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August 1, 2023

Pepecoin and the Rise of the Meme-Backed Currency

Memes, Dreams, and Get-Rich-Quick Schemes Introduction It’s hard to have missed epic saga of Pepecoin over the past two months, and along with it, a resurgence of memecoin hype. Indeed, on May 5, Pepecoin broke through the stunning $1B market cap to become a Top 50 cryptocurrency [1]. In many respects, Pepecoin’s rise calls to mind the famously stunning rise of Dogecoin and Shiba Inu, two of the most famous memecoins in history. In fact, Pepecoin itself even pays homage to the long tradition of memecoins it descends from, writing that it will “make memecoins great again” [2]. So what makes a memecoin “great”? And why do they exist (and even thrive) in the crypto ecosystem, in spite of their evident lack of utility? Know Your Memecoins Memecoins have always been a crypto novelty and oddity. Their most characteristic trait is in fact their own self-professed lack of any utility, something they wear around with a semi-sarcastic sense of pride. Even though almost anyone can create a memecoin today just with a few clicks of a button, not all memecoins are created equal. After all, a lot more people hold Dogecoin than say, “HarryPotterObamaSonicInu” (this is an actual real coin on CoinMarketCap) [3]. Indeed, the most successful memecoins never come from humble backgrounds: they are warriors. These are memes that have fought in ferocious battles on the turbulent seas of Internet meme culture, where any cultural sensation or anything that grabs people’s attention, ranging from Elon Musk references (Tweelon), sex jokes (CumRocket), literal poop (PooCoin), GPT-references (PepeGPT) can all be turned into memecoins [4]. In these epic battles, only those memes that have proven their demonstrated approachability, relatability, persistence can survive. For those that do, they are rewarded with boundless glory, with glamour from the crowds, homage from the powerful, and a memecoin that will wear through even the toughest of crypto storms. And amidst all of this, perhaps Pepe does actually stand a chance of surviving, prevailing, and thriving. Pepe the Meme Royalty The Original Pepe meme of “Feels Good Man.” Source: https://en.wikipedia.org/wiki/Pepe_the_Frog Pepecoin was born with a silver spoon in its mouth, as the meme of Pepe belongs (along with Doge) to a class of Internet meme royalty. Born in 2008 out of the hand of cartoonist Matt Furie, the green frog with a bulging green eyes was depicted literally urinating (pee-pee-ing) while commenting “feels good man” [5]. And since then, Pepe has taken off in all shapes and forms, including a sad version, a smirk version, and so many more [6]. Since its inception, the Pepe meme and the corresponding image of an ugly frog has had a distinctly counterculture and subversive connotation, in particular when contrasted with the much more sanguine Doge meme. While most usage of Pepe is very benign, this ugly frog also has a distinctly “ugly side.” On 4chan and other more fringe social media platforms, the frog meme is often twisted and modified to take darker turns and sometimes embody extremist political symbols. And gradually, variants of the Pepe family of memes became staples on alt-right groups and other darker, more subversive corners of the Internet [7]. Thus, the Pepe meme exists in a massive duality: on the one hand, it exists in the mainstream as a benign counterculture image of an ugly frog with a happy or sad or smirky expression on its face. On the other, this counterculture symbol has been coopted for extremist political movements that actively cause societal instability. This duality is what has made Pepecoin so controversial, and why it landed Coinbase in hot water after Coinbase accused the Pepe meme of being “co-opted as an alt-right hate symbol,” before later being forced to apologize and acknowledge that most mainstream uses of Pepe are non-bigoted [8]. But in the context of memecoins, they thrive on controversy and continued media attention. After all, it is precisely Pepe’s status as a longstanding meme royalty and one of the undisputed hallmarks of Internet meme culture that underwrites the value proposition for Pepecoin, and explains its eye-watering ascent to a $1 billion market cap, with a $1.87 billion trading volume at its peak. Pepecoin Price, CoinMarketCap. Data as of May 24: https://coinmarketcap.com/currencies/pepe/ In this respect of leveraging its power as an undisputed Internet meme royalty to underwrite its value as a cryptocurrency, Pepecoin greatly resembles Dogecoin. And one could argue that there is a kernel of truth in the Pepecoin slogan of “make memecoins great again” and its self-proclamation of being fueled solely by “pure memetic power.” After all, as Pepe is such an important meme royalty, it is certainly conceivable that Pepecoin could stick around for quite some time, just like Dogecoin [9]. Pumps, Dumps, and the Power of FOMO Memecoins such as Dogecoin and Pepecoin, along with their self-processed lack of any utility, are of course ripe targets for pump and dump schemes and regulations. And in many cases, “shilling shitcoins” is a favorite pastime for the rich. One need to look no further to see how Elon Musk has been instrumental in shaping the fortunes of Dogecoin to see the influence of how key opinion leaders can send prices soaring to the moon [10]. After simply Tweeting “Doge” and writing that “Dogecoin is the people’s crypto”, Dogecoin prices soared 40%, and in the massive bull run of 2021, Dogecoin did a phenomenal 147.6x price increase in just over five months. Elon Musk calling Dogecoin “the people’s crypto”. Source. Arguably, this ability to be pump and dumped at will by key opinion leaders is in-baked into the economic logic of memecoins. As mentioned before, memecoins monetize and gain according to how much attention and cultural capital the underlying meme (or cultural phenomenon) is able to accrue and sustain over a long period of time. Key opinion leaders such as Musk have by definition the power to single-handedly create and sustain cultural phenomenon, and thereby allow these cultural derivatives (i.e. memecoins) to gain immensely in value, and in turn, kickstart a cycle of fear-of-missing-out (FOMO) for retail investors, who want to hop aboard the get-rich-quick crypto ride. This same logic that applies to Pepecoin’s rapid ascent over the past month or so. Although there isn’t a clear single celebrity pushing Pepecoin on Twitter (as in the case of Musk and Dogecoin), from on-chain data it seems as if there have been some outsized winners with the Pepecoin hype. For example, a wallet labelled blackrock3.eth bought $244 worth of Pepecoin on April 21, and sold all of them on May 5 at its peak for $2.63 million [11]. And of course, with a pump inevitably comes a dump. Today (May 25th), exactly 20 days from its peak, Pepecoin is down 70% from its all-time-high [12]. As the attention of the memecoin inevitably dissipates and the frenzy of FOMO subsides, the price (a function of this attention) naturally also decreases. But that’s simply the virtue or characteristic of memecoins. For a memecoin, Pepecoin’s -70% can already be considered tame and “benign.” At least Pepecoin hasn’t mimicked the fate of the “Squid Game token,” a memecoin which rode on the wave of the Netflix TV show “Squid Game’s” massive success in 2021. The “Squid Game token” jumped from 1 cent to $2856 in a week, before plummeting to zero after its creators essentially ran away with the money earned and did a classic “rug pull” [13] But this volatility coming from memecoins, who self-profess that their only value comes from their memetic power, one really shouldn’t be surprised — after all, they literally say “useless” on the label. From the Pepecoin Website Memechains and the Question of Utility But what does the future of memecoins look like? Will they ever only really be objects of pure speculative bubbles? The answer actually is a bit more complicated than a simple yes or no. Memecoins by design are backed up by the potency of their underlying meme. The problem is that you can never really quantitatively measure the economic value of a meme. These, after all, are simply free JPEGs widely accessible and distributed on the Internet, and as such, obviously generate no monetary value. After all, why pay for a meme I can see, copy, and create for free? But just because a meme does not have a price tag on it does not mean that it lacks intrinsic value. If Pepe the meme did not have any value, why would people continue to use it to this day, as a symbol for resistance, counterculture, and digital identity? This is the paradox at the center of all art, but particularly digital mementos that can be freely copy-pasted: no one doubts that they are valuable, yet there is no way to measure that value. Memecoins, to some extent, may in fact be one way out of this problem. If a meme is a some “unquantifiable value,” a memecoin is in essence a “quantifiable un-value.” The two therefore fit together hand-in-glove, and attaches some quantifiable representation to the value of the meme behind the coin. Therefore, even if much of the memecoin mania is fuelled by speculation, I don’t expect the memecoins of mainstream memes such as Pepe and Doge to ever go to zero, so long as the memes themselves still exist. Nevertheless, there has been a frenzy in memecoin communities to add on so-called “utility” to these originally supposedly “useless” coins. This notably includes the Dogecoin community’s Dogechain, a smart-contract executing PoS built using Polygon Edge where gas fees can be paid in Dogecoin [14], as well as the Shiba Inu community’s Shibarium, a L2 scaling solution that recently just announced its public beta [15]. Most of these “added utility functions” are centered around the classic playbook of getting a chain in order to nominally “have utility.” But the crypto industry is already strewn with the corpses of failed chains, and today there are already too many L1 and L2 chains that are able to match and surpass the proposed functionality of something like Dogechain and Shibarium. The central problem of building a chain to inject so-called “utility” into these tokens is this: why should I use Shibarium and Dogechain to execute smart contracts, over say Arbitrum, Optimism, or Polygon? Any satisfactory answer to these questions must go back to where memecoins started from in the first place — the original meme underwriting the whole memecoin, such as Doge in the case of Dogecoin, or Pepe in the case of Pepecoin. In fact, if any of these memecoin powered memechains do succeed, they likely will be some sort of a meme-focused chain, where the design of the chain leverages and magnifies the iconographic power of the meme, which in turn adds value to the memechain. Viewed through this lens, one could argue that a memechain’s long-run potential is in becoming a special sort of appchain, one that specializes in operating the underlying meme. In the long-run, the successful operation of a memechain would likely be more similar to the operation of a successful NFT community, such as BAYC, Azuki, Nouns or Doodles, rather than the operation of an actual L1 or L2 chain like Ethereum, Arbitrum or Polygon. The focus needs to be on the underlying asset backing the memecoin in the first place — the meme — rather than the functionality of the chain itself. This convergence and triangulation between memes, coins, and tech is arguably the most innovative and inspiring aspect of memecoins. If Pepecoin, Dogechain, and Shibarium are able to innovate out a novel governance structure that perpetuates the longevity of the underlying meme, they will undoubtedly leave a significant mark on the cultural legacy of web3. And then, perhaps, we will truly be able to “make memes great again.” Pepecoin making memes great again. Source. References [1] https://markets.businessinsider.com/news/currencies/what-is-pepecoin-pepe-memecoins-dogecoin-shiba-inu-crypto-news-2023-5 [2] See Pepecoin’s Website: https://www.pepe.vip/ [3] https://coinmarketcap.com/alexandria/article/9-funniest-memecoin-names [4] What are Memecoins: https://www.pcmag.com/how-to/what-is-a-meme-coin-how-do-they-work [5] https://knowyourmeme.com/memes/pepe-the-frog [6] Derivative memes of Pepe the Frog: https://knowyourmeme.com/memes/pepe-the-frog/children [7] https://www.thedailybeast.com/how-pepe-the-frog-became-a-nazi-trump-supporter-and-alt-right-symbol [8] https://www.forbes.com/sites/antoniopequenoiv/2023/05/11/coinbase-apologizes-for-tying-meme-token-pepecoin-to-racist-symbols/?sh=37957e942419 [9] https://www.forbes.com/advisor/investing/cryptocurrency/what-is-dogecoin/ [10] Elon Musk and Dogecoin: https://coincodex.com/article/21927/elon-musk-dogecoin/ [11] See https://coinmarketcap.com/headlines/news/blackrock-labeled-wallet-nets-2-4m-from-pepe/. Note that while some have speculated this wallet may belong to BlackRock fund, there is no concrete evidence suggesting this to be the case. [12] Data from CoinMarketCap, as of May 25: https://coinmarketcap.com/currencies/pepe/ [13] About the Squid Game Token Collapse: https://www.bbc.com/news/business-59129466 [14] About Dogechain: https://coinmarketcap.com/alexandria/article/what-is-dogechain-the-smart-contract-platform-for-doge [15] About Shibarium: https://blog.shibaswap.com/introduction-to-shibarium/ [16] See the importance of community building in NFT circles such as NounsDAO: https://review.stanfordblockchain.xyz/p/nouns-dao-and-the-philosophy-of-governance Note: An earlier version of this article incorrectly suggested that BlackRock was an institutional holder of Pepecoin based on on-chain data. The Stanford Blockchain Review regrets this error. Edited by XWORLD: Pioneering Web3 Games & Apps Store. Visit the official XWORLD website at www.xworld.pro and follow XWORLD on Twitter at https://twitter.com/xworld_pro to learn more. Testnet has been launched in Southeast Asia. Download: https://play.google.com/store/apps/details?id=pro.xworld.app Join the XWORLD Community for more Website | Twitter | Instagram | Facebook |Litepaper Enjoy Your Passionate Game Time, Every Second Becomes Your Income.
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Pepecoin and the Rise of the Meme-Backed Currency
August 1, 2023

