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CropBytes Games Celebrates a Milestone Unheard of, ‘4 Years of Sustainable Web3 Gaming’



CropBytes Games Celebrates a Milestone Unheard of, ‘4 Years of Sustainable Web3 Gaming’

press release

PRESS RELEASE. For a gaming community to complete 4 years in the crypto gaming industry is a remarkable achievement to say the least. CropBytes was launched during the 2018 bull run, and the team’s strategy and agility towards changing market scenarios and needs of the community have enabled the game to sustain and grow over the years. What started out as a NFT based game with initial flash sale, is now a game with a sustainable economy with a mix of FTs and NFTs with over 550k downloads and adequate liquidity is the market.

With the first few months fo launching the assets in erly 2018, the initial version of the game was launched which was a big hit and it drew attention of the early adopters of crypto-based games. As the players grew, so did the demand for game assets and goods in the game. This set the ball rolling for the expansive game economy we see today.

Building a web3 games for the Bulls & the Bears

When the game’s acceptance grew and more players began to hold assets in the game, the CropBytes team saw that demand for NFTs decreased as the bear market loomed. Focusing on economics, the team reworked their approach, knowing that an only NFT game will not survive the following bear market. After extensive research and consultation the team concluded that adding FTs is critical to the economy’s sustainability.

The team then transitioned from traditional list trading to an order book exchange. The strategy succeeded, and CropBytes was able to successfully navigate through the initial bear market with the game’s players not abandoning ship as was the case with some other games.

Not just running the NFT hype

CropBytes started with a rudimentary economy and elected not to go too far, such as establishing an inflation or deflation protocol, but even then, the team had a strategy for what needed to be done in the next couple of years. A prime example of this is that the gamers were aware from the start that a ‘Version 2’ of the economy, also referred to as the ‘Service Economy’, was on the way. The team had intended to deploy it in 2020, but decided to push it ahead determined that an exchange where players in the game could buy, sell and trade FTs was the need of the hour so players can grow the value of the assets over time.

The importance of 2020 and CropBytes’ involvement

The CropBytes team gained the knowledge of studying market cycles after running the game for more than two years and hence anticipated the approaching bull market of 2020. That’s when it started, as the team was fully prepared with essential features and a great product along with the new in-game referral plan that attracted numerous people from new demographics like South America and Southeast Asia. This tremendous influx of gamers presently accounts for about 45% of all active users, and growth is still being experienced even now.

Numerous established participants had lost their source of income when the pandemic first began, and CropBytes thus became their sole option for financial security, which ended up bringing together the team and the community. It was the most pivotal point in CropBytes’ journey, and the team has witnessed countless participants increase their portfolio by more than 8,900% alone during that time.

CropBytes’ gamers are hence more devoted to their CropBytes metaverse assets than they are to their actual world assets. They exist in the metaverse and actively participate in the economy’s growth on a daily basis.

CBX IEO, partners and overall journey

The goal of starting and developing the game on a centralized platform was to establish a strong foundation and create a fully functional balanced economy before releasing the game to larger markets. According to the roadmap, several in-game additions such as Pro-Animals, Breed Feed Crafting, Breed Feed Market, Superhero Breeding, New UI, and others have been successfully released.

Furthermore, the native token, CBX, debuted on Bybit and MEXC following a successful launchpad setup by the exchanges and with support from notable industry leaders like Sandeep Nailwal (CEO & Co-Founder of Polygon), Siddharth Menon (COO & Co-Founder of WazirX), as well as various major VCs such as Draper Dragon, Exnetwork Cap, and others. Nischal Shetty (CEO & Co-Founder of WazirX), Harsh Rajat (Founder of EPNS), and many additional crypto industry luminaries also contributed.

‘While NFTs are the most popular form of game assets, fundamentally it may not be sustainable in open economy. Using real world economics of commodities games assets have to be designed accordingly to make them fungible. This addresses the biggest problem with NFT that is liquidity and attracts more capital over time.’

