagine, they didn’t :)
Currently, our users sending their GX tokens back to GameX from their Waves wallets to our official Waves wallet. There are many deposit requests at the moment and most of them will be completed at the weekend.
Our team is working on our ERC20 token contract and it’s connection to the platform, both technically and about general flow. It’s expected to be completed by the end of September.
New user-types will be implemented to GameX which will change our platform in many ways.
After our contract is being created, “Withdraw” section on GameX will be redesigned for Ethereum and you will be able to withdraw your tokens to your new ERC20 wallets.
GameX will be added to an exchange, shortly after we started to distribute new tokens to your new wallets. As always, its name is hidden until we are completely added there.
The fundraising campaign will be started and at the same period and there will be an advertisement campaign for GameX on a few platforms. Bitcointalk.org threads will be also updated and we will add a new thread about our search of new ERC20-supported exchanges.
We are in contact with a game studio for a new partnership deal. If everything goes as planned, their major game will be playable on GameX with a special section dedicated to it. Also, GX users will be rewarded for their achievements in that game.
While that period is underway, there will be some UI based changes on the website.
User-type specific benefits and constraints will be implemented. Each user-type will have a different extra GX earning rate and they will have some special benefits and rights.
We have two other mini-projects but they will probably take some time to implement. One is a text-based game on GameX which we will develop. It’ll be a simulation and will let your earn GX. Another one is a mini-exchange. We’ll let some types of our users to exchange their GX tokens to Ethereum directly and they will be able to withdraw Ethereum instead of GX if they prefer.
Stay tuned peeps!