50+ Web3 and Blockchain Keywords Explained

Web3.0: Web3.0, also known as Web3, refers to the next generation of the internet that incorporates decentralized technologies such as blockchain, cryptocurrencies, and peer-to-peer networks. Web3.0 aims to empower users with more control over their data, privacy, and online interactions. It envisions a more open, transparent, and user-centric internet. Decentralization: Decentralization refers to the distribution of control and decision-making across a network, rather than being held by a central authority. In the context of Web3 and blockchain, decentralization is a key principle that aims to eliminate the need for intermediaries and allows participants to have more control over their data and transactions. Smart Contract: A smart contract is a self-executing contract with the terms of the agreement directly written into code. Smart contracts are deployed on blockchain platforms and automatically execute predefined actions when certain conditions are met. They enable trustless and transparent interactions between parties. Decentralized Finance (DeFi): Decentralized Finance (DeFi) refers to the use of blockchain technology and smart contracts to recreate traditional financial systems in a decentralized manner. DeFi aims to provide financial services such as lending, borrowing, and trading without the need for intermediaries like banks. It enables greater accessibility and transparency in financial transactions. Non-Fungible Token (NFT): A Non-Fungible Token (NFT) is a unique digital asset that represents ownership or proof of authenticity of a specific item or piece of content. NFTs have gained popularity in the art and collectibles space. Each NFT has a unique identifier and cannot be exchanged on a one-to-one basis like cryptocurrencies. Interoperability: Interoperability refers to the ability of different blockchain networks or systems to communicate and interact with each other seamlessly. It is important for enabling data and asset transfer between different blockchains and ensuring compatibility between various chains. Consensus Mechanism: A consensus mechanism is a protocol or algorithm used to achieve agreement among participants in a distributed network. Consensus mechanisms ensure that all nodes in a blockchain network agree on the validity of transactions and the order in which they are added to the blockchain. Examples include Proof of Work (PoW) and Proof of Stake (PoS). Proof of Work (PoW): Consensus mechanism where miners solve complex puzzles to validate transactions, ensuring security and immutability by making tampering computationally expensive. Proof of Stake (PoS): Consensus mechanism where validators create blocks based on staked cryptocurrency, promoting energy efficiency, scalability, and faster block validation without intensive computational puzzles. Distributed Ledger Technology (DLT): Distributed Ledger Technology (DLT) is a broader term that encompasses blockchain technology. It refers to a decentralized and distributed database that records and stores transactions across multiple nodes or computers. Blockchain is a specific type of DLT. Cryptocurrency: Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks, typically based on blockchain technology. Examples of cryptocurrencies include Bitcoin (BTC) and Ethereum (ETH). Gas: Gas refers to the unit of measurement for the computational effort required to execute transactions or smart contracts on the Ethereum blockchain. Gas is paid in Ether (ETH) and helps prevent spam and abuse by requiring users to pay for the computational resources they consume. Oracles: Oracles are services or mechanisms that provide external data to smart contracts on the blockchain. They act as bridges between the blockchain and the real world, enabling smart contracts to interact with off-chain data sources, such as APIs, to make informed decisions and trigger actions based on real-time information. Cross-Chain: Cross-chain refers to the ability to transfer assets or data between different blockchain networks. It involves interoperability and allows users to move assets seamlessly across different blockchains, facilitating increased liquidity and expanding the possibilities for decentralized applications. Decentralized Autonomous Organization (DAO): A Decentralized Autonomous Organization (DAO) is an organization that operates through smart contracts on a blockchain. It is governed by a set of predefined rules and decisions are made through voting by token holders. DAOs aim to eliminate the need for traditional hierarchical structures and allow for decentralized decision-making. Layer 2 Scaling: Layer 2 scaling solutions are techniques or protocols built on top of existing blockchains to improve scalability and increase transaction throughput. They aim to handle a larger number of transactions off-chain or in a more efficient manner, reducing congestion and lowering transaction costs. Examples of layer 2 scaling solutions include state channels and sidechains. Decentralized Autonomous Organization (DAO): A Decentralized Autonomous Organization (DAO) is an organization that operates through smart contracts on a blockchain. It is governed by a set of predefined rules and decisions are made through voting by token holders. DAOs aim to eliminate the need for traditional hierarchical structures and allow for decentralized decision-making. Layer 2 Scaling: Layer 2 scaling solutions are techniques or protocols built on top of existing blockchains to improve scalability and increase transaction throughput. They aim to handle a larger number of transactions off-chain or in a more efficient manner, reducing congestion and lowering transaction costs. Examples of layer 2 scaling solutions include state channels and sidechains. Permissionless: Permissionless refers to the openness and accessibility of a blockchain network or protocol. In a permissionless network, anyone can participate, validate transactions, and contribute to the network without requiring explicit permission. This characteristic is a fundamental aspect of many blockchain networks, enabling anyone to join and interact with the network without needing approval from a central authority. Hard Fork: A hard fork is a type of upgrade or change to a blockchain protocol that is not backward compatible with older versions. It requires all participants in the network to upgrade to the new version in order to continue participating. Hard forks can result in a split in the blockchain, creating two separate chains with different rules and potentially leading to the creation of a new cryptocurrency. Halving: Halving is an event that occurs in some cryptocurrencies, such as Bitcoin, where the block reward for miners is reduced by half after a certain number of blocks are mined. This event is programmed into the cryptocurrency’s protocol and is designed to control the issuance of new coins and create scarcity over time. Hashing Algorithm: Hashing is a process used in computing to generate a unique and fixed-size string of characters (hash) from input data of any size. In the context of blockchain, hashing is used to create a digital fingerprint of data, such as transactions or blocks, ensuring their integrity and allowing for easy verification. Hashes are used to confirm the completeness and validity of blockchain transactions. Censorship Resistance: Censorship resistance refers to the ability of a system or platform to resist censorship or control by centralized authorities. In Web3, blockchain-based platforms provide censorship resistance by decentralizing control and allowing users to have ownership and control over their data and transactions. This enables freedom of expression and protects against arbitrary censorship or manipulation. Decentralized Exchange (DEX): A decentralized exchange is a type of cryptocurrency exchange that operates on a blockchain network without the need for intermediaries or a central authority. DEXs allow users to trade cryptocurrencies directly with each other, using smart contracts for order matching and execution. They provide increased privacy, security, and control over assets compared to centralized exchanges. Immutable Ledger: An immutable ledger refers to a blockchain’s characteristic of being tamper-resistant and unchangeable once data is added to it. Once a transaction or data is recorded on the blockchain, it becomes part of a permanent and transparent history that cannot be altered or deleted. This property ensures the integrity and trustworthiness of the data stored on the blockchain. Decentralized Exchange (DEX): A decentralized exchange is a type of cryptocurrency exchange that operates on a blockchain network without the need for intermediaries or a central authority. DEXs allow users to trade cryptocurrencies directly with each other, using smart contracts for order matching and execution. They provide increased privacy, security, and control over assets compared to centralized exchanges. Token Standards: Token standards are specific protocols or sets of rules that define the functionality and behavior of tokens on a blockchain. Examples of token standards include ERC-20 for fungible tokens, ERC-721 for non-fungible tokens (NFTs), and ERC-1155 for multi-token standards. Token standards ensure interoperability and compatibility between different tokens and enable developers to build applications that interact with tokens in a standardized way. Decentralized File Storage: Decentralized file storage refers to the storage of data on a distributed network of nodes, rather than relying on a centralized server or provider. Blockchain-based decentralized file storage systems, such as IPFS (InterPlanetary File System) or Filecoin, allow users to store and retrieve data in a secure, distributed, and censorship-resistant manner. Tokenomics: Tokenomics refers to the economic design and structure of a cryptocurrency or token ecosystem. It encompasses factors such as token supply, distribution, utility, governance mechanisms, and incentives. Tokenomics aims to create a sustainable and balanced ecosystem that aligns the interests of token holders, users, and other stakeholders in the network. Zero-knowledge proofs (ZKPs): ZKPs are cryptographic protocols that allow one party (the prover) to prove the knowledge of a certain piece of information to another party (the verifier) without revealing the actual information itself. The goal of zero-knowledge proofs is to convince the verifier of the truthfulness of a statement without disclosing any additional information beyond the validity of the statement. Ethereum: Ethereum is an open-source, blockchain-based platform that enables developers to build and deploy decentralized applications (dApps). It was proposed by Vitalik Buterin in late 2013 and development was crowdfunded in 2014. Ethereum’s blockchain is fundamentally different from Bitcoin’s blockchain. While Bitcoin’s blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running programming code of any decentralized application Bitcoin: Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency, is a type of money that is completely virtual. It’s like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether. Bitcoin was the first cryptocurrency and remains the most important in the market. It was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. ICO: ICO stands for Initial Coin Offering and it’s often used as a fundraiser for new projects. This is where a company looking to raise money to create a new coin, app, or service launches an ICO as a way to raise funds. People who buy into the ICO receive a certain number of tokens in return. ICOs are often compared to IPOs (Initial Public Offerings), but there are some significant differences Public Key: In the world of cryptocurrencies, a public key represents a point on a particular Elliptic Curve (EC) defined in secp256k1. Public keys contain an identification byte, a 32-byte X coordinate, and a 32-byte Y coordinate. They are used in Bitcoin and other cryptocurrencies for generating addresses where funds can be seen Private Key: In cryptocurrencies, a private key allows a user to gain full access to their wallet. The person who holds the private key fully controls the coins in that wallet. For this reason, it should be kept secret. Formally, a private key for Bitcoin (and many other cryptocurrencies) is a series of 32 bytes Stablecoin: Stablecoins are a type of cryptocurrency designed to minimize volatility, a common issue with cryptocurrencies like Bitcoin. They achieve this stability by pegging their market value to an external reference, usually a fiat currency like the US dollar, or a commodity like gold. Some stablecoins maintain reserve assets as collateral, while others use algorithmic formulas to control supply. The primary purpose of stablecoins is to provide a more suitable option for common transactions. Altcoin: The term altcoin refers to all cryptocurrencies other than Bitcoin and, for some, Ethereum. These alternative cryptocurrencies come in various types, each designed for different purposes. While the future value of altcoins is unpredictable, as long as the blockchain they were designed for continues to be used and developed, the altcoins will continue to exist. It’s important to note that while many altcoins offer potential investment opportunities, some are scams or have lost developer and community interest Mainnet: It refers to the main blockchain network of a cryptocurrency, where real transactions and operations take place. It is the live and production-ready network where actual value is exchanged. Mainnet is typically used for real-world applications, and transactions on the mainnet involve real cryptocurrencies. Testnet: on the other hand, is a separate network specifically designed for testing and development purposes. It mimics the functionalities of the mainnet but uses test tokens or simulated cryptocurrencies that have no real-world value. Testnets allow developers and users to experiment, validate, and debug their applications without risking real funds. It provides a safe environment for testing new features, smart contracts, and conducting simulations before deploying on the mainnet. Testnets are crucial for ensuring the reliability and security of applications before they are deployed to the production-ready mainnet. Remix IDE: is an online development environment for writing, testing, and deploying smart contracts on the Ethereum blockchain. It provides a user-friendly interface with a built-in code editor, compiler, debugger, and deployment tools. Remix IDE allows developers to write Solidity smart contracts, interact with contracts using a web3 provider, and test their code using various tools and plugins. It is a popular choice for Ethereum developers due to its simplicity and comprehensive features. Infura/Alchemy: It is a popular service that provides infrastructure and API endpoints for connecting to the Ethereum blockchain. It acts as a web3 provider, allowing developers to interact with the Ethereum network without running a full Ethereum node. Infura simplifies the development process by providing reliable and scalable access to the Ethereum blockchain, eliminating the need for developers to set up and maintain their own infrastructure. It offers various API endpoints, including JSON-RPC and WebSocket, which developers can use to send transactions, retrieve data, and interact with smart contracts. Infura is widely used by developers to integrate Ethereum functionality into their applications and services. Mining: Mining is the process of validating and adding new transactions to a blockchain. It involves solving complex mathematical puzzles to find a new block, which contains a set of transactions. Miners compete with each other to solve these puzzles by using computational power, and the first miner to find the solution gets rewarded with newly minted cryptocurrency tokens. Mining ensures the security, integrity, and decentralization of a blockchain network by preventing double-spending and maintaining consensus among participants. Tokenization: Tokenization is the process of representing real-world assets or rights as digital tokens on a blockchain. It allows for fractional ownership, increased liquidity, and easier transfer of assets. Tokenization has applications in areas such as real estate, art, and finance. Immutable: Immutable means that something is unchangeable or cannot be altered or tampered with. In the context of blockchain, immutability refers to the property of data stored on the blockchain that cannot be modified once it is added to the chain. This ensures the integrity and trustworthiness of the data. Merkle Tree: A hierarchical data structure that enables efficient verification and integrity checks of large datasets. It uses cryptographic hashing to create a tree structure where each node represents the hash of its child nodes, providing an efficient way to verify the integrity of specific data without needing to examine the entire dataset. Byzantine Fault Tolerance: The ability of a distributed system to reach a consensus even in the presence of malicious or faulty nodes. It ensures system resilience by employing redundancy, replication, and consensus algorithms to tolerate failures and prevent malicious actors from compromising the integrity and reliability of the system. ICO (Initial Coin Offering): A fundraising method used by cryptocurrency projects to raise capital. It involves issuing and selling tokens to investors in exchange for cryptocurrencies or fiat currencies, providing early access to the project’s tokens and potential returns on investment. Whitepaper: A detailed document that outlines the concept, technology, goals, and implementation plan of a cryptocurrency project. It provides an in-depth analysis of the project’s vision, technical specifications, tokenomics, and potential impact, serving as a comprehensive guide for investors and stakeholders. Yellowpaper: Similar to a whitepaper, a yellowpaper is a technical document that provides a deeper technical understanding of a cryptocurrency project. It typically delves into the underlying protocols, algorithms, and technical intricacies of the project, providing detailed explanations and specifications for developers and researchers. Fork: A divergence in the blockchain where a single chain splits into two separate chains, resulting in two different versions of the blockchain. Soft Fork: A backward-compatible upgrade to the blockchain protocol where the new rules are more restrictive than the old rules, allowing the new blocks to be accepted by both old and new nodes. Hard Fork: A non-backward-compatible upgrade to the blockchain protocol where the new rules are more permissive than the old rules, resulting in a permanent divergence in the blockchain and two separate chains that are incompatible with each other. XWORLD, a pioneering Web3 App Store, provides a safe and trustworthy platform for users to explore a wide range of dApps and discover the treasure trove of Web3. Visit the XWORLD website (www.xworld.pro) and follow Twitter (https://twitter.com/xworld_pro) to learn more about this exciting platform and embark on your Web3 journey today! Join our community for more: Website | Twitter | Instagram | Facebook |Litepaper Enjoy Your Passionate Game Time, Every Second Becomes Your Income.
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50+ Web3 and Blockchain Keywords Explained
August 1, 2023

How Can I Find Opportunities to Join the Web 3.0 Game From XWorld?