– Siddharth Menon, Founder Tegro

CBX token is CropBytes’ metaverse token. It is possible to observe numerous projects distributing tokens even without a product in existence these days. CropBytes team has run the game for the first 3 years and built an established community with TRX, aother popular token. It was only in Nov 2021 that CropBytes was listed on a joint platform by Bybit & MEXC and this greatly assisted the veteran players who remained by CropBytes’ side.

What else should we know about CBX?

The plans for CBX are long-term, as the price is not based on ‘hype’ but rather value. Over the course of four years, the asset value progressively increased and is currently worth more than 50 times its original purchase price.

Also, as good projects usually take time to reach their potential, the fact that the players who signed up at the beginning are still hanging on to their assets and have expanded their portfolio by over 40x to 50x is a true testament to CropBytes’ robust and sustainable economy. Future plans revolve around working on the metaverse, mini-games, the service economy (which will be in various phases), and much more to come.

About CropBytes

CropBytes is a one-of-a-kind farming simulation game. Starting a ‘crypto farm’ entails more than just growing digital crops and raising animals, since the project’s major goal is to be at the heart of the cryptocurrency gaming revolution with its inherently constructed game economy.

Its goal is to provide its customers with an effective platform for leveraging the power of crypto in order to both play and earn in the digital world, and is both iOS and Android compatible. To date, CropBytes has managed to gain over 550,000 signups and 15,000 average monthly active users. It is one of the most talked about gaming initiatives in this entire sector as it strives to do its part for the Web 3.0 gaming revolution.

The global community of believers consists of gamers from Philippines, Thailand, Indonesia, Venezuela, Russia, Brazil, Vietnam, Argentina, Spain, India.

Everyday, 1000’s of gamers are joining this revolution, consistently contributing to the growth of the CropBytes’ sustainable economy. Today the game is far more diverse, immersive, rewarding, and collaborative…. just like the real world. This world provides more opportunities and a place for ambitious crypto farmers to thrive. Today CropBytes’ identity has adapted with its growing community and renewed vision.

Join the CropBytes movement, where every gamer has the power to build and own their crypto farm and grow this sustainable metaverse. #FarmOnCropBytes

Check out the website, whitepaper and Twitter as well as Telegram channels for more information.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Miami’s Mayor Remains Unfazed by Crypto Crash, Still Receives His Paycheck in Bitcoin



Miami’s Mayor Remains Unfazed by Crypto Crash, Still Receives His Paycheck in Bitcoin

Despite the tragedy of TerraUSD (UST) de-pegging and the subsequent chaos that plagued the cryptocurrency markets, Miami’s mayor remains resolute in receiving his salary in Bitcoin, but it seems he has other streams of income.

At the World Economic Forum (WEF), Miami Mayor Francis Suarez told attendees of a panel that he was still receiving his paycheck in Bitcoin and has no plans to stop. Suarez’s comments are coming on the heels of plummeting cryptocurrency prices over the last few months with Bitcoin down by over 30% in the last 2 months.

The Mayor told the audience that he remains unperturbed by the mayhem in crypto streets and will continue accepting his salary in Bitcoin. A reason for his cool, calm, and collected nerves is because of his multiple income streams that might serve as a buffer during volatile moments.

“I will note, for the record, that it’s not my only salary,” said Suarez. “It’s a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them.”

Mayor Suarez drew the attention of cryptocurrency enthusiasts last year when he announced that he will begin taking his entire paycheck as Mayor in Bitcoin. Before the announcement, Suarez publicly announced his desire to pay government employees in Bitcoin as part of efforts to improve crypto adoption in the city. 

Making Miami the crypto capital of the U.S. 

Mayor Suarez has been making moves to make Miami a leading crypto hub since his assumption of office. The city has been receptive to cryptocurrency miners, and there have been conversations about allowing citizens to pay bills and taxes with crypto.

