In Brief
- Gigaverse, an on-chain RPG, introduces GIGABIT, a fixed-rate blockchain currency inspired by Robux.
- GIGABIT is designed to provide stability with a fixed buying and cash-out exchange rate to reduce price volatility.
- The new currency will facilitate payments within the Gigaverse ecosystem, including NFT purchases and entry fees for competitions.
Introduction of GIGABIT Currency
Gigaverse, an online role-playing game that operates on blockchain technology, has unveiled a new digital currency dubbed GIGABIT. The currency is crafted to enable users to purchase non-fungible tokens (NFTs) within its marketplace, buy consumables, enter competitions, and make payments in player-versus-player (PVP) games.
Addressing Volatility and Accessibility
The developers of Gigaverse have designed GIGABIT with the intention of addressing two significant challenges that often affect blockchain gaming tokens: price volatility and accessibility. In order to mitigate volatility, GIGABIT implements a fixed exchange rate system, where 100 GIGABIT tokens can be bought for one US dollar of USDC or cashed out for 80 cents of USDC. Out of the 20 cents differential when cashing out, 15 cents go towards player rewards, and 5 cents are channeled to the game’s developers, GLHFers.
The GLHFers team aims to emulate the stability found in traditional web2 ecosystem currencies like Robux while leveraging the benefits of blockchain technology such as immediate settlements. This setup also intends to support the high-risk, high-reward economic structure inherent to the game by incorporating a tax on cash-outs.
Expanding Game Accessibility and Integrations
GIGABIT has been engineered to simplify the incorporation process for blockchain users and to ensure an easy entry for traditional gamers, who can use fiat money without encountering blockchain-specific obstacles such as crypto wallets and exchanges. This inclusive approach is designed to encourage broader participation both from dedicated blockchain gamers and those coming from a more traditional gaming background.
Tying into Gigaverse’s Anniversary and Updates
The launch of GIGABIT aligns with the first anniversary of Gigaverse, marking it as a significant expansion in the game’s lifecycle. This update is a part of what GLHFers calls the “Gigaverse 1.0” update, which promises to introduce an open-world experience alongside new game modes and an extended economic model.
This holistic upgrade to Gigaverse, with the integration of the GIGABIT currency, aims to provide a comprehensive and stable gaming environment that enriches user interaction while maintaining the intrinsic benefits of decentralization and blockchain technology.