Web3 games, also known as decentralized games, are a significant innovation in the gaming industry enabled by the Web3.0 infrastructure. These games leverage blockchain technology and decentralized protocols to offer unique features and experiences to players. Unlike traditional Web2.0 games, which are typically controlled by central authorities, Web3 games provide a decentralized and trustless environment where players have more ownership and control over their in-game assets. The advent of Web3.0 has brought forth a new era of possibilities for gaming users, offering unique opportunities and challenges. This article aims to delve into the evolving landscape of Web3.0 gaming, analyzing the potential benefits and hurdles that gamers encounter in this decentralized ecosystem. What are the opportunities in Web3.0 for gaming users and game developers in XWorld？ In the world of Web3 games, exciting opportunities await both game users and developers. Game Player have the chance to experience true ownership of in-game assets, meaning they can buy, sell, and trade virtual items with actual value. They can also participate in use-to-earn models, where their skills and achievements in the game can be monetized, allowing them to earn real income while playing. Additionally, Player can enjoy cross-platform experiences and seamless asset interoperability, enabling them to transfer their progress and assets across different games and platforms. Game developers can take advantage of decentralized development and distribution models, eliminating the need for intermediaries and enabling greater creative freedom. They can tokenize in-game assets, creating unique and valuable digital items, and benefit from revenue generated through initial sales and ongoing transactions within the game ecosystem. Collaboration and engagement with the gaming community are also enhanced, fostering innovation and building a dedicated user base. Overall, the Web3 gaming landscape offers tremendous opportunities for both game users and developers, revolutionizing the way games are played, owned, and monetized. Challenges and obstacles gaming users stepping into web3? Web3.0 signifies a shift towards decentralization, but transitioning billions of users from Web2.0 to Web3.0 poses challenges. The higher entry barrier in user experience hampers adoption, with complex aspects like mnemonic phrases, wallets, and gas fees complicating the transition. The intricate nature of Web3.0 experiences presents a learning curve, deterring widespread engagement. Users find mnemonic phrases overwhelming and struggle with managing gas fees and understanding blockchain transactions. These challenges hinder adoption and user engagement in Web3.0 gaming, impeding its growth. Web3.0 projects incorporate unique token incentives, requiring thorough testing and iterative verification. This ensures protocols avoid Ponzi schemes or death spirals. Token economies need rigorous evaluation to sustain their viability and prevent exploitation. The fragility of these economies necessitates ongoing scrutiny and safeguards against malicious actors. In summary, transitioning to Web3.0 poses challenges due to the higher entry barrier and complex experiences for users. Overcoming these challenges is crucial to driving adoption and engagement in Web3.0 gaming. Additionally, careful testing and verification of token incentives are necessary to maintain the integrity and sustainability of Web3.0 projects. How will XWORLD address and minimize obstacles？ XWORLD aims to address and minimize obstacles in the Web3.0 gaming space by revolutionizing user interaction with digital content. Instead of being passive consumers, users become active participants in the ecosystem. XWORLD values users’ attention and time, converting them into income through a fair reward system. This empowers users with greater control over their internet experience and the ability to shape the content they engage with. By incentivizing user engagement and providing fair rewards, XWORLD encourages users to actively contribute to the platform. In the XWORLD ecosystem, developers play a vital role in providing captivating digital content that engages users. They earn through the “Proof of Contribution” protocol, which measures user satisfaction with their content. This incentivizes developers to create high-quality content that attracts more users. Additionally, the protocol provides developers with precise targeting capabilities, categorizing users based on their content consumption. This enables developers to customize their content, optimize strategies, and innovate based on user feedback. By empowering developers and facilitating targeted content creation, XWORLD enhances the overall user experience and fosters a thriving community. In conclusion, “Proof of Contribution” mechanism creates an environment where users are rewarded for their attention and engagement with digital content. This incentivizes active user participation and offers fair rewards for users’ time and attention. By leveraging this innovative approach, XWORLD provides opportunities for both gaming users and game developers in the Web3.0 era, fostering a dynamic ecosystem where users can actively engage, contribute, and earn income. To summarize, by analyzing and understanding the emerging opportunities and challenges for gaming users in the Web3 era, we can pave the way for a more inclusive, immersive, and rewarding gaming landscape. XWORLD is poised to tackle these challenges and leverage emerging opportunities. With platforms like XWORLD leading the charge, the transition from Web2.0 to Web3.0 gaming can become a seamless and empowering experience for billions of users worldwide. X-WORLD Enjoying Passionate Game Time, Every Sec Becomes Your Income. Website | Twitter | Instagram | Facebook |Litepaper
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How Can I Find Opportunities to Join the Web 3.0 Game From XWorld?
August 1, 2023

Pepecoin and the Rise of the Meme-Backed Currency

Memes, Dreams, and Get-Rich-Quick Schemes Introduction It’s hard to have missed epic saga of Pepecoin over the past two months, and along with it, a resurgence of memecoin hype. Indeed, on May 5, Pepecoin broke through the stunning $1B market cap to become a Top 50 cryptocurrency [1]. In many respects, Pepecoin’s rise calls to mind the famously stunning rise of Dogecoin and Shiba Inu, two of the most famous memecoins in history. In fact, Pepecoin itself even pays homage to the long tradition of memecoins it descends from, writing that it will “make memecoins great again” [2]. So what makes a memecoin “great”? And why do they exist (and even thrive) in the crypto ecosystem, in spite of their evident lack of utility? Know Your Memecoins Memecoins have always been a crypto novelty and oddity. Their most characteristic trait is in fact their own self-professed lack of any utility, something they wear around with a semi-sarcastic sense of pride. Even though almost anyone can create a memecoin today just with a few clicks of a button, not all memecoins are created equal. After all, a lot more people hold Dogecoin than say, “HarryPotterObamaSonicInu” (this is an actual real coin on CoinMarketCap) [3]. Indeed, the most successful memecoins never come from humble backgrounds: they are warriors. These are memes that have fought in ferocious battles on the turbulent seas of Internet meme culture, where any cultural sensation or anything that grabs people’s attention, ranging from Elon Musk references (Tweelon), sex jokes (CumRocket), literal poop (PooCoin), GPT-references (PepeGPT) can all be turned into memecoins [4]. In these epic battles, only those memes that have proven their demonstrated approachability, relatability, persistence can survive. For those that do, they are rewarded with boundless glory, with glamour from the crowds, homage from the powerful, and a memecoin that will wear through even the toughest of crypto storms. And amidst all of this, perhaps Pepe does actually stand a chance of surviving, prevailing, and thriving. Pepe the Meme Royalty The Original Pepe meme of “Feels Good Man.” Source: https://en.wikipedia.org/wiki/Pepe_the_Frog Pepecoin was born with a silver spoon in its mouth, as the meme of Pepe belongs (along with Doge) to a class of Internet meme royalty. Born in 2008 out of the hand of cartoonist Matt Furie, the green frog with a bulging green eyes was depicted literally urinating (pee-pee-ing) while commenting “feels good man” [5]. And since then, Pepe has taken off in all shapes and forms, including a sad version, a smirk version, and so many more [6]. Since its inception, the Pepe meme and the corresponding image of an ugly frog has had a distinctly counterculture and subversive connotation, in particular when contrasted with the much more sanguine Doge meme. While most usage of Pepe is very benign, this ugly frog also has a distinctly “ugly side.” On 4chan and other more fringe social media platforms, the frog meme is often twisted and modified to take darker turns and sometimes embody extremist political symbols. And gradually, variants of the Pepe family of memes became staples on alt-right groups and other darker, more subversive corners of the Internet [7]. Thus, the Pepe meme exists in a massive duality: on the one hand, it exists in the mainstream as a benign counterculture image of an ugly frog with a happy or sad or smirky expression on its face. On the other, this counterculture symbol has been coopted for extremist political movements that actively cause societal instability. This duality is what has made Pepecoin so controversial, and why it landed Coinbase in hot water after Coinbase accused the Pepe meme of being “co-opted as an alt-right hate symbol,” before later being forced to apologize and acknowledge that most mainstream uses of Pepe are non-bigoted [8]. But in the context of memecoins, they thrive on controversy and continued media attention. After all, it is precisely Pepe’s status as a longstanding meme royalty and one of the undisputed hallmarks of Internet meme culture that underwrites the value proposition for Pepecoin, and explains its eye-watering ascent to a $1 billion market cap, with a $1.87 billion trading volume at its peak. Pepecoin Price, CoinMarketCap. Data as of May 24: https://coinmarketcap.com/currencies/pepe/ In this respect of leveraging its power as an undisputed Internet meme royalty to underwrite its value as a cryptocurrency, Pepecoin greatly resembles Dogecoin. And one could argue that there is a kernel of truth in the Pepecoin slogan of “make memecoins great again” and its self-proclamation of being fueled solely by “pure memetic power.” After all, as Pepe is such an important meme royalty, it is certainly conceivable that Pepecoin could stick around for quite some time, just like Dogecoin [9]. Pumps, Dumps, and the Power of FOMO Memecoins such as Dogecoin and Pepecoin, along with their self-processed lack of any utility, are of course ripe targets for pump and dump schemes and regulations. And in many cases, “shilling shitcoins” is a favorite pastime for the rich. One need to look no further to see how Elon Musk has been instrumental in shaping the fortunes of Dogecoin to see the influence of how key opinion leaders can send prices soaring to the moon [10]. After simply Tweeting “Doge” and writing that “Dogecoin is the people’s crypto”, Dogecoin prices soared 40%, and in the massive bull run of 2021, Dogecoin did a phenomenal 147.6x price increase in just over five months. Elon Musk calling Dogecoin “the people’s crypto”. Source. Arguably, this ability to be pump and dumped at will by key opinion leaders is in-baked into the economic logic of memecoins. As mentioned before, memecoins monetize and gain according to how much attention and cultural capital the underlying meme (or cultural phenomenon) is able to accrue and sustain over a long period of time. Key opinion leaders such as Musk have by definition the power to single-handedly create and sustain cultural phenomenon, and thereby allow these cultural derivatives (i.e. memecoins) to gain immensely in value, and in turn, kickstart a cycle of fear-of-missing-out (FOMO) for retail investors, who want to hop aboard the get-rich-quick crypto ride. This same logic that applies to Pepecoin’s rapid ascent over the past month or so. Although there isn’t a clear single celebrity pushing Pepecoin on Twitter (as in the case of Musk and Dogecoin), from on-chain data it seems as if there have been some outsized winners with the Pepecoin hype. For example, a wallet labelled blackrock3.eth bought $244 worth of Pepecoin on April 21, and sold all of them on May 5 at its peak for $2.63 million [11]. And of course, with a pump inevitably comes a dump. Today (May 25th), exactly 20 days from its peak, Pepecoin is down 70% from its all-time-high [12]. As the attention of the memecoin inevitably dissipates and the frenzy of FOMO subsides, the price (a function of this attention) naturally also decreases. But that’s simply the virtue or characteristic of memecoins. For a memecoin, Pepecoin’s -70% can already be considered tame and “benign.” At least Pepecoin hasn’t mimicked the fate of the “Squid Game token,” a memecoin which rode on the wave of the Netflix TV show “Squid Game’s” massive success in 2021. The “Squid Game token” jumped from 1 cent to $2856 in a week, before plummeting to zero after its creators essentially ran away with the money earned and did a classic “rug pull” [13] But this volatility coming from memecoins, who self-profess that their only value comes from their memetic power, one really shouldn’t be surprised — after all, they literally say “useless” on the label. From the Pepecoin Website Memechains and the Question of Utility But what does the future of memecoins look like? Will they ever only really be objects of pure speculative bubbles? The answer actually is a bit more complicated than a simple yes or no. Memecoins by design are backed up by the potency of their underlying meme. The problem is that you can never really quantitatively measure the economic value of a meme. These, after all, are simply free JPEGs widely accessible and distributed on the Internet, and as such, obviously generate no monetary value. After all, why pay for a meme I can see, copy, and create for free? But just because a meme does not have a price tag on it does not mean that it lacks intrinsic value. If Pepe the meme did not have any value, why would people continue to use it to this day, as a symbol for resistance, counterculture, and digital identity? This is the paradox at the center of all art, but particularly digital mementos that can be freely copy-pasted: no one doubts that they are valuable, yet there is no way to measure that value. Memecoins, to some extent, may in fact be one way out of this problem. If a meme is a some “unquantifiable value,” a memecoin is in essence a “quantifiable un-value.” The two therefore fit together hand-in-glove, and attaches some quantifiable representation to the value of the meme behind the coin. Therefore, even if much of the memecoin mania is fuelled by speculation, I don’t expect the memecoins of mainstream memes such as Pepe and Doge to ever go to zero, so long as the memes themselves still exist. Nevertheless, there has been a frenzy in memecoin communities to add on so-called “utility” to these originally supposedly “useless” coins. This notably includes the Dogecoin community’s Dogechain, a smart-contract executing PoS built using Polygon Edge where gas fees can be paid in Dogecoin [14], as well as the Shiba Inu community’s Shibarium, a L2 scaling solution that recently just announced its public beta [15]. Most of these “added utility functions” are centered around the classic playbook of getting a chain in order to nominally “have utility.” But the crypto industry is already strewn with the corpses of failed chains, and today there are already too many L1 and L2 chains that are able to match and surpass the proposed functionality of something like Dogechain and Shibarium. The central problem of building a chain to inject so-called “utility” into these tokens is this: why should I use Shibarium and Dogechain to execute smart contracts, over say Arbitrum, Optimism, or Polygon? Any satisfactory answer to these questions must go back to where memecoins started from in the first place — the original meme underwriting the whole memecoin, such as Doge in the case of Dogecoin, or Pepe in the case of Pepecoin. In fact, if any of these memecoin powered memechains do succeed, they likely will be some sort of a meme-focused chain, where the design of the chain leverages and magnifies the iconographic power of the meme, which in turn adds value to the memechain. Viewed through this lens, one could argue that a memechain’s long-run potential is in becoming a special sort of appchain, one that specializes in operating the underlying meme. In the long-run, the successful operation of a memechain would likely be more similar to the operation of a successful NFT community, such as BAYC, Azuki, Nouns or Doodles, rather than the operation of an actual L1 or L2 chain like Ethereum, Arbitrum or Polygon. The focus needs to be on the underlying asset backing the memecoin in the first place — the meme — rather than the functionality of the chain itself. This convergence and triangulation between memes, coins, and tech is arguably the most innovative and inspiring aspect of memecoins. If Pepecoin, Dogechain, and Shibarium are able to innovate out a novel governance structure that perpetuates the longevity of the underlying meme, they will undoubtedly leave a significant mark on the cultural legacy of web3. And then, perhaps, we will truly be able to “make memes great again.” Pepecoin making memes great again. Source. References [1] https://markets.businessinsider.com/news/currencies/what-is-pepecoin-pepe-memecoins-dogecoin-shiba-inu-crypto-news-2023-5 [2] See Pepecoin’s Website: https://www.pepe.vip/ [3] https://coinmarketcap.com/alexandria/article/9-funniest-memecoin-names [4] What are Memecoins: https://www.pcmag.com/how-to/what-is-a-meme-coin-how-do-they-work [5] https://knowyourmeme.com/memes/pepe-the-frog [6] Derivative memes of Pepe the Frog: https://knowyourmeme.com/memes/pepe-the-frog/children [7] https://www.thedailybeast.com/how-pepe-the-frog-became-a-nazi-trump-supporter-and-alt-right-symbol [8] https://www.forbes.com/sites/antoniopequenoiv/2023/05/11/coinbase-apologizes-for-tying-meme-token-pepecoin-to-racist-symbols/?sh=37957e942419 [9] https://www.forbes.com/advisor/investing/cryptocurrency/what-is-dogecoin/ [10] Elon Musk and Dogecoin: https://coincodex.com/article/21927/elon-musk-dogecoin/ [11] See https://coinmarketcap.com/headlines/news/blackrock-labeled-wallet-nets-2-4m-from-pepe/. Note that while some have speculated this wallet may belong to BlackRock fund, there is no concrete evidence suggesting this to be the case. [12] Data from CoinMarketCap, as of May 25: https://coinmarketcap.com/currencies/pepe/ [13] About the Squid Game Token Collapse: https://www.bbc.com/news/business-59129466 [14] About Dogechain: https://coinmarketcap.com/alexandria/article/what-is-dogechain-the-smart-contract-platform-for-doge [15] About Shibarium: https://blog.shibaswap.com/introduction-to-shibarium/ [16] See the importance of community building in NFT circles such as NounsDAO: https://review.stanfordblockchain.xyz/p/nouns-dao-and-the-philosophy-of-governance Note: An earlier version of this article incorrectly suggested that BlackRock was an institutional holder of Pepecoin based on on-chain data. The Stanford Blockchain Review regrets this error. Edited by XWORLD: Pioneering Web3 Games & Apps Store. Visit the official XWORLD website at www.xworld.pro and follow XWORLD on Twitter at https://twitter.com/xworld_pro to learn more. Testnet has been launched in Southeast Asia. Download: https://play.google.com/store/apps/details?id=pro.xworld.app Join the XWORLD Community for more Website | Twitter | Instagram | Facebook |Litepaper Enjoy Your Passionate Game Time, Every Second Becomes Your Income.
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Pepecoin and the Rise of the Meme-Backed Currency
August 1, 2023