“I want us to differentiate ourselves as a crypto capital of the United States or the world,” he said in an interview with Bloomberg.

Suarez has been backing his claim with actions, with the city famously launching MiamiCoin which netted the city over $5.2 million. In November 2021, there were plans for the city to distribute $21 million to Miami’s citizens through the ambitious plans to create a digital wallet for each citizen.

Miami was the center of attention after successfully hosting the Bitcoin 2022 conference. Major players in Bitcoin’s ecosystem like MicroStrategy’s CEO Michael Saylor, ARK Invest CEO Cathie Wood, billionaire Peter Thiel, CEO of Strike Jack Mallers, and others. Nayib Bukele, El Salvador’s pro-Bitcoin president, was scheduled to make an appearance but pulled out due to unforeseen circumstances.

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Billionaire Investor Ray Dalio Says ‘Cash Is Still Trash’, Prefers ‘Digital Gold Bitcoin’



Billionaire Investor Ray Dalio Says ‘Cash Is Still Trash’, Prefers ‘Digital Gold Bitcoin’

Billionaire investor and hedge fund manager, Ray Dalio, has reiterated his previous call that “cash is trash”. Dismissing equities as “trashier”, the Bridgewater Associates founder said he preferred “a digital gold like bitcoin” instead.

“Of course, cash is still trash,” Dalio said. “Do you know how fast you’re losing buying power in cash?” He was speaking on CNBC’s Squawk Box during the ongoing World Economic Forum (WEF) meeting in Davos, Switzerland.

“When I say cash is trash, what I mean is all currencies in [relation] to the euro, in relationship to the yen,” he explained. “All of those currencies like in the 1930s will be currencies that will go down in relationship to goods and services.”

Dalio is the founder of the world’s biggest hedge fund firm, Bridgewater Associates, which manages around $223 billion. In January 2020, the 72-year-old American investor advised people to diversify their portfolios by “getting out of cash”, which he called “trash”.

Bitcoin as ‘digital gold’

At Davos, Dalio spoke about a range of issues including stocks, the global economic outlook, and the U.S. central bank’s efforts to combat inflation. He said stock markets had become too crowded, and that compared to cash, “equities are trashier”.

“Everybody is long equities, and everybody wants everything to go up,” said Dalio. “The more they hype it the more it becomes somebody else’s financial asset they’re holding. You can’t have that, so you’re going to have an environment of negative real returns.”

For the billionaire, bitcoin (BTC) is a preferred form of investment at a time of worldwide economic uncertainty. His list of safe-haven assets also includes real estate and precious metals such as gold.

“I think blockchain’s great,” Dalio stated. He touted cryptocurrency’s potential as a fix to what he expects to be a tough year for the U.S. economy, marked by high inflation and a lack of real returns on investments. Continuing, he said:

“But let’s call it a digital gold. I think a digital gold, which would be a bitcoin kind of thing, is something that – probably in the interest of diversification of finding an alternative to gold – has a little spot relative to gold and then relative to other assets.”

Bitcoin’s inflation-hedge credentials under spotlight

Dalio’s comments come against the backdrop of rising disillusionment in the credentials of bitcoin as an inflation-hedge asset. Proponents have argued that bitcoin is a gold-like store of value.

In 2020, many people believed BTC was now poised to transition from a risk-on speculative asset to the crypto market’s version of the metal after its correlation to gold jumped to an all-time high.

But that argument may have started to fall apart with the massive decline in crypto markets this year. Bloomberg data shows that BTC’s correlation to gold dropped to almost zero earlier in January, and as bitcoin prices fell in later months, gold continued to rise.

In April, the 50-day correlation coefficient for BTC and gold was around minus 0.4, the lowest since 2018, Bloomberg said. A reading of 1 implies assets are moving in lockstep, and minus 1 is the reverse.

Crypto markets have become more tied to the stock market instead, particularly to blue-chip technology stocks such as Apple, Amazon, and Microsoft. More than $1.5 trillion has been wiped off the face of crypto markets so far this year.

