The origin story of GALA started in 2019 with crypto veterans Eric Schiermeyer (co-founder of Zynga) and Michael McCarthy. Tired of the traditional model where players lose their in-game assets, they envisioned a revolution. They built Gala Games on the Ethereum blockchain, creating a crypto gaming platform where players not only play, but own and control their digital assets.

GALA price

1. Gala (GALA) is an Ethereum-based cryptocurrency that powers the Gala Games ecosystem.
2. Joined early by leading developers in the blockchain industry and leading players in game development, Schiermeyer set the stage for Gala as a future leader in the web3 world.
3. Games on the Gala network offers blockchain-powered gaming experiences where the platform has close to half a dozen games in its development roster.
4. This is done via a point system, where a node running for 6 hours in a cycle receives a point.
5. Traders can either invest through a crypto exchange or become Gala Games Node operators.

Much like most of the blockchain-based games, the Gala Games also exists on the Ethereum blockchain, making GALA compatible with the ERC-20 token standard. It plays several roles in its ecosystem from offering governance rights to enabling in-game transactions. One of the unique and noteworthy features that sets Gala games apart from other blockchain-based games is the Gala Games Network relies on the player-owned Node Ecosystem.

Understanding the Gala Games Ecosystem

To do so, Gala Games Nodes must earn points by operating nodes for specific periods. Gala Games makes it abundantly clear that its token asset is not representative of any shares or rights to the project. Further, the GALA token is not a guarantee of returns, profits, or dividends to holders. Traders can either invest through a crypto exchange or become Gala Games Node operators. The latter option also offers an opportunity to put any GALA token assets to work and earn a passive income.

Thanks to can you stake ada on binance us the use of blockchain, players can own their digital asset NFTs and trade them across exchanges. Through forums, social media channels, and in-game interactions, players have a direct voice in shaping the direction of the platform. Gala Games fosters a culture of inclusivity, collaboration, and creativity, inviting players to contribute ideas, provide feedback, and participate in governance decisions. By empowering the community, Gala Games cultivates a sense of ownership and belonging, ensuring that every player feels valued and heard.

$GALA is the official ecosystem token of Gala, serving primarily as a utility and gas token for transactions on the blockchain. Many have attributed GALA’s jump to it being listed on two major cryptocurrency exchanges, including Binance. Explore our beginner’s guide to GALA, an ERC-20 utility token used in the Gala Games ecosystem. In February 2022, Gala introduced Project GYRI, an independent blockchain to host Gala’s ecosystem. Though it would begin as a cryptocurrency permissioned blockchain, the Gala team aims to transition it to a more decentralized model once it has proved to be stable.

Gala Coin price: How much the crypto is worth, and what experts predict could happen to its value

This is done via a point system, where a node running for 6 hours in a cycle receives a point. At the time of GALA distribution, all points are added up, and the tokens are split between these points. A user can have multiple nodes, thereby allowing them to earn more points every day. Gala’s games are developed through constant community engagement, with the players and community members of Gala having a significant voice in design direction and funding. This helps ensure that resources are spent delivering the games and experiences that people want and producing assets that are uniquely tailored to its community. The current emission rate of $GALA is determined by a variable daily emission formula, which takes into account the totalSupply of $GALA on the blockchain.

Also, GalaChain will be taking over the responsibilities of the current asset management protocol, Treasure Chests. Furthermore, the project is working on offering an easy all-in-one solution for developers to deploy their own games on the Gala Network. The Gala Games crypto ecosystem is at the forefront of blockchain gaming development.

Gala Token Unlocks

In a similar way, when users choose to transfer assets from their GalaChain Wallet to an Ethereum wallet, this will also require gas. As the initial design of the Gala Games project runs on the Ethereum blockchain integrating a Polygon (MATIC) partnership, its native asset uses the ERC-20 token standard. However, after the launch of Gala’s own blockchain, GalaChain, any GALA minted will technically be a coin. Nevertheless, the project mainly refers to its asset throughout the platform as the “GALA token”.

Gala Games offers an element of decentralization not just by involving the community but also by running direct consensus voting for all Founder’s Nodes. Node operators can then vote on 2x antminer miner simulator fan cooling liquid diving in oil various matters, most commonly about which games are featured on the platform. By buying a license to operate a Gala Node, users open up opportunities to receive rewards.

This interplay between emission rate adjustment and totalSupply reduction establishes a dynamic, responsive supply system. Instead, new $GALA entering the circulating supply is issued exclusively to Founder’s Node operators as rewards for powering the decentralized ecosystem. In addition to the Founder’s Node network’s foundational workload, individual projects can also create Node networks on GalaChain with more specific workloads. By elevating their ideas to web3 through GalaChain, developers can create custom tokens, smart contracts, reward opportunities and node networks for their communities and projects. Assets built on GalaChain can also be bridged to other blockchains, such as Ethereum, Binance Smart Chain and more.