50+ Web3 and Blockchain Keywords Explained

Web3.0: Web3.0, also known as Web3, refers to the next generation of the internet that incorporates decentralized technologies such as blockchain, cryptocurrencies, and peer-to-peer networks. Web3.0 aims to empower users with more control over their data, privacy, and online interactions. It envisions a more open, transparent, and user-centric internet. Decentralization: Decentralization refers to the distribution of control and decision-making across a network, rather than being held by a central authority. In the context of Web3 and blockchain, decentralization is a key principle that aims to eliminate the need for intermediaries and allows participants to have more control over their data and transactions. Smart Contract: A smart contract is a self-executing contract with the terms of the agreement directly written into code. Smart contracts are deployed on blockchain platforms and automatically execute predefined actions when certain conditions are met. They enable trustless and transparent interactions between parties. Decentralized Finance (DeFi): Decentralized Finance (DeFi) refers to the use of blockchain technology and smart contracts to recreate traditional financial systems in a decentralized manner. DeFi aims to provide financial services such as lending, borrowing, and trading without the need for intermediaries like banks. It enables greater accessibility and transparency in financial transactions. Non-Fungible Token (NFT): A Non-Fungible Token (NFT) is a unique digital asset that represents ownership or proof of authenticity of a specific item or piece of content. NFTs have gained popularity in the art and collectibles space. Each NFT has a unique identifier and cannot be exchanged on a one-to-one basis like cryptocurrencies. Interoperability: Interoperability refers to the ability of different blockchain networks or systems to communicate and interact with each other seamlessly. It is important for enabling data and asset transfer between different blockchains and ensuring compatibility between various chains. Consensus Mechanism: A consensus mechanism is a protocol or algorithm used to achieve agreement among participants in a distributed network. Consensus mechanisms ensure that all nodes in a blockchain network agree on the validity of transactions and the order in which they are added to the blockchain. Examples include Proof of Work (PoW) and Proof of Stake (PoS). Proof of Work (PoW): Consensus mechanism where miners solve complex puzzles to validate transactions, ensuring security and immutability by making tampering computationally expensive. Proof of Stake (PoS): Consensus mechanism where validators create blocks based on staked cryptocurrency, promoting energy efficiency, scalability, and faster block validation without intensive computational puzzles. Distributed Ledger Technology (DLT): Distributed Ledger Technology (DLT) is a broader term that encompasses blockchain technology. It refers to a decentralized and distributed database that records and stores transactions across multiple nodes or computers. Blockchain is a specific type of DLT. Cryptocurrency: Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks, typically based on blockchain technology. Examples of cryptocurrencies include Bitcoin (BTC) and Ethereum (ETH). Gas: Gas refers to the unit of measurement for the computational effort required to execute transactions or smart contracts on the Ethereum blockchain. Gas is paid in Ether (ETH) and helps prevent spam and abuse by requiring users to pay for the computational resources they consume. Oracles: Oracles are services or mechanisms that provide external data to smart contracts on the blockchain. They act as bridges between the blockchain and the real world, enabling smart contracts to interact with off-chain data sources, such as APIs, to make informed decisions and trigger actions based on real-time information. Cross-Chain: Cross-chain refers to the ability to transfer assets or data between different blockchain networks. It involves interoperability and allows users to move assets seamlessly across different blockchains, facilitating increased liquidity and expanding the possibilities for decentralized applications. Decentralized Autonomous Organization (DAO): A Decentralized Autonomous Organization (DAO) is an organization that operates through smart contracts on a blockchain. It is governed by a set of predefined rules and decisions are made through voting by token holders. DAOs aim to eliminate the need for traditional hierarchical structures and allow for decentralized decision-making. Layer 2 Scaling: Layer 2 scaling solutions are techniques or protocols built on top of existing blockchains to improve scalability and increase transaction throughput. They aim to handle a larger number of transactions off-chain or in a more efficient manner, reducing congestion and lowering transaction costs. Examples of layer 2 scaling solutions include state channels and sidechains. Decentralized Autonomous Organization (DAO): A Decentralized Autonomous Organization (DAO) is an organization that operates through smart contracts on a blockchain. It is governed by a set of predefined rules and decisions are made through voting by token holders. DAOs aim to eliminate the need for traditional hierarchical structures and allow for decentralized decision-making. Layer 2 Scaling: Layer 2 scaling solutions are techniques or protocols built on top of existing blockchains to improve scalability and increase transaction throughput. They aim to handle a larger number of transactions off-chain or in a more efficient manner, reducing congestion and lowering transaction costs. Examples of layer 2 scaling solutions include state channels and sidechains. Permissionless: Permissionless refers to the openness and accessibility of a blockchain network or protocol. In a permissionless network, anyone can participate, validate transactions, and contribute to the network without requiring explicit permission. This characteristic is a fundamental aspect of many blockchain networks, enabling anyone to join and interact with the network without needing approval from a central authority. Hard Fork: A hard fork is a type of upgrade or change to a blockchain protocol that is not backward compatible with older versions. It requires all participants in the network to upgrade to the new version in order to continue participating. Hard forks can result in a split in the blockchain, creating two separate chains with different rules and potentially leading to the creation of a new cryptocurrency. Halving: Halving is an event that occurs in some cryptocurrencies, such as Bitcoin, where the block reward for miners is reduced by half after a certain number of blocks are mined. This event is programmed into the cryptocurrency’s protocol and is designed to control the issuance of new coins and create scarcity over time. Hashing Algorithm: Hashing is a process used in computing to generate a unique and fixed-size string of characters (hash) from input data of any size. In the context of blockchain, hashing is used to create a digital fingerprint of data, such as transactions or blocks, ensuring their integrity and allowing for easy verification. Hashes are used to confirm the completeness and validity of blockchain transactions. Censorship Resistance: Censorship resistance refers to the ability of a system or platform to resist censorship or control by centralized authorities. In Web3, blockchain-based platforms provide censorship resistance by decentralizing control and allowing users to have ownership and control over their data and transactions. This enables freedom of expression and protects against arbitrary censorship or manipulation. Decentralized Exchange (DEX): A decentralized exchange is a type of cryptocurrency exchange that operates on a blockchain network without the need for intermediaries or a central authority. DEXs allow users to trade cryptocurrencies directly with each other, using smart contracts for order matching and execution. They provide increased privacy, security, and control over assets compared to centralized exchanges. Immutable Ledger: An immutable ledger refers to a blockchain’s characteristic of being tamper-resistant and unchangeable once data is added to it. Once a transaction or data is recorded on the blockchain, it becomes part of a permanent and transparent history that cannot be altered or deleted. This property ensures the integrity and trustworthiness of the data stored on the blockchain. Decentralized Exchange (DEX): A decentralized exchange is a type of cryptocurrency exchange that operates on a blockchain network without the need for intermediaries or a central authority. DEXs allow users to trade cryptocurrencies directly with each other, using smart contracts for order matching and execution. They provide increased privacy, security, and control over assets compared to centralized exchanges. Token Standards: Token standards are specific protocols or sets of rules that define the functionality and behavior of tokens on a blockchain. Examples of token standards include ERC-20 for fungible tokens, ERC-721 for non-fungible tokens (NFTs), and ERC-1155 for multi-token standards. Token standards ensure interoperability and compatibility between different tokens and enable developers to build applications that interact with tokens in a standardized way. Decentralized File Storage: Decentralized file storage refers to the storage of data on a distributed network of nodes, rather than relying on a centralized server or provider. Blockchain-based decentralized file storage systems, such as IPFS (InterPlanetary File System) or Filecoin, allow users to store and retrieve data in a secure, distributed, and censorship-resistant manner. Tokenomics: Tokenomics refers to the economic design and structure of a cryptocurrency or token ecosystem. It encompasses factors such as token supply, distribution, utility, governance mechanisms, and incentives. Tokenomics aims to create a sustainable and balanced ecosystem that aligns the interests of token holders, users, and other stakeholders in the network. Zero-knowledge proofs (ZKPs): ZKPs are cryptographic protocols that allow one party (the prover) to prove the knowledge of a certain piece of information to another party (the verifier) without revealing the actual information itself. The goal of zero-knowledge proofs is to convince the verifier of the truthfulness of a statement without disclosing any additional information beyond the validity of the statement. Ethereum: Ethereum is an open-source, blockchain-based platform that enables developers to build and deploy decentralized applications (dApps). It was proposed by Vitalik Buterin in late 2013 and development was crowdfunded in 2014. Ethereum’s blockchain is fundamentally different from Bitcoin’s blockchain. While Bitcoin’s blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running programming code of any decentralized application Bitcoin: Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency, is a type of money that is completely virtual. It’s like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether. Bitcoin was the first cryptocurrency and remains the most important in the market. It was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. ICO: ICO stands for Initial Coin Offering and it’s often used as a fundraiser for new projects. This is where a company looking to raise money to create a new coin, app, or service launches an ICO as a way to raise funds. People who buy into the ICO receive a certain number of tokens in return. ICOs are often compared to IPOs (Initial Public Offerings), but there are some significant differences Public Key: In the world of cryptocurrencies, a public key represents a point on a particular Elliptic Curve (EC) defined in secp256k1. Public keys contain an identification byte, a 32-byte X coordinate, and a 32-byte Y coordinate. They are used in Bitcoin and other cryptocurrencies for generating addresses where funds can be seen Private Key: In cryptocurrencies, a private key allows a user to gain full access to their wallet. The person who holds the private key fully controls the coins in that wallet. For this reason, it should be kept secret. Formally, a private key for Bitcoin (and many other cryptocurrencies) is a series of 32 bytes Stablecoin: Stablecoins are a type of cryptocurrency designed to minimize volatility, a common issue with cryptocurrencies like Bitcoin. They achieve this stability by pegging their market value to an external reference, usually a fiat currency like the US dollar, or a commodity like gold. Some stablecoins maintain reserve assets as collateral, while others use algorithmic formulas to control supply. The primary purpose of stablecoins is to provide a more suitable option for common transactions. Altcoin: The term altcoin refers to all cryptocurrencies other than Bitcoin and, for some, Ethereum. These alternative cryptocurrencies come in various types, each designed for different purposes. While the future value of altcoins is unpredictable, as long as the blockchain they were designed for continues to be used and developed, the altcoins will continue to exist. It’s important to note that while many altcoins offer potential investment opportunities, some are scams or have lost developer and community interest Mainnet: It refers to the main blockchain network of a cryptocurrency, where real transactions and operations take place. It is the live and production-ready network where actual value is exchanged. Mainnet is typically used for real-world applications, and transactions on the mainnet involve real cryptocurrencies. Testnet: on the other hand, is a separate network specifically designed for testing and development purposes. It mimics the functionalities of the mainnet but uses test tokens or simulated cryptocurrencies that have no real-world value. Testnets allow developers and users to experiment, validate, and debug their applications without risking real funds. It provides a safe environment for testing new features, smart contracts, and conducting simulations before deploying on the mainnet. Testnets are crucial for ensuring the reliability and security of applications before they are deployed to the production-ready mainnet. Remix IDE: is an online development environment for writing, testing, and deploying smart contracts on the Ethereum blockchain. It provides a user-friendly interface with a built-in code editor, compiler, debugger, and deployment tools. Remix IDE allows developers to write Solidity smart contracts, interact with contracts using a web3 provider, and test their code using various tools and plugins. It is a popular choice for Ethereum developers due to its simplicity and comprehensive features. Infura/Alchemy: It is a popular service that provides infrastructure and API endpoints for connecting to the Ethereum blockchain. It acts as a web3 provider, allowing developers to interact with the Ethereum network without running a full Ethereum node. Infura simplifies the development process by providing reliable and scalable access to the Ethereum blockchain, eliminating the need for developers to set up and maintain their own infrastructure. It offers various API endpoints, including JSON-RPC and WebSocket, which developers can use to send transactions, retrieve data, and interact with smart contracts. Infura is widely used by developers to integrate Ethereum functionality into their applications and services. Mining: Mining is the process of validating and adding new transactions to a blockchain. It involves solving complex mathematical puzzles to find a new block, which contains a set of transactions. Miners compete with each other to solve these puzzles by using computational power, and the first miner to find the solution gets rewarded with newly minted cryptocurrency tokens. Mining ensures the security, integrity, and decentralization of a blockchain network by preventing double-spending and maintaining consensus among participants. Tokenization: Tokenization is the process of representing real-world assets or rights as digital tokens on a blockchain. It allows for fractional ownership, increased liquidity, and easier transfer of assets. Tokenization has applications in areas such as real estate, art, and finance. Immutable: Immutable means that something is unchangeable or cannot be altered or tampered with. In the context of blockchain, immutability refers to the property of data stored on the blockchain that cannot be modified once it is added to the chain. This ensures the integrity and trustworthiness of the data. Merkle Tree: A hierarchical data structure that enables efficient verification and integrity checks of large datasets. It uses cryptographic hashing to create a tree structure where each node represents the hash of its child nodes, providing an efficient way to verify the integrity of specific data without needing to examine the entire dataset. Byzantine Fault Tolerance: The ability of a distributed system to reach a consensus even in the presence of malicious or faulty nodes. It ensures system resilience by employing redundancy, replication, and consensus algorithms to tolerate failures and prevent malicious actors from compromising the integrity and reliability of the system. ICO (Initial Coin Offering): A fundraising method used by cryptocurrency projects to raise capital. It involves issuing and selling tokens to investors in exchange for cryptocurrencies or fiat currencies, providing early access to the project’s tokens and potential returns on investment. Whitepaper: A detailed document that outlines the concept, technology, goals, and implementation plan of a cryptocurrency project. It provides an in-depth analysis of the project’s vision, technical specifications, tokenomics, and potential impact, serving as a comprehensive guide for investors and stakeholders. Yellowpaper: Similar to a whitepaper, a yellowpaper is a technical document that provides a deeper technical understanding of a cryptocurrency project. It typically delves into the underlying protocols, algorithms, and technical intricacies of the project, providing detailed explanations and specifications for developers and researchers. Fork: A divergence in the blockchain where a single chain splits into two separate chains, resulting in two different versions of the blockchain. Soft Fork: A backward-compatible upgrade to the blockchain protocol where the new rules are more restrictive than the old rules, allowing the new blocks to be accepted by both old and new nodes. Hard Fork: A non-backward-compatible upgrade to the blockchain protocol where the new rules are more permissive than the old rules, resulting in a permanent divergence in the blockchain and two separate chains that are incompatible with each other. XWORLD, a pioneering Web3 App Store, provides a safe and trustworthy platform for users to explore a wide range of dApps and discover the treasure trove of Web3. Visit the XWORLD website (www.xworld.pro) and follow Twitter (https://twitter.com/xworld_pro) to learn more about this exciting platform and embark on your Web3 journey today! Join our community for more: Website | Twitter | Instagram | Facebook |Litepaper Enjoy Your Passionate Game Time, Every Second Becomes Your Income.
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50+ Web3 and Blockchain Keywords Explained
August 1, 2023