Dalio forecasts ‘squeeze on demand’

Dalio, the Bridgewater Associates founder, painted a gloomy picture of the global economy in 2022. He expects inflation in the U.S and elsewhere around the world to erode the purchasing power of money, saying:

“We are in an environment that we are now going to ask ‘what is the new money?”

On bonds, he said: “The Federal Reserve is going to sell, individuals are selling, foreigners are selling, and the U.S. government is selling because it has to fund its deficit. So there’s going to be a supply/demand problem, that means that it produces a squeeze.”

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Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund



Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund

Crypto prices have been exploring new lows for weeks and currently it’s unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout.

Here’s a look at three Polkadot ecosystem protocols that have seen their token prices trend higher in recent days.

Acala launches a $250 million aUSD ecosystem fund

Acala (ACA) is the leading decentralized finance (DeF) platform on the Polkadot network, primarily due to the launch of aUSD, the first native stablecoin in the Polkadot ecosystem.

Following the collapse of Terra’s LUNA and TerraUSD (UST), traders were searching for “safer” stablecoin options.

On March 23, ACA rallied after the project announced the launch of a $250 million “aUSD Ecosystem Fund” that aims to support early-stage startups planning to build strong stablecoin use cases on any Polkadot or Kusama parachain.

— Acala (@AcalaNetwork) March 23, 2022

Acala also announced the launch of a kickoff rewards program that has set aside 1 million ACA tokens as rewards for LCDOT/DOT, LCDOT/aUSD, ACA/aUSD and aUSD/LDOT liquidity providers.

Following the aUSD ecosystem fund announcement, the price of ACA spiked 31% from a low of $0.364 on May 23 to a daily high of $0.478 on May 24.

Astar rallies after revealing a partnership with Microsoft

The Astar (ASTR) network is a smart contract hub for the Polkadot community that supports Ethereum (ETH), WebAssembly and other layer-two solutions like zk-Rollups.

Since the Polkadot relay chain doesn’t offer Ethereum Virtual Machine (EVM) support, Astar was created to become a multi-chain smart contract platform capable of supporting multiple blockchains and virtual machines so that they can integrate with the Polkadot ecosystem.

On May 24, it was revealed that AstridDAO, an Astar-based protocol responsible for minting the collateralized BAI stablecoin, had signed a partnership with Microsoft to become part of Microsoft for Startups, an initiative “which removes traditional barriers to building a company with exclusive access to technology, coaching, marketing and support.”

— AstridDAO – No.1 native stablecoin on Astar (@AstridDAO) May 24, 2022

If successful, the partnership should accelerate AstridDAO’s go-to-market speed and maximize its market influence. It also includes up to $350,000 worth of benefits through Github Enterprise, Microsoft Teams and Azure credits.

Following the partnership announcement, the price of ASTR spiked 61% from $0.055 to a daily high of $0.0888.

Related: Polkadot vs. Ethereum: Two equal chances to dominate the Web3 world

Uniswap v3 to deploy on Moonbeam

Moonbeam (GLMR) is an Ethereum-compatible smart contract parachain on Polkadot that streamlines the use of Ethereum developer tools to build or redeploy Solidity projects in a substrate-based environment.

Interoperability with the Ethereum network is a highly sought-after capability since a majority of decentralized applications currently operate on Ethereum along with a majority of the value in decentralized finance.

The benefit of EVM interoperability was demonstrated with the May 24 announcement that a proposal to deploy Uniswap (UNI) v3 on the Moonbeam network passed, meaning that the top decentralized exchange in the crypto ecosystem will soon be accessible to Moonbeam users.

— Uniswap Labs (@Uniswap) May 23, 2022

Following the announcement, the price of GLMR climbed 29% from a low of $1.15 on May 23 to a daily high at $1.48 on May 24 as its 24-hour trading volume increased 106% to $75.3 million.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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