GamerHash’s Gamercoin now trading on Bitcoin.com Exchange.
GamerCoin (GHX) is the first EU licensed token for gamers. The digital asset is part of the GamerHash platform, a cutting-edge platform that’s already enabling more than 600,000 users worldwide to monetize their idle computing resources.
GamerHash was launched in 2017 and included an app, a web platform as well as a mobile app. The main purpose of the GamerHash ecosystem is to reward gamers for their sharing their excessive computing resources. As research has found, an average user will only use 15% of the available computing power when using their computer. When connecting to GamerHash, the idly sitting 85% of computing power will be used for cryptocurrency mining.
Eventually, the team plans to make this computing power available for other use-cases as well, such as research. Unlike other mining platforms that require users to own specified mining equipment or rent a space in a mining pool, GamerHash has waived all entry barriers by allowing anyone to connect to their platform.
A new gamer looking to join GamerHash starts by downloading the app and will complete the whole sign-up process within just 3 minutes. As soon as they start providing their computing resources, they’ll start earning incentives.
The GamerHash proprietary algorithm will match the provided hardware with the most optimal cryptocurrency to mine.
Currently, the ecosystem mines mainly Proof-of-Work cryptocurrencies and aeternity, which has its own consensus algorithm.
Proof-of-Work is a consensus mechanism that involves nodes having to solve a cryptographic puzzle to verify a block. It was implemented for the first time in the Bitcoin protocol and solved the double-spending problem. Proof-of-Work also makes a 51% attack too expensive to be economically viable on most protocols, increasing security of the protocol.
Since most gamers using GamerHash don’t have a particular interest in earning a specific cryptocurrency but are more interested in the dollar amount of their earnings, the algorithm has more freedom to pick the most optimal coin. Whenever the algorithm has allocated computing resources to mine altcoins, these are exchanged for Bitcoin in the backend before being sent to users. This whole process takes place automatically without any involvement from users. This means users don’t need to get involved in the process of withdrawing and exchanging altcoins.
If users don’t want to receive Bitcoin, they can choose to receive their mining rewards in GUSD instead, which is basically a stablecoin representing their earnings in a dollar amount. GUSD can only be used on the GamerHash platform, while Bitcoin can be withdrawn to a user's wallet. Users can use the GUSD for purchases in the GamerHash Store.
They can pick between more than 600 available products ranging from gaming items to retail gift cards, vouchers, and more in the store.
In January 2019, the team launched a new Play and earn product that makes it possible for low-end users to earn additional funds by completing specific tasks. Those tasks can include anything from downloading an app to completing 5 quests in a game, depending on what affiliate partners have specified. Whenever a user selects a task, other tasks will be blocked for 12 -72 to prevent scams from exploiting the system. Any user can have a maximum of 3 tasks in progress at the same time.
The whole GamerHash ecosystem is designed with the idea of making cryptocurrencies and blockchain as accessible as possible. The majority of early adopters of GamerHash are gamers who don’t necessarily want to get involved in cryptocurrencies themselves but will still benefit from earning mining rewards.
Lastly, the GamerCoin (GHX) token is a vital part of the whole GamerHash ecosystem. It’s an ERC-20 token issued with a maximum supply of 880,000,000. GHX is used for:
- Buying products in the GamerHash store and qualifying for an additional bonus, lowest price, or token paybacks of up to 50%
- Accessing dedicated competitions or events
- Receiving bonuses in the GH ecosystem
- Receiving rewards for participating in the ecosystem
- Qualifying for additional GHX pay-out on top of mining rewards for sharing idle computing resources, up to 20%. When earning $100 for mining rewards, a gamer could receive an additional $20 in GHX
- Reward payments on tasks performed as part of play and earn
Most recently, the GamerHash team has revealed that they joined the Blockchain Game Alliance as a Silver partner, one of the most powerful alliances in the space including well-known blockchain gaming platforms such as Enjin. GamerHash continues expanding its reach and is now targeting South Korea for further growth. Soon, the team plans to launch a marketplace for NFTs with the vision of becoming the Amazon of NFTs.
The GamerCoin (GHX) is now trading on Bitcoin.com Exchange with BTC pair.