How Can I Find Opportunities to Join the Web 3.0 Game From XWorld?

Web3 games, also known as decentralized games, are a significant innovation in the gaming industry enabled by the Web3.0 infrastructure. These games leverage blockchain technology and decentralized protocols to offer unique features and experiences to players. Unlike traditional Web2.0 games, which are typically controlled by central authorities, Web3 games provide a decentralized and trustless environment where players have more ownership and control over their in-game assets. The advent of Web3.0 has brought forth a new era of possibilities for gaming users, offering unique opportunities and challenges. This article aims to delve into the evolving landscape of Web3.0 gaming, analyzing the potential benefits and hurdles that gamers encounter in this decentralized ecosystem. What are the opportunities in Web3.0 for gaming users and game developers in XWorld？ In the world of Web3 games, exciting opportunities await both game users and developers. Game Player have the chance to experience true ownership of in-game assets, meaning they can buy, sell, and trade virtual items with actual value. They can also participate in use-to-earn models, where their skills and achievements in the game can be monetized, allowing them to earn real income while playing. Additionally, Player can enjoy cross-platform experiences and seamless asset interoperability, enabling them to transfer their progress and assets across different games and platforms. Game developers can take advantage of decentralized development and distribution models, eliminating the need for intermediaries and enabling greater creative freedom. They can tokenize in-game assets, creating unique and valuable digital items, and benefit from revenue generated through initial sales and ongoing transactions within the game ecosystem. Collaboration and engagement with the gaming community are also enhanced, fostering innovation and building a dedicated user base. Overall, the Web3 gaming landscape offers tremendous opportunities for both game users and developers, revolutionizing the way games are played, owned, and monetized. Challenges and obstacles gaming users stepping into web3? Web3.0 signifies a shift towards decentralization, but transitioning billions of users from Web2.0 to Web3.0 poses challenges. The higher entry barrier in user experience hampers adoption, with complex aspects like mnemonic phrases, wallets, and gas fees complicating the transition. The intricate nature of Web3.0 experiences presents a learning curve, deterring widespread engagement. Users find mnemonic phrases overwhelming and struggle with managing gas fees and understanding blockchain transactions. These challenges hinder adoption and user engagement in Web3.0 gaming, impeding its growth. Web3.0 projects incorporate unique token incentives, requiring thorough testing and iterative verification. This ensures protocols avoid Ponzi schemes or death spirals. Token economies need rigorous evaluation to sustain their viability and prevent exploitation. The fragility of these economies necessitates ongoing scrutiny and safeguards against malicious actors. In summary, transitioning to Web3.0 poses challenges due to the higher entry barrier and complex experiences for users. Overcoming these challenges is crucial to driving adoption and engagement in Web3.0 gaming. Additionally, careful testing and verification of token incentives are necessary to maintain the integrity and sustainability of Web3.0 projects. How will XWORLD address and minimize obstacles？ XWORLD aims to address and minimize obstacles in the Web3.0 gaming space by revolutionizing user interaction with digital content. Instead of being passive consumers, users become active participants in the ecosystem. XWORLD values users’ attention and time, converting them into income through a fair reward system. This empowers users with greater control over their internet experience and the ability to shape the content they engage with. By incentivizing user engagement and providing fair rewards, XWORLD encourages users to actively contribute to the platform. In the XWORLD ecosystem, developers play a vital role in providing captivating digital content that engages users. They earn through the “Proof of Contribution” protocol, which measures user satisfaction with their content. This incentivizes developers to create high-quality content that attracts more users. Additionally, the protocol provides developers with precise targeting capabilities, categorizing users based on their content consumption. This enables developers to customize their content, optimize strategies, and innovate based on user feedback. By empowering developers and facilitating targeted content creation, XWORLD enhances the overall user experience and fosters a thriving community. In conclusion, “Proof of Contribution” mechanism creates an environment where users are rewarded for their attention and engagement with digital content. This incentivizes active user participation and offers fair rewards for users’ time and attention. By leveraging this innovative approach, XWORLD provides opportunities for both gaming users and game developers in the Web3.0 era, fostering a dynamic ecosystem where users can actively engage, contribute, and earn income. To summarize, by analyzing and understanding the emerging opportunities and challenges for gaming users in the Web3 era, we can pave the way for a more inclusive, immersive, and rewarding gaming landscape. XWORLD is poised to tackle these challenges and leverage emerging opportunities. With platforms like XWORLD leading the charge, the transition from Web2.0 to Web3.0 gaming can become a seamless and empowering experience for billions of users worldwide. X-WORLD Enjoying Passionate Game Time, Every Sec Becomes Your Income. Website | Twitter | Instagram | Facebook |Litepaper
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How Can I Find Opportunities to Join the Web 3.0 Game From XWorld?
August 1, 2023

