GamerCoin (GHX) is the first EU token to be licensed for gamers. The digital asset is part of the GamerHash platform, a cutting-edge platform that has already enabled more than 600,000 users around the world to monetize idle computing resources.
The GamerHash ecosystem was launched in 2017 as a web platform and a mobile app to reward gamers for sharing excessive computing resources. Research has found that computer users typically only use 15% of available processing power when using the computer. By connecting to GamerHash, users can now monetize the remaining 85% of computing power by dedicating it to cryptocurrency mining.
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 the platform. Though cryptocurrency mining is the first use-case for this technology, the team behind the platform has plans to expand the applicability of their platform to a wider array of processor-intensive tasks.
Users can get started with GamerHash by downloading the app and completing the 3 minute signup process. Once registered, they’ll start earning incentives as soon as they can allocate computing resources.
The GamerHash proprietary algorithm matches the allocated 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 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.
GamerHash users 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 users to earn additional funds by completing specific tasks. These 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 accessible to a wider array of users. The majority of early adopters of GamerHash have been gamers who don’t necessarily want to be directly involved in cryptocurrencies, but would like to earn a passive income from mining rewards.
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
The GamerHash team revealed recently that the platform has joined the Blockchain Game Alliance, one of the most powerful alliances in the space, as a Silver partner. GamerHash continues expanding its reach and is plotting a large expansion South Korea in the coming months. In addition to helping users earn passive income from their idle computing power, the team plans to launch an NFT marketplace with the aim of becoming the Amazon of NFTs.
The GamerCoin (GHX) is now trading on Bitcoin.com Exchange, paired with BTC.