What is GameFi? When bloom?

Definition and five elements GameFi = Game (game) + Defi (decentralized finance), which is the application of blockchain technology in games. Through technical empowerment, game assets are transformed into NFTs (non-fungible tokens) and tokens (homogenous tokens), which are verifiable and circulated, and players can use this to achieve "Play to earn" (after referred "Play to Earn‘ as P2E). GameFi's P2E has quickly attracted a large number of gamers and blockchain enthusiasts, and rapidly become one of the hottest field in 2021.

According to BGA's 2021 Blockchain Game Report, the number of game-related independent active wallets by the end of 2021 surpassed Defi applications and became the most commonly used category in the industry, UAW occupied 49% over the whole industrial, and gaming NFTs account for 20% of the $23 billion in total NFT transactions in 2021.

At present, most of GameFi projects include five key elements: blockchain network, gameplay, game tokens, serial gameplay and sustainable economic models of token systems, and exchanges.

The first stage of the industrial development stage (before 2017): In the early exploration stage, the attempt to launch the "game token" on the chain.

The second stage (2017-2019): The first chain game was launched, and CryptoKitties led to a high increase in Ethereum chain.

The third stage (chain game 1.0 era, 2020-present): external catalysis + technical iteration, the phenomenon-level game Axie Infinity catalyzes GameFi comes out.

Roblox defines the 8 elements of the metaverse as "independent identity, social network, immersion, low latency, diversity, anytime, anywhere, economic system, civilization", and GameFi as an economy with P2E attributes, or one of the forms that comes closest to the primary content of the Metaverse.

Based on the above, in the current GameFi 1.0 stage, players have the same value with the community, jointly hold tokens, and then earn corresponding income through their own labor (spending time to play games, UGC creation, etc.).

In the future, GameFi may enhance gameplay and cross-platform liquidity, from a single economy to ecological aggregation, and simple game mechanics to multiple, complex changes, and further visualize real economic entertainment activities in a virtual platform.

Furthermore, in GameFi development process, some of industrial also activate GameFi development step by step, like Discord, which is the primary social networking and publicity platform for the GameFi, and the Chain Game Association is the catalyst for industry development and community creation.

The last couple of months have been flaming hot as we were implementing, adding, editing, developing, testing and improving Essentia’s Mainnet chain. While we are confirming the details about the dates and specifics internally, we have decided it is time to go through the main characteristics and everything you need to know about the upcoming mainnet release.

What is the Essentia blockchain?

The Essentia blockchain is a fully functioning blockchain with Proof of Stake consensus mechanism.

Requirements & Characteristics

Masternodes

First of all, let’s outline some basic information regarding the Essentia masternodes. If you have tried installing the testnet, you might be already familiar with it.

Essentia provides two tiers of masternodes:

• Mercury masternode (allocation of 100,000 coins and more)

• Mars masternode (allocations of 300,000 coins and more) — previously known as a Supernode.

Coin specs:

• Algorithm: Quark

• Block time: 60 seconds

• Coin Supply (PoW): 100 first blocks.

• Coin Supply (PoS): starting from block 101.

• Block size: 2MB

Proof of Stake

Proof of Stake is a type of protocol that is used to verify transactions using a fraction of the electricity used in PoW. The blockchain keeps track of a set of validators (masternodes), and anyone who holds the blockchain’s cryptocurrency (in our case ESS) can become a validator by sending a special type of transaction that locks up their tokens into a deposit. The process of creating and agreeing to new blocks is then done through a consensus algorithm that all current validators can participate in. PoS is used to create ESS that is distributed to stakers as a reward for validating transactions. The first 100 blocks are created via PoW, all next blocks — PoS.

Token swap

The token swap is another hot topic we constantly hear about from our Community. We can assure you that all the details and guides will be released in due time. For now, we can announce that the swap exchange ratio will be 1:1 (one ESS token for one ESS coin), and the whole process will be done directly through the Essentia Desktop application, to ensure a smooth and easy transfer. All other exchange methods are still under discussion.

Installation

In order to install and run a node on your device, there are some basic requirements you need to meet. Those are:

• Unix OS.

• RAM 8 GB

• 80GB hard drive

In order to set up a masternode and participate in the Essentia network you will need:

• To stake coins: you need to lock in a certain specified amount of coins in your wallet. The coins then cannot be spent or moved.

• Computer Equipment or a Virtual server: you can dedicate a separate computer just for the masternode (though it is not a must) or set up a virtual server instead. One of the benefits of PoS as opposed to PoW is that you’re not forced to operate heavy hardware, but would be able to start earning node rewards with light equipment. Though, keep in mind that you’ll have to be connected to the internet at all times.

• Internet: make sure that your Internet connection is fast enough to run a masternode, meaning keeping your copy of the blockchain constantly updated and being in contact with your peer nodes.

As you can see, the next few weeks will be jam-packed with preparations, work, and releases! All the time-frames are already being discussed and will be pretty much set in the nearest future — thank you for your patience and support! You being with us is another reason we’re working towards the goal of total decentralization.