Pepecoin and the Rise of the Meme-Backed Currency

Memes, Dreams, and Get-Rich-Quick Schemes Introduction It’s hard to have missed epic saga of Pepecoin over the past two months, and along with it, a resurgence of memecoin hype. Indeed, on May 5, Pepecoin broke through the stunning $1B market cap to become a Top 50 cryptocurrency [1]. In many respects, Pepecoin’s rise calls to mind the famously stunning rise of Dogecoin and Shiba Inu, two of the most famous memecoins in history. In fact, Pepecoin itself even pays homage to the long tradition of memecoins it descends from, writing that it will “make memecoins great again” [2]. So what makes a memecoin “great”? And why do they exist (and even thrive) in the crypto ecosystem, in spite of their evident lack of utility? Know Your Memecoins Memecoins have always been a crypto novelty and oddity. Their most characteristic trait is in fact their own self-professed lack of any utility, something they wear around with a semi-sarcastic sense of pride. Even though almost anyone can create a memecoin today just with a few clicks of a button, not all memecoins are created equal. After all, a lot more people hold Dogecoin than say, “HarryPotterObamaSonicInu” (this is an actual real coin on CoinMarketCap) [3]. Indeed, the most successful memecoins never come from humble backgrounds: they are warriors. These are memes that have fought in ferocious battles on the turbulent seas of Internet meme culture, where any cultural sensation or anything that grabs people’s attention, ranging from Elon Musk references (Tweelon), sex jokes (CumRocket), literal poop (PooCoin), GPT-references (PepeGPT) can all be turned into memecoins [4]. In these epic battles, only those memes that have proven their demonstrated approachability, relatability, persistence can survive. For those that do, they are rewarded with boundless glory, with glamour from the crowds, homage from the powerful, and a memecoin that will wear through even the toughest of crypto storms. And amidst all of this, perhaps Pepe does actually stand a chance of surviving, prevailing, and thriving. Pepe the Meme Royalty The Original Pepe meme of “Feels Good Man.” Source: https://en.wikipedia.org/wiki/Pepe_the_Frog Pepecoin was born with a silver spoon in its mouth, as the meme of Pepe belongs (along with Doge) to a class of Internet meme royalty. Born in 2008 out of the hand of cartoonist Matt Furie, the green frog with a bulging green eyes was depicted literally urinating (pee-pee-ing) while commenting “feels good man” [5]. And since then, Pepe has taken off in all shapes and forms, including a sad version, a smirk version, and so many more [6]. Since its inception, the Pepe meme and the corresponding image of an ugly frog has had a distinctly counterculture and subversive connotation, in particular when contrasted with the much more sanguine Doge meme. While most usage of Pepe is very benign, this ugly frog also has a distinctly “ugly side.” On 4chan and other more fringe social media platforms, the frog meme is often twisted and modified to take darker turns and sometimes embody extremist political symbols. And gradually, variants of the Pepe family of memes became staples on alt-right groups and other darker, more subversive corners of the Internet [7]. Thus, the Pepe meme exists in a massive duality: on the one hand, it exists in the mainstream as a benign counterculture image of an ugly frog with a happy or sad or smirky expression on its face. On the other, this counterculture symbol has been coopted for extremist political movements that actively cause societal instability. This duality is what has made Pepecoin so controversial, and why it landed Coinbase in hot water after Coinbase accused the Pepe meme of being “co-opted as an alt-right hate symbol,” before later being forced to apologize and acknowledge that most mainstream uses of Pepe are non-bigoted [8]. But in the context of memecoins, they thrive on controversy and continued media attention. After all, it is precisely Pepe’s status as a longstanding meme royalty and one of the undisputed hallmarks of Internet meme culture that underwrites the value proposition for Pepecoin, and explains its eye-watering ascent to a $1 billion market cap, with a $1.87 billion trading volume at its peak. Pepecoin Price, CoinMarketCap. Data as of May 24: https://coinmarketcap.com/currencies/pepe/ In this respect of leveraging its power as an undisputed Internet meme royalty to underwrite its value as a cryptocurrency, Pepecoin greatly resembles Dogecoin. And one could argue that there is a kernel of truth in the Pepecoin slogan of “make memecoins great again” and its self-proclamation of being fueled solely by “pure memetic power.” After all, as Pepe is such an important meme royalty, it is certainly conceivable that Pepecoin could stick around for quite some time, just like Dogecoin [9]. Pumps, Dumps, and the Power of FOMO Memecoins such as Dogecoin and Pepecoin, along with their self-processed lack of any utility, are of course ripe targets for pump and dump schemes and regulations. And in many cases, “shilling shitcoins” is a favorite pastime for the rich. One need to look no further to see how Elon Musk has been instrumental in shaping the fortunes of Dogecoin to see the influence of how key opinion leaders can send prices soaring to the moon [10]. After simply Tweeting “Doge” and writing that “Dogecoin is the people’s crypto”, Dogecoin prices soared 40%, and in the massive bull run of 2021, Dogecoin did a phenomenal 147.6x price increase in just over five months. Elon Musk calling Dogecoin “the people’s crypto”. Source. Arguably, this ability to be pump and dumped at will by key opinion leaders is in-baked into the economic logic of memecoins. As mentioned before, memecoins monetize and gain according to how much attention and cultural capital the underlying meme (or cultural phenomenon) is able to accrue and sustain over a long period of time. Key opinion leaders such as Musk have by definition the power to single-handedly create and sustain cultural phenomenon, and thereby allow these cultural derivatives (i.e. memecoins) to gain immensely in value, and in turn, kickstart a cycle of fear-of-missing-out (FOMO) for retail investors, who want to hop aboard the get-rich-quick crypto ride. This same logic that applies to Pepecoin’s rapid ascent over the past month or so. Although there isn’t a clear single celebrity pushing Pepecoin on Twitter (as in the case of Musk and Dogecoin), from on-chain data it seems as if there have been some outsized winners with the Pepecoin hype. For example, a wallet labelled blackrock3.eth bought $244 worth of Pepecoin on April 21, and sold all of them on May 5 at its peak for $2.63 million [11]. And of course, with a pump inevitably comes a dump. Today (May 25th), exactly 20 days from its peak, Pepecoin is down 70% from its all-time-high [12]. As the attention of the memecoin inevitably dissipates and the frenzy of FOMO subsides, the price (a function of this attention) naturally also decreases. But that’s simply the virtue or characteristic of memecoins. For a memecoin, Pepecoin’s -70% can already be considered tame and “benign.” At least Pepecoin hasn’t mimicked the fate of the “Squid Game token,” a memecoin which rode on the wave of the Netflix TV show “Squid Game’s” massive success in 2021. The “Squid Game token” jumped from 1 cent to $2856 in a week, before plummeting to zero after its creators essentially ran away with the money earned and did a classic “rug pull” [13] But this volatility coming from memecoins, who self-profess that their only value comes from their memetic power, one really shouldn’t be surprised — after all, they literally say “useless” on the label. From the Pepecoin Website Memechains and the Question of Utility But what does the future of memecoins look like? Will they ever only really be objects of pure speculative bubbles? The answer actually is a bit more complicated than a simple yes or no. Memecoins by design are backed up by the potency of their underlying meme. The problem is that you can never really quantitatively measure the economic value of a meme. These, after all, are simply free JPEGs widely accessible and distributed on the Internet, and as such, obviously generate no monetary value. After all, why pay for a meme I can see, copy, and create for free? But just because a meme does not have a price tag on it does not mean that it lacks intrinsic value. If Pepe the meme did not have any value, why would people continue to use it to this day, as a symbol for resistance, counterculture, and digital identity? This is the paradox at the center of all art, but particularly digital mementos that can be freely copy-pasted: no one doubts that they are valuable, yet there is no way to measure that value. Memecoins, to some extent, may in fact be one way out of this problem. If a meme is a some “unquantifiable value,” a memecoin is in essence a “quantifiable un-value.” The two therefore fit together hand-in-glove, and attaches some quantifiable representation to the value of the meme behind the coin. Therefore, even if much of the memecoin mania is fuelled by speculation, I don’t expect the memecoins of mainstream memes such as Pepe and Doge to ever go to zero, so long as the memes themselves still exist. Nevertheless, there has been a frenzy in memecoin communities to add on so-called “utility” to these originally supposedly “useless” coins. This notably includes the Dogecoin community’s Dogechain, a smart-contract executing PoS built using Polygon Edge where gas fees can be paid in Dogecoin [14], as well as the Shiba Inu community’s Shibarium, a L2 scaling solution that recently just announced its public beta [15]. Most of these “added utility functions” are centered around the classic playbook of getting a chain in order to nominally “have utility.” But the crypto industry is already strewn with the corpses of failed chains, and today there are already too many L1 and L2 chains that are able to match and surpass the proposed functionality of something like Dogechain and Shibarium. The central problem of building a chain to inject so-called “utility” into these tokens is this: why should I use Shibarium and Dogechain to execute smart contracts, over say Arbitrum, Optimism, or Polygon? Any satisfactory answer to these questions must go back to where memecoins started from in the first place — the original meme underwriting the whole memecoin, such as Doge in the case of Dogecoin, or Pepe in the case of Pepecoin. In fact, if any of these memecoin powered memechains do succeed, they likely will be some sort of a meme-focused chain, where the design of the chain leverages and magnifies the iconographic power of the meme, which in turn adds value to the memechain. Viewed through this lens, one could argue that a memechain’s long-run potential is in becoming a special sort of appchain, one that specializes in operating the underlying meme. In the long-run, the successful operation of a memechain would likely be more similar to the operation of a successful NFT community, such as BAYC, Azuki, Nouns or Doodles, rather than the operation of an actual L1 or L2 chain like Ethereum, Arbitrum or Polygon. The focus needs to be on the underlying asset backing the memecoin in the first place — the meme — rather than the functionality of the chain itself. This convergence and triangulation between memes, coins, and tech is arguably the most innovative and inspiring aspect of memecoins. If Pepecoin, Dogechain, and Shibarium are able to innovate out a novel governance structure that perpetuates the longevity of the underlying meme, they will undoubtedly leave a significant mark on the cultural legacy of web3. And then, perhaps, we will truly be able to “make memes great again.” Pepecoin making memes great again. Source. References [1] https://markets.businessinsider.com/news/currencies/what-is-pepecoin-pepe-memecoins-dogecoin-shiba-inu-crypto-news-2023-5 [2] See Pepecoin’s Website: https://www.pepe.vip/ [3] https://coinmarketcap.com/alexandria/article/9-funniest-memecoin-names [4] What are Memecoins: https://www.pcmag.com/how-to/what-is-a-meme-coin-how-do-they-work [5] https://knowyourmeme.com/memes/pepe-the-frog [6] Derivative memes of Pepe the Frog: https://knowyourmeme.com/memes/pepe-the-frog/children [7] https://www.thedailybeast.com/how-pepe-the-frog-became-a-nazi-trump-supporter-and-alt-right-symbol [8] https://www.forbes.com/sites/antoniopequenoiv/2023/05/11/coinbase-apologizes-for-tying-meme-token-pepecoin-to-racist-symbols/?sh=37957e942419 [9] https://www.forbes.com/advisor/investing/cryptocurrency/what-is-dogecoin/ [10] Elon Musk and Dogecoin: https://coincodex.com/article/21927/elon-musk-dogecoin/ [11] See https://coinmarketcap.com/headlines/news/blackrock-labeled-wallet-nets-2-4m-from-pepe/. Note that while some have speculated this wallet may belong to BlackRock fund, there is no concrete evidence suggesting this to be the case. [12] Data from CoinMarketCap, as of May 25: https://coinmarketcap.com/currencies/pepe/ [13] About the Squid Game Token Collapse: https://www.bbc.com/news/business-59129466 [14] About Dogechain: https://coinmarketcap.com/alexandria/article/what-is-dogechain-the-smart-contract-platform-for-doge [15] About Shibarium: https://blog.shibaswap.com/introduction-to-shibarium/ [16] See the importance of community building in NFT circles such as NounsDAO: https://review.stanfordblockchain.xyz/p/nouns-dao-and-the-philosophy-of-governance Note: An earlier version of this article incorrectly suggested that BlackRock was an institutional holder of Pepecoin based on on-chain data. The Stanford Blockchain Review regrets this error. Edited by XWORLD: Pioneering Web3 Games & Apps Store. Visit the official XWORLD website at www.xworld.pro and follow XWORLD on Twitter at https://twitter.com/xworld_pro to learn more. Testnet has been launched in Southeast Asia. Download: https://play.google.com/store/apps/details?id=pro.xworld.app Join the XWORLD Community for more Website | Twitter | Instagram | Facebook |Litepaper Enjoy Your Passionate Game Time, Every Second Becomes Your Income.
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Pepecoin and the Rise of the Meme-Backed Currency
August 1, 2023

