GAINS Associates
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GAINS Associates

Bitspawn — Telegram AMA — October 14

On Thursday, October 14, we had the pleasure to welcome to our Telegram chat:

Eric Godwin, Founder

We asked him questions about the development of Bitspawn.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

Bitspawn is a gaming protocol on the blockchain which was built to focus on athletes and social gamers. Bitspawn aims to create an ecosystem for community building, developer support, and gaming competitions. It will also explore various ways which will enable players to make money within the decentralized gaming economy inside the Bitspawn ecosystem. Bitspawn will be built on Solana. Bitspawn will enable gamers with the advanced tools and features within the platform. It will empower 2 billion-plus gamers around the world by helping them combat the traditional and non-effective practices of the video gaming industry. Bitspawn intends to become an all-in-one platform that will connect all the gamers, sponsors, advertisers, and competitions to securely connect with each other and grow while being part of the global esports ecosystem.

As a medium of exchange and governance, SPWN token will be used within the platform. It will enable gamers to directly connect with sponsors and advertisers which will, in turn, help them develop themselves as a brand. It will enable gamers to directly connect with sponsors and advertisers which will, in turn, help them develop themselves as a brand.

Bitspawn will create a reputation system wherein everything will be verified through smart contracts. It will also include necessary measures to dissuade potential threats like hackers which will protect the interest of players and community members. By using the reputation system users will be able to identify whether a particular player has a history of negative behavior such as harassment or hacking. This will be done by incorporating public rating within the platform. This helps in increasing the overall growth and transparency within the platform.

To regulate the competitions hosted on the Bitspawn platform a Decentralized Resolution system is designed which will let the competing players have a challenging period after the competition. In such a situation players are required to stake additional SPWN tokens to begin the resolution process. The system will notify a randomized set of elected delegates who opt to join the dispute resolutions. To cast their vote the delegates need to stake SPWN tokens within the platform. The delegates that cast their vote on the side of the majority are rewarded with additional SPWN tokens

Introduction

Q — Ayeley from GAINS: Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?

A— Eric from Bitspawn: My name is Eric Godwin, the founder of Bitspawn. Prior to getting involved in crypto in 2016, I was an investment banking associate and studied economics in university. I have experience as a competitive gamer in the 2000s and early 2010s. I discovered bitcoin in 2012 whilst in university.

I worked as a blockchain consultant through the ICO craze and previously worked on a project called HedgeTrade.

Eric Godwin, Founder

About

Q — Ayeley from GAINS: What led you to start Bitspawn Protocol, and what is the project about in a few simple sentences?

A — Eric from Bitspawn: As a gamer, I have used a lot of the web2 online competitive gaming platforms, but they were always lacking in offering players value and control of their experiences. For esports and social gamers, the majority of players cannot monetize their abilities regardless of skill with these platforms, payouts are slow, and the practices are quite predatory towards most gamers.

I started Bitspawn protocol to offer a web3 blockchain-based solution that enables players to maximize their abilities to earn through participation on the network.

Payouts are automated and trust-less, players can set the earning parameters they want, and the focus is to leverage our APIs to build your own marketplaces and gaming communities in a decentralized fashion which players themselves control.

Q — Twitter user @antonio50221026: I understand that in Bitspawn you can not only compete for prizes in the games, as it is not the only way for gamers to earn money. So, can you explain the other alternatives you have developed for gamers to monetize on the platform and in the Bitspawn ecosystem?

A — Eric from Bitspawn: With Bitspawn it’s not just about prize pools. We want gamers to earn money in a lot of ways that include: commissions from running events, payouts from creating communities and managing teams, creating and selling gaming NFT collections on the marketplace, providing liquidity to gaming events, staking, the passive payout from using the network, and from creating your own apps or tools.

Token

Q — Telegram user Sara Moni: All project tokens have the Main Utility and can be used in the real world! So, could you tell us about the significance of tokens in your ecosystem? Explain its utility and real-world applications. & Why should I invest in Your token on a long-term basis?

A — Eric from Bitspawn: The Bitspawn network is driven by the SPWN token, which provides utility in establishing a marketplace of competitive events, social events, and community rewards. SPWN has multi-level functionality: medium of exchange on the network, wallet staking, gaming rewards & progression, and community governance.

Q — Twitter user @Ibrahem24254134: Adoption of token to the ecosystem is one of the good things to increase its usability and spend, so what role does Phase1 token play to the ecosystem?

A — Eric from Bitspawn: The SPWN token is currently used as the medium of exchange for settlement and payout for gaming events and the marketplace. Phase2 will include staking, progression and rewards, NFT purchase, community governance, and liquidity tools.

Funding

Q — Ayeley from GAINS: Bitspawn has been trading live for close to 5 months now. How have you handled the funds raised earlier so far? Do you have plans to do any future raises?

A — Eric from Bitspawn: We have allocated about 20% of the funds so far to liquidity and exchange listings. 10% of the funds have gone to marketing efforts for the year 20% have been allocated to research and development, operations, and expanding the team to include 6 developers, 2 operations, 2 marketing, 2 product personnel.

50% remain in reserve for the future runway. We will do future raises to see fit for innovation development and ecosystem growth.

Some of the endeavors we are looking at longer-term would be to formalize engagements with AAA game publishers, acquire indie game developers, and build out an ecosystem fund for community developers that would like to start projects on Bitspawn.

Competitive Advantage

Q — Telegram user natasya rina: There are many NFT projects in the crypto space. How will your NFT be different from what we’ve seen before? Will you have rare and expensive NFTs that will take the NFT industry to the next level?

A — Eric from Bitspawn: Bitspawn NFTs will provide bonuses to gamers on the network, such as increased $SPWN rewards, access to exclusive events, increased commissions, enhanced progression, and airdrops.

Business Development

Q — Ayeley from GAINS: What are some milestones achieved by Bitspawn Protocol so far that you’d like to highlight and what should we expect in the next weeks and months?

A — Eric from Bitspawn:

Milestones: Collaboration with Apex Legends game to run events for its global series Release our updated tournaments feature. Launched our Solana-based token on Solana DEX (Serum, Raydium) Launched on two well-known exchanges (Bittrex, Probit) Overhauled the backend of our website for security improvements and long term stability.

Upcoming: Releasing Bitspawn NFTs with perks to be used on the network. Collaborating with Solana NFT projects for 1/1 releases Integrating a team/community management feature Updating player accounts with gamified progression and staking. Expanding the supported games offered on Bitspawn. Partnerships with gaming leagues and crypto projects to run series and community events

Eric, thanks for coming into our community, and taking the time to answer our questions. For everyone who wants to follow up on Bitspawn, please take advantage of these resources: Website | Telegram | Twitter | Medium — Ayeley Commodore-Mensah from GAINS:

Thank you all for your great questions! It was a pleasure. — Eric from Bitspawn

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