Citizen Finance: A Booming Platform for Implementing Blockchain and Ethereum in the Gaming Industry
A blockchain is a secure and unchangeable log made up of metadata about when and how each transaction occurred. Blockchains are cryptographically secured, which provides security and trust for users. On a blockchain, in-game assets are represented as non-fungible tokens (NFTs). Citizen Finance offers players full ownership of in-game assets. In-game assets are blockchain-based non-fungible tokens in which players obtain rewards for playing the game and staking the assets on the decentralized pool.
What is Citizen Finance?
Citizen Finance is introducing something new into the utilities of in-game assets. It decided to adopt the Binance smart chain network because it is easy to understand, low-cost gas fee, fast transaction, and also similar to the Ethereum blockchain.
Benefits of the Ethereum blockchain
● Ethereum spawns other cryptocurrencies
Ethereum uses a different blockchain than bitcoin does and it is far more flexible. This means that other coins can be created on the actual blockchain. With bitcoin, there have to be hard forks to create a new blockchain for new coins to be created.
● Decentralized app (dApp) creation
The hashes on the Ethereum blockchain are not static. In other words, you can build on them in the form of apps that can be used for just about any application that you can think of. From banking apps to storage, there is no limit to what can be created on the blockchain.
What Is An Airdrop?
A cryptocurrency airdrop is an initiative undertaken by a project with a native token to distribute its cryptocurrency to current or potential users — usually for free — in a digital asset giveaway. Airdrops serve multiple purposes: marketing, creating liquidity, and helping to establish equitable governance mechanisms by decentralizing the token holdings of a platform. Crypto airdrop recipients are typically determined based on prior or current participation in another existing network such as Bitcoin or Ethereum, or through the usage of an exchange or wallet product.
Citizens with the highest invites will be rewarded with a different class of in-game assets:
● Top Inviter - Class 6 NFT
● Top 2-10 - Class 5 NFT
● Top 1-20 - Class 4 NFT
● Top 21-30 Class 3 NFT
● Top 31 - 50 Class 2 NFT
● Others Class 1 NFT
Features of NFTS
The specialty of non-fungible tokens revolves round three (3) concept namely; Unique, Rare & Indivisible.
Unique: One major feature that makes NFTs special is the fact of it being unique. Unlike fungible token, each nft has its own unique properties (metadata) that are peculiar to one token. It's impossible for 2 NFTs in same platform to have same properties.
Rarity: NFTs are rare collectibles with limited supply. The scarcity mechanism is one thing that makes owning a non-fungible token special.
Indivisibility: Unlike fungible token, a non-fungible token can not be divided into smaller units. Bitcoin and other fungible assets can be split into smaller unit but non-fungible token needs to be bought, sold and held as a single unit.
The use case of NFTs varies depending on the business model of the platform. While for the most part, it has been used to represent arts and in-game assets but its use case are not limited to arts and gaming alone. NFTs can be used to represent company shares, bonds, real estates, membership and many others. Terra Virtua has been able to successfully implement NFTs on arts, Cryptokitties and GodsUnchained brought NFTs to in-game assets while Decentraland, The Sandbox and Spheroid Universe are giving NFTs a unique use case in the digital real estate industry.
Citizen Finance introduction of NFTs for in-game assets is mainly to promote true ownership of in-game assets and enable players to legally exchange assets between one and anothers.
BINANCE SMART CHAIN
The block time of the Binance Smart Chain is three seconds compared to 13 seconds on the Ethereum blockchain. This means that the BSC has faster throughput and transaction times but has much higher data storage requirements. It is a new blockchain with a full-fledged environment for developing high-performance decentralized applications. It was built for cross-chain compatibility with Binance Chain to ensure that users get the best of both worlds.
Citizen Finance NFT has multiple use cases on the platform. It is a GameFi protocol that offers players the option to withdraw their unused in-game assets (non-fungible token) and stake on decentralized pools where they can earn Ciphi (CIFI) tokens. This mechanism will result in frequent withdrawals and deposits in and out of the ecosystem in which users will spend a lot of gas fees. Adopting a blockchain with fewer gas fees and the fast transaction was our primary need when choosing a blockchain.
▶Website:https://citizenfinance.io/
▶Discord :https://discord.com/invite/xqNxf63sHx
▶Twitter:https://twitter.com/citizen_finance
▶Whitepaper:https://docs.citizenfinance.io/
▶Telegram group:https://t.me/ccbountyportals
▶Medium:https://medium.com/@citizen_finance
▶Reddit:https://www.reddit.com/u/citizenfinance
▶Linkedin:https://linkedin.com/company/arvrseco
▶Bitcointalk User: ryan2018
▶Profile: https://bitcointalk.org/index.php?action=profile;u=1635367