50+ Web3 and Blockchain Keywords Explained

Web3.0: Web3.0, also known as Web3, refers to the next generation of the internet that incorporates decentralized technologies such as blockchain, cryptocurrencies, and peer-to-peer networks. Web3.0 aims to empower users with more control over their data, privacy, and online interactions. It envisions a more open, transparent, and user-centric internet. Decentralization: Decentralization refers to the distribution of control and decision-making across a network, rather than being held by a central authority. In the context of Web3 and blockchain, decentralization is a key principle that aims to eliminate the need for intermediaries and allows participants to have more control over their data and transactions. Smart Contract: A smart contract is a self-executing contract with the terms of the agreement directly written into code. Smart contracts are deployed on blockchain platforms and automatically execute predefined actions when certain conditions are met. They enable trustless and transparent interactions between parties. Decentralized Finance (DeFi): Decentralized Finance (DeFi) refers to the use of blockchain technology and smart contracts to recreate traditional financial systems in a decentralized manner. DeFi aims to provide financial services such as lending, borrowing, and trading without the need for intermediaries like banks. It enables greater accessibility and transparency in financial transactions. Non-Fungible Token (NFT): A Non-Fungible Token (NFT) is a unique digital asset that represents ownership or proof of authenticity of a specific item or piece of content. NFTs have gained popularity in the art and collectibles space. Each NFT has a unique identifier and cannot be exchanged on a one-to-one basis like cryptocurrencies. Interoperability: Interoperability refers to the ability of different blockchain networks or systems to communicate and interact with each other seamlessly. It is important for enabling data and asset transfer between different blockchains and ensuring compatibility between various chains. Consensus Mechanism: A consensus mechanism is a protocol or algorithm used to achieve agreement among participants in a distributed network. Consensus mechanisms ensure that all nodes in a blockchain network agree on the validity of transactions and the order in which they are added to the blockchain. Examples include Proof of Work (PoW) and Proof of Stake (PoS). Proof of Work (PoW): Consensus mechanism where miners solve complex puzzles to validate transactions, ensuring security and immutability by making tampering computationally expensive. Proof of Stake (PoS): Consensus mechanism where validators create blocks based on staked cryptocurrency, promoting energy efficiency, scalability, and faster block validation without intensive computational puzzles. Distributed Ledger Technology (DLT): Distributed Ledger Technology (DLT) is a broader term that encompasses blockchain technology. It refers to a decentralized and distributed database that records and stores transactions across multiple nodes or computers. Blockchain is a specific type of DLT. Cryptocurrency: Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks, typically based on blockchain technology. Examples of cryptocurrencies include Bitcoin (BTC) and Ethereum (ETH). Gas: Gas refers to the unit of measurement for the computational effort required to execute transactions or smart contracts on the Ethereum blockchain. Gas is paid in Ether (ETH) and helps prevent spam and abuse by requiring users to pay for the computational resources they consume. Oracles: Oracles are services or mechanisms that provide external data to smart contracts on the blockchain. They act as bridges between the blockchain and the real world, enabling smart contracts to interact with off-chain data sources, such as APIs, to make informed decisions and trigger actions based on real-time information. Cross-Chain: Cross-chain refers to the ability to transfer assets or data between different blockchain networks. It involves interoperability and allows users to move assets seamlessly across different blockchains, facilitating increased liquidity and expanding the possibilities for decentralized applications. Decentralized Autonomous Organization (DAO): A Decentralized Autonomous Organization (DAO) is an organization that operates through smart contracts on a blockchain. It is governed by a set of predefined rules and decisions are made through voting by token holders. DAOs aim to eliminate the need for traditional hierarchical structures and allow for decentralized decision-making. Layer 2 Scaling: Layer 2 scaling solutions are techniques or protocols built on top of existing blockchains to improve scalability and increase transaction throughput. They aim to handle a larger number of transactions off-chain or in a more efficient manner, reducing congestion and lowering transaction costs. Examples of layer 2 scaling solutions include state channels and sidechains. Decentralized Autonomous Organization (DAO): A Decentralized Autonomous Organization (DAO) is an organization that operates through smart contracts on a blockchain. It is governed by a set of predefined rules and decisions are made through voting by token holders. DAOs aim to eliminate the need for traditional hierarchical structures and allow for decentralized decision-making. Layer 2 Scaling: Layer 2 scaling solutions are techniques or protocols built on top of existing blockchains to improve scalability and increase transaction throughput. They aim to handle a larger number of transactions off-chain or in a more efficient manner, reducing congestion and lowering transaction costs. Examples of layer 2 scaling solutions include state channels and sidechains. Permissionless: Permissionless refers to the openness and accessibility of a blockchain network or protocol. In a permissionless network, anyone can participate, validate transactions, and contribute to the network without requiring explicit permission. This characteristic is a fundamental aspect of many blockchain networks, enabling anyone to join and interact with the network without needing approval from a central authority. Hard Fork: A hard fork is a type of upgrade or change to a blockchain protocol that is not backward compatible with older versions. It requires all participants in the network to upgrade to the new version in order to continue participating. Hard forks can result in a split in the blockchain, creating two separate chains with different rules and potentially leading to the creation of a new cryptocurrency. Halving: Halving is an event that occurs in some cryptocurrencies, such as Bitcoin, where the block reward for miners is reduced by half after a certain number of blocks are mined. This event is programmed into the cryptocurrency’s protocol and is designed to control the issuance of new coins and create scarcity over time. Hashing Algorithm: Hashing is a process used in computing to generate a unique and fixed-size string of characters (hash) from input data of any size. In the context of blockchain, hashing is used to create a digital fingerprint of data, such as transactions or blocks, ensuring their integrity and allowing for easy verification. Hashes are used to confirm the completeness and validity of blockchain transactions. Censorship Resistance: Censorship resistance refers to the ability of a system or platform to resist censorship or control by centralized authorities. In Web3, blockchain-based platforms provide censorship resistance by decentralizing control and allowing users to have ownership and control over their data and transactions. This enables freedom of expression and protects against arbitrary censorship or manipulation. Decentralized Exchange (DEX): A decentralized exchange is a type of cryptocurrency exchange that operates on a blockchain network without the need for intermediaries or a central authority. DEXs allow users to trade cryptocurrencies directly with each other, using smart contracts for order matching and execution. They provide increased privacy, security, and control over assets compared to centralized exchanges. Immutable Ledger: An immutable ledger refers to a blockchain’s characteristic of being tamper-resistant and unchangeable once data is added to it. Once a transaction or data is recorded on the blockchain, it becomes part of a permanent and transparent history that cannot be altered or deleted. This property ensures the integrity and trustworthiness of the data stored on the blockchain. Decentralized Exchange (DEX): A decentralized exchange is a type of cryptocurrency exchange that operates on a blockchain network without the need for intermediaries or a central authority. DEXs allow users to trade cryptocurrencies directly with each other, using smart contracts for order matching and execution. They provide increased privacy, security, and control over assets compared to centralized exchanges. Token Standards: Token standards are specific protocols or sets of rules that define the functionality and behavior of tokens on a blockchain. Examples of token standards include ERC-20 for fungible tokens, ERC-721 for non-fungible tokens (NFTs), and ERC-1155 for multi-token standards. Token standards ensure interoperability and compatibility between different tokens and enable developers to build applications that interact with tokens in a standardized way. Decentralized File Storage: Decentralized file storage refers to the storage of data on a distributed network of nodes, rather than relying on a centralized server or provider. Blockchain-based decentralized file storage systems, such as IPFS (InterPlanetary File System) or Filecoin, allow users to store and retrieve data in a secure, distributed, and censorship-resistant manner. Tokenomics: Tokenomics refers to the economic design and structure of a cryptocurrency or token ecosystem. It encompasses factors such as token supply, distribution, utility, governance mechanisms, and incentives. Tokenomics aims to create a sustainable and balanced ecosystem that aligns the interests of token holders, users, and other stakeholders in the network. Zero-knowledge proofs (ZKPs): ZKPs are cryptographic protocols that allow one party (the prover) to prove the knowledge of a certain piece of information to another party (the verifier) without revealing the actual information itself. The goal of zero-knowledge proofs is to convince the verifier of the truthfulness of a statement without disclosing any additional information beyond the validity of the statement. Ethereum: Ethereum is an open-source, blockchain-based platform that enables developers to build and deploy decentralized applications (dApps). It was proposed by Vitalik Buterin in late 2013 and development was crowdfunded in 2014. Ethereum’s blockchain is fundamentally different from Bitcoin’s blockchain. While Bitcoin’s blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running programming code of any decentralized application Bitcoin: Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency, is a type of money that is completely virtual. It’s like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether. Bitcoin was the first cryptocurrency and remains the most important in the market. It was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. ICO: ICO stands for Initial Coin Offering and it’s often used as a fundraiser for new projects. This is where a company looking to raise money to create a new coin, app, or service launches an ICO as a way to raise funds. People who buy into the ICO receive a certain number of tokens in return. ICOs are often compared to IPOs (Initial Public Offerings), but there are some significant differences Public Key: In the world of cryptocurrencies, a public key represents a point on a particular Elliptic Curve (EC) defined in secp256k1. Public keys contain an identification byte, a 32-byte X coordinate, and a 32-byte Y coordinate. They are used in Bitcoin and other cryptocurrencies for generating addresses where funds can be seen Private Key: In cryptocurrencies, a private key allows a user to gain full access to their wallet. The person who holds the private key fully controls the coins in that wallet. For this reason, it should be kept secret. Formally, a private key for Bitcoin (and many other cryptocurrencies) is a series of 32 bytes Stablecoin: Stablecoins are a type of cryptocurrency designed to minimize volatility, a common issue with cryptocurrencies like Bitcoin. They achieve this stability by pegging their market value to an external reference, usually a fiat currency like the US dollar, or a commodity like gold. Some stablecoins maintain reserve assets as collateral, while others use algorithmic formulas to control supply. The primary purpose of stablecoins is to provide a more suitable option for common transactions. Altcoin: The term altcoin refers to all cryptocurrencies other than Bitcoin and, for some, Ethereum. These alternative cryptocurrencies come in various types, each designed for different purposes. While the future value of altcoins is unpredictable, as long as the blockchain they were designed for continues to be used and developed, the altcoins will continue to exist. It’s important to note that while many altcoins offer potential investment opportunities, some are scams or have lost developer and community interest Mainnet: It refers to the main blockchain network of a cryptocurrency, where real transactions and operations take place. It is the live and production-ready network where actual value is exchanged. Mainnet is typically used for real-world applications, and transactions on the mainnet involve real cryptocurrencies. Testnet: on the other hand, is a separate network specifically designed for testing and development purposes. It mimics the functionalities of the mainnet but uses test tokens or simulated cryptocurrencies that have no real-world value. Testnets allow developers and users to experiment, validate, and debug their applications without risking real funds. It provides a safe environment for testing new features, smart contracts, and conducting simulations before deploying on the mainnet. Testnets are crucial for ensuring the reliability and security of applications before they are deployed to the production-ready mainnet. Remix IDE: is an online development environment for writing, testing, and deploying smart contracts on the Ethereum blockchain. It provides a user-friendly interface with a built-in code editor, compiler, debugger, and deployment tools. Remix IDE allows developers to write Solidity smart contracts, interact with contracts using a web3 provider, and test their code using various tools and plugins. It is a popular choice for Ethereum developers due to its simplicity and comprehensive features. Infura/Alchemy: It is a popular service that provides infrastructure and API endpoints for connecting to the Ethereum blockchain. It acts as a web3 provider, allowing developers to interact with the Ethereum network without running a full Ethereum node. Infura simplifies the development process by providing reliable and scalable access to the Ethereum blockchain, eliminating the need for developers to set up and maintain their own infrastructure. It offers various API endpoints, including JSON-RPC and WebSocket, which developers can use to send transactions, retrieve data, and interact with smart contracts. Infura is widely used by developers to integrate Ethereum functionality into their applications and services. Mining: Mining is the process of validating and adding new transactions to a blockchain. It involves solving complex mathematical puzzles to find a new block, which contains a set of transactions. Miners compete with each other to solve these puzzles by using computational power, and the first miner to find the solution gets rewarded with newly minted cryptocurrency tokens. Mining ensures the security, integrity, and decentralization of a blockchain network by preventing double-spending and maintaining consensus among participants. Tokenization: Tokenization is the process of representing real-world assets or rights as digital tokens on a blockchain. It allows for fractional ownership, increased liquidity, and easier transfer of assets. Tokenization has applications in areas such as real estate, art, and finance. Immutable: Immutable means that something is unchangeable or cannot be altered or tampered with. In the context of blockchain, immutability refers to the property of data stored on the blockchain that cannot be modified once it is added to the chain. This ensures the integrity and trustworthiness of the data. Merkle Tree: A hierarchical data structure that enables efficient verification and integrity checks of large datasets. It uses cryptographic hashing to create a tree structure where each node represents the hash of its child nodes, providing an efficient way to verify the integrity of specific data without needing to examine the entire dataset. Byzantine Fault Tolerance: The ability of a distributed system to reach a consensus even in the presence of malicious or faulty nodes. It ensures system resilience by employing redundancy, replication, and consensus algorithms to tolerate failures and prevent malicious actors from compromising the integrity and reliability of the system. ICO (Initial Coin Offering): A fundraising method used by cryptocurrency projects to raise capital. It involves issuing and selling tokens to investors in exchange for cryptocurrencies or fiat currencies, providing early access to the project’s tokens and potential returns on investment. Whitepaper: A detailed document that outlines the concept, technology, goals, and implementation plan of a cryptocurrency project. It provides an in-depth analysis of the project’s vision, technical specifications, tokenomics, and potential impact, serving as a comprehensive guide for investors and stakeholders. Yellowpaper: Similar to a whitepaper, a yellowpaper is a technical document that provides a deeper technical understanding of a cryptocurrency project. It typically delves into the underlying protocols, algorithms, and technical intricacies of the project, providing detailed explanations and specifications for developers and researchers. Fork: A divergence in the blockchain where a single chain splits into two separate chains, resulting in two different versions of the blockchain. Soft Fork: A backward-compatible upgrade to the blockchain protocol where the new rules are more restrictive than the old rules, allowing the new blocks to be accepted by both old and new nodes. Hard Fork: A non-backward-compatible upgrade to the blockchain protocol where the new rules are more permissive than the old rules, resulting in a permanent divergence in the blockchain and two separate chains that are incompatible with each other. XWORLD, a pioneering Web3 App Store, provides a safe and trustworthy platform for users to explore a wide range of dApps and discover the treasure trove of Web3. Visit the XWORLD website (www.xworld.pro) and follow Twitter (https://twitter.com/xworld_pro) to learn more about this exciting platform and embark on your Web3 journey today! Join our community for more: Website | Twitter | Instagram | Facebook |Litepaper Enjoy Your Passionate Game Time, Every Second Becomes Your Income.
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50+ Web3 and Blockchain Keywords Explained
August 1, 2023

How Can I Find Opportunities to Join the Web 3.0 Game From XWorld?

Web3 games, also known as decentralized games, are a significant innovation in the gaming industry enabled by the Web3.0 infrastructure. These games leverage blockchain technology and decentralized protocols to offer unique features and experiences to players. Unlike traditional Web2.0 games, which are typically controlled by central authorities, Web3 games provide a decentralized and trustless environment where players have more ownership and control over their in-game assets. The advent of Web3.0 has brought forth a new era of possibilities for gaming users, offering unique opportunities and challenges. This article aims to delve into the evolving landscape of Web3.0 gaming, analyzing the potential benefits and hurdles that gamers encounter in this decentralized ecosystem. What are the opportunities in Web3.0 for gaming users and game developers in XWorld？ In the world of Web3 games, exciting opportunities await both game users and developers. Game Player have the chance to experience true ownership of in-game assets, meaning they can buy, sell, and trade virtual items with actual value. They can also participate in use-to-earn models, where their skills and achievements in the game can be monetized, allowing them to earn real income while playing. Additionally, Player can enjoy cross-platform experiences and seamless asset interoperability, enabling them to transfer their progress and assets across different games and platforms. Game developers can take advantage of decentralized development and distribution models, eliminating the need for intermediaries and enabling greater creative freedom. They can tokenize in-game assets, creating unique and valuable digital items, and benefit from revenue generated through initial sales and ongoing transactions within the game ecosystem. Collaboration and engagement with the gaming community are also enhanced, fostering innovation and building a dedicated user base. Overall, the Web3 gaming landscape offers tremendous opportunities for both game users and developers, revolutionizing the way games are played, owned, and monetized. Challenges and obstacles gaming users stepping into web3? Web3.0 signifies a shift towards decentralization, but transitioning billions of users from Web2.0 to Web3.0 poses challenges. The higher entry barrier in user experience hampers adoption, with complex aspects like mnemonic phrases, wallets, and gas fees complicating the transition. The intricate nature of Web3.0 experiences presents a learning curve, deterring widespread engagement. Users find mnemonic phrases overwhelming and struggle with managing gas fees and understanding blockchain transactions. These challenges hinder adoption and user engagement in Web3.0 gaming, impeding its growth. Web3.0 projects incorporate unique token incentives, requiring thorough testing and iterative verification. This ensures protocols avoid Ponzi schemes or death spirals. Token economies need rigorous evaluation to sustain their viability and prevent exploitation. The fragility of these economies necessitates ongoing scrutiny and safeguards against malicious actors. In summary, transitioning to Web3.0 poses challenges due to the higher entry barrier and complex experiences for users. Overcoming these challenges is crucial to driving adoption and engagement in Web3.0 gaming. Additionally, careful testing and verification of token incentives are necessary to maintain the integrity and sustainability of Web3.0 projects. How will XWORLD address and minimize obstacles？ XWORLD aims to address and minimize obstacles in the Web3.0 gaming space by revolutionizing user interaction with digital content. Instead of being passive consumers, users become active participants in the ecosystem. XWORLD values users’ attention and time, converting them into income through a fair reward system. This empowers users with greater control over their internet experience and the ability to shape the content they engage with. By incentivizing user engagement and providing fair rewards, XWORLD encourages users to actively contribute to the platform. In the XWORLD ecosystem, developers play a vital role in providing captivating digital content that engages users. They earn through the “Proof of Contribution” protocol, which measures user satisfaction with their content. This incentivizes developers to create high-quality content that attracts more users. Additionally, the protocol provides developers with precise targeting capabilities, categorizing users based on their content consumption. This enables developers to customize their content, optimize strategies, and innovate based on user feedback. By empowering developers and facilitating targeted content creation, XWORLD enhances the overall user experience and fosters a thriving community. In conclusion, “Proof of Contribution” mechanism creates an environment where users are rewarded for their attention and engagement with digital content. This incentivizes active user participation and offers fair rewards for users’ time and attention. By leveraging this innovative approach, XWORLD provides opportunities for both gaming users and game developers in the Web3.0 era, fostering a dynamic ecosystem where users can actively engage, contribute, and earn income. To summarize, by analyzing and understanding the emerging opportunities and challenges for gaming users in the Web3 era, we can pave the way for a more inclusive, immersive, and rewarding gaming landscape. XWORLD is poised to tackle these challenges and leverage emerging opportunities. With platforms like XWORLD leading the charge, the transition from Web2.0 to Web3.0 gaming can become a seamless and empowering experience for billions of users worldwide. X-WORLD Enjoying Passionate Game Time, Every Sec Becomes Your Income. Website | Twitter | Instagram | Facebook |Litepaper
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How Can I Find Opportunities to Join the Web 3.0 Game From XWorld?
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The League of Kingdoms’ Web3 Transformation
August 1, 2023

