Creating a Cryptocurrency Ecosystem Through a Trading Game
Having been involved in multiple crypto projects during the previous months led me to an interesting discovery: there are more than 1500 cryptocurrencies in circulation, and only a handful of them are really trying to build an ecosystem.
What do I think by saying the above? Well, in my opinion a working currency shall have two legs by definition: the holders and the merchants. This is the classic “eggs and chicken” problem, the existence of each leg is based on that of the other one.
If we take a look around in the world of cryptocurrencies (and here I mean the so called payment tokens) then what we see is a whopping number of currencies held and traded by crowds of people, and not used in the meantime anywhere for real payments. With the exception of bitcoin, bitcoin cash and probably dash, none of the cryptocurrencies are really trying to work on mass adoption on the merchant side.
On the basis of the above facts, I created my vision of how to implement a real, working cryptocurrency ecosystem. My business partner, who is a professional chess player assisted me a lot, and that was how we created the Nowcoin ecosystem, and its foundation: the Nowcoin Market Game.
If we are building on standard economical rules, then first we need to create an active network of cryptocurrency holders. They should hold and trade Nowcoin, and in the meantime they should be kept actively attached to the developments of the ecosystem. In my concept, the best way to create a network and constantly keep its members active is to play a game. To play a game where the network members are constantly watching the core information and statistics portal, which leads us to the other leg: the merchants.
As soon as we are able to create a network of holders, and keep them actively following our information portal, the momentum builds for merchants to join the picture. Simple economics: we will base the supply side on the demand that we create.
The Nowcoin Market Game will be an exchange trading game, and will be based on the extremely powerful BitShares blockchain. The core concept is quite simple: if you hold Nowcoins on your blockchain address, then every second week you will be entitled to basic rewards, and if you manage to be among the top 1000 holders based on your wallet balance, then you will be entitled to extra airdrops. Since Nowcoin is tradeable on the Openledger Decentralized Exchange, traders will be able to create different strategies to get to the first 1000. There will also be special games, through which we will keep the network of holders actively following the core information channels. Detailed rules you may find here.
When we get to the point where a good number of holders are playing and listening, we will draw merchants in the system, who can offer their services or products in Nowcoin to an active network. In my vision, this would lead us to a real, working ecosystem, where the market will decide upon everything: the price of Nowcoin, the products and services available for Nowcoin etc.
It needs to be noted that we are paying close attention on not becoming just another crypto ponzi. The Game will be absolutely transparent, and based on the blockchain itself. It will have a definite end set forth in the rules, and upon the end all of the income from the sale of Nowcoins will be distributed among the network members. Hence the Game is not an indefinitely building piramid, but a real and transparent market trading game with a definite end, and calculatable reward. Most importantly, the Game is not the goal, it is just our founding asset for the creation of the Nowcoin ecosystem.
We are currently finalizing the Nowcoin Market Game, and aim to launch on 1st of May, 2018. I am seeking active cooperation with persons who are willing to contribute to the project. We are ready to provide vesting for those willing to work with us, but we are also open for the feedback of anybody. We wish to create a crypto ecosystem strongly based on social media and network momentum, and we are happy to pursue an open discussion.