The League of Kingdoms’ Web3 Transformation

Unleashing the Power of Profit, Community, and Fun in Gaming through Blockchain Technology and revolutionizing the Gaming Landscape In the ever-evolving world of digital gaming, one name stands out as a trailblazer in the industry: League of Kingdoms. This innovative game, listed on the XWORLD platform, is a testament to how Web3 technology can transform the gaming landscape by seamlessly combining profit, community, and fun. The major titles of Web 3.0 games include Axie Infinity, where you can raise and collect different ‘Axies’, The Sandbox, which aims for open metaverse, and NBA Top Shot, which is a collection of sports player cards and games. However, most Web 3.0 games at their current state are mainly focused on pursuing “profit” rather than “fun”, and merely emphasize on the fact that game players can acquire in-game item ownership through blockchain and NFT. In addition, as in the case of Axie Infinity, the issue of sustainability continues to be raised. For a game to have sustainable gameplay and growth, it must not miss the ‘fun’ element as well as the ‘profit’ element. Only when player-focused ‘community’ element is integrated on top of these will it truly be a Web 3.0 game of the players, by the players, for the players. League of Kingdoms is a 4X strategy game that takes the concept of gaming to a whole new level. The 4X strategy game refers to a strategy game that focuses on “EXplore,” “EXpand,” “EXploit,” and “EXterminate”. GamePlay In general, factors such as base construction, technology research, managing troops and resources, scouting surroundings, and rivalry and monster battles are part of the gameplay. GamePlay of League of Kingdoms There are a lot of ways to play it, such as plundering other kingdoms or farming monsters for various resources. Because playing with friends is more fun than fighting others, you can also join an Alliance. It also has multiple events that will let you complete various activities each day for unique rewards. The game has four standard resources to collect: Wood, Stone, Corn, Gold, and Crystals. While they can be easily farmed, the latter mostly come from events, quests, and store purchases. Users who have played existing mobile games such as Clash of Clans and Rise of Kingdoms would find this kind of gameplay familiar. Game-Changer While the company took all the profits in Web 2.0 games, League of Kingdoms distributes a portion of the profits back to the players, just like what XWORLD is doing. Through $LOKA and $DST, the game is designed so that the community is enabled and rewarded for making their own game and governance operation through DAO is effectively possible. League of Kingdoms is the game that has secured both “profit” and “community” along with “fun”. When the game was released, instead of initially disclosing the tokens, it first focused on the excellence and fun of the game to build a sustainable gameplay environment for players to thrive. They have already secured a loyal player base through excellent game quality, and now the team wishes to return to them more rights and rewards for their contributions to the game. The gameplay is immersive, engaging, and designed to keep players on their toes. But what sets League of Kingdoms apart is its transformation into a Web3.0 game and Decentralized Autonomous Organization (DAO), combining profit with fun and sustainability. Game Economy (NFT) The transition to Web3.0 has allowed League of Kingdoms to incorporate blockchain technology into its core mechanics. This integration has led to the creation of a unique game economy, where in-game tokens play a crucial role. These tokens, which can be earned, traded, and used within the game, add a layer of complexity and excitement to the gameplay. They also provide a tangible reward for players’ time and energy, making the gaming experience more profitable and sustainable. The potential of this type of gameplay is immense. By integrating blockchain technology, League of Kingdoms has opened up new avenues for player engagement and monetization. Players are not just consumers; they are active participants in the game economy, contributing to its growth and evolution. This level of player involvement is unprecedented in the gaming industry and sets a new standard for future games. 1. LAND LAND represents ownership of certain coordinates of the continent within the game as an NFT. LAND holders can earn a certain portion of the revenue (10%) generated from the coordinate and increase the level of LAND by obtaining LAND development points. Its amount is limited to a total of 65,536 (256×256), and the higher the demand, the higher the value of the LAND will be. 2. Drago Dragos can be owned or traded as NFTs. Drago boosts combat capabilities by putting magical enhancements on combat forces, and if you have Drago, you can gain $DST and $LOKA. The initially issued Genesis Drago is limited in total quantity and has one of five attributes: fire, wood, ice, light, and darkness. 3. Resources Food, lumber, stone, and gold, which are important resources in the game, are produced every time the game play time passes, and accumulated resources can be issued as NFT and traded at OpenSea. Game Economy (Tokens) League of Kingdoms has two tokens: the governance token $LOKA and the utility token $DST. Representative P2E games that have separated protocol tokens into two in this way include “Axie Infinity” and “Star Atlas.” In general, the reason for such separation of governance and utility tokens is to separate the inflation of goods that comes from gameplay and the inflation of blockchain governance that comes from staking. 1. LOKA (League of Kingdoms Arena) LOKA is an in-game governance token that represents voting rights for the League of Kingdoms operations policy. You can get LOKA through gameplay, and receive in-game profits by staking. $LOKA holders can decide on how to utilize League of Kingdom’s Council Vault (hereinafter referred to as ‘Treasury’) through governance staking. Treasury is incurred in marketplace transaction fees, in-game payments (on-chain payments), LAND sales, NFT upgrades, and bridging. This Treasury can be used in a variety of ways, including token burning, buyback, user compensation for P2E, landowner compensation, etc. In addition to the usage of Treasury, governance can also vote on various factors in the game, such as land compensation rates. LOKA holders ultimately make decisions to enable long-term growth and sustainability for gameplay. 2. $DST (Dragon Soul Token) $DST is an in-game utility token that is used to breed and raise Dragos. $DST is mainly used to breed Dragos. Each Drago has its own attributes and ratings, so players need a suitable Drago for every situation. As the number of players increase and the demand for Dragos grows alongside with it, the demand for $DST is also expected to increase. In conclusion League of Kingdoms is more than just a game; it’s a game-changer. Its innovative use of Web3 technology, unique game economics, and commitment to player engagement and profitability make it a standout in the gaming industry. As more games follow in its footsteps, we can expect to see a new era of gaming that is more engaging, rewarding, and fun. XWORLD(xworld.pro), a platform dedicated to promoting high-quality games and apps, recognizes the value that League of Kingdoms brings to the table. XWORLD highly values the balance of profit and fun for all Internet digital citizens and rewards them for the time and energy they contribute. By listing League of Kingdoms, XWORLD is endorsing its innovative approach to gaming and its commitment to providing a rewarding and enjoyable gaming experience. If you’re a gamer or an internet user interested in the future of gaming, follow XWORLD on Twitter at https://twitter.com/xworld_pro to stay updated on the latest developments in Web3 games, NFTs, and tokenomics. Don’t miss out on the revolution; join the League of Kingdoms and experience the future of gaming today. Download: https://play.google.com/store/apps/details?id=pro.xworld.app Enjoy Your Passionate Game Time, Every Second Becomes Your Income.
Top 10 Animoca Brands Games
July 31, 2023

Top 10 Animoca Brands Games

Unleash Your Gaming Potential and Earn High-Value Crypto Assets with XWORLD Introduction Are you ready to embark on an extraordinary gaming journey? Look no further than Animoca Brands, a pioneering company at the forefront of blockchain-based gaming. In this article, we’ll introduce you to the top 10 games developed by Animoca Brands, each offering a unique and immersive experience. But that’s not all — we’ll also unveil XWORLD, a groundbreaking Web3 Games & Apps Store that rewards users with high-value crypto assets as they contribute their time and energy. Get ready to level up your gaming and explore the future of interactive entertainment! 1. The Sandbox The Sandbox is famous as one of the biggest and most popular virtual worlds in the metaverse. Users can buy land and then create their very own gaming experiences on it. The Sandbox even has a nocode Game Maker which means anyone can build. Creators can monetize their games when users play them. The Sandbox also has its own in-house developers who write, design and publish games for the platform. An example of this is Alpha Season 3, which is currently open for anyone to join and play. Alongside gameplay, The Sandbox also offers interactive experiences via brand and celebrity partnerships. Snoop Dogg and Steve Aoki have been in this digital realm for a while now. In 2022, Paris Hilton, Gordon Ramsay, and Tony Hawk joined the fun with their own custom-made areas. The Sandbox started as a mobile game and launched into Web3 via the Ethereum blockchain. It bridged to Polygon in 2021 so users can enjoy lower fees and faster transaction times. $SAND is the game’s utility token and is the basis for trading and governance. 2. REVV Motorsport REVV Motorsport is a racing-based virtual ecosystem made up of four interlinked titles: MotoGP™ Ignition Formula E: High Voltage REVV Racing Torque Motorsport These games make up the core of Animoca Brands’ motorsport offering, which also includes the Torque Squad NFT collection. This group of play-to-earn platforms gives users the chance to earn tokens by racing motorbikes and cars against opponents. Following the demise of the popular F1™ Delta Time, Animoca Brands has successfully pivoted to focus its attention on other racing games it owns. In May this year, they announced that players of the now-defunct game could swap their F1 NFTs for other ones. REVV is the primary token within REVV Motorsport and holders can use it for trading, in-game actions, and voting. As always with Animoca Brands, expect more games to come on board and even more utility for the token. 3. Phantom Galaxies Animoca Brands and Blowfish Studios, the creative team behind the game, announced the launch of Phantom Galaxies back in September 2021. Built on the Polygon blockchain, this sci-fi mecha RPG combines shoot ’em up action with politics, tech, NFTs and storylines. Phantom Galaxies has spent 2022 building its platform and creating a product to lead Web3 gaming into the future. As with all of the best blockchain games, Phantom Galaxies is part entertainment and part interactive virtual world with real estate. In May this year, they had a Planet sale where all land within the game was purchased in a matter of days. Gameplay involves Missions, Quests and Operations, where players can get involved in entire story arcs or engage in one-off scenarios. There are also Raids, where users team up and do battle against a single, powerful enemy. Aside from in-game land (or Planets), which make up an important part of the Phantom Galaxies economy, the game also has the ASTRAFER token. This token enables players to build, swap, trade, upgrade, and pay Rent. Over time, the Phantom Galaxies decentralized autonomous organization (DAO) will use ASTRAFER tokens to vote on proposals. 4. Benji Bananas Benji Bananas recently has been attracting more than 100,000 weekly users ever since. The tree-swinging, jungle-based title first launched as a mobile game a decade ago. In March 2022, Animoca Brands added a play-to-earn function for the Web3 community to enjoy. As with most of Animoca Brands’ other titles, Benji Bananas is hosted on the Polygon network. The concept behind Benji Bananas is simple: swing through trees, collect bananas and don’t hit the ground. The levels get progressively more difficult as you move through them, with new obstacles and enemies standing in your way. The further you go, the more bananas you get and the more challenges you complete. To add even more value to this game, Animoca Brands started a partnership with Yuga Labs that saw Benji Bananas players given the chance to earn ApeCoin. Not only is the game very addictive, it also gives users exposure to an exclusive corner of the Web3 world. 5. Crazy Defense Heroes Another title on the Polygon blockchain, Crazy Defense Heroes launched way back in January 2018. It’s both free-to-play and play-to-earn which makes it a great entry point for anyone unfamiliar with Web3 gaming. The concept behind Crazy Defense Heroes is a recognizable one: set up your units to prevent your enemies from breaching your territory. What Animoca Brands has done is taken the idea and added blockchain-enabled ownership and real-life rewards to it. The game is built around the TOWER token. Holders can use it to gain entry to events, purchase in-game NFTs and for governance. You can also swap it for fiat currency to spend in the real world. 6. Life Beyond Life Beyond is a free-to-play MMORPG developed by Animoca Brands subsidiary Life Beyond Studios. Set on the alien planet Dolos, players engage in colony-building and wildlife combat, choosing from four distinct character classes. The game showcases the future of web3 gaming, introducing play-and-earn elements. Built on the Polygon network, Life Beyond brings decentralized ownership of in-game assets, allowing players to trade or sell their virtual items on various marketplaces. With its alpha testing commencing on June 29th, 2022, the game is in its open alpha stage, undergoing continual improvements for an enhanced gaming experience. 7. Nine Chronicles Nine Chronicles is a fully-decentralized, idle RPG developed on the Planetarium blockchain, a network renowned for peer-to-peer gaming. Emphasizing complete player autonomy, it’s entirely open source and serverless, with the network powered by users distributed worldwide. Gameplay encourages world exploration, battling adversaries, item crafting and trading, as well as strategic planning to overcome challenges. It’s freely accessible on Steam or via direct download and embraces modifiability, inviting players to contribute to its design and features. The game integrates the use of NFTs, allowing players to own and manage their in-game assets. It attracted significant investment, with Nine Chronicles raising $2.6 million led by Animoca Brands. The investment came in 2021 ahead of the anticipated launch of Nine Chronicles’ governance token on the Ethereum platform. 8. Thetan Arena Developed by WolfFun, Thetan Arena is a multiplayer online game that taps into the advantages of blockchain technology. This play-to-earn game, available on PC, Android, and iOS devices, offers players the opportunity to earn rewards through interactive gameplay. Built on the BNB Chain, it’s the second hit game from WolfFun and has garnered significant investment from venture capitalists, including Animoca Brands, and received backing from the gaming guild YGG in 2022. Thetan Arena delivers an array of game modes, emphasizing player skills and collaboration. Modes include Death Match, Battle Royale, and more. 9. Axie Infinity Axie Infinity, a pioneering play-to-earn blockchain game, enables users to breed and combat their unique NFT characters. This game skyrocketed to popularity in 2021, with users worldwide playing to earn a substantial income. It’s published by Sky Mavis, supported by venture capital firm Animoca Brands. Its original concept was a battle arena where players could compete against each other or face off against increasingly challenging computer-generated stages. In 2022, the game evolved into Axie Infinity Origins and Axie Homeland. It continues to innovate and push boundaries within the blockchain gaming landscape. 10. Alien Worlds Alien Worlds is a game built on the WAX blockchain with interoperability on other chains such as Ethereum and BNB Smart Chain. Within the game’s simulated economy, players compete for scarce resources, including coveted NFTs and in-game tokens. The game involves a dynamic interplay of mining, land acquisition and rentals, and voting for planetary governance that influences the distribution of the in-game currency, Trilium. It made significant strides in 2021, raising over $2 million to further develop its NFT elements. This funding round included notable investment from Animoca Brands, underlining the game’s potential within the blockchain gaming landscape. XWORLD: The Future of Gaming and Beyond Now, let’s dive into the future of gaming with XWORLD. This groundbreaking Web3 Games & Apps Store revolutionizes the way we interact with digital experiences. By contributing your time and energy, you’ll be rewarded with high-value crypto assets. Imagine playing games, exploring apps, and being incentivized with valuable tokens — it’s a gamer’s dream come true. Testnet has been launched in Southeast Asia. Download: https://play.google.com/store/apps/details?id=pro.xworld.app Join the XWORLD Community Ready to explore the limitless possibilities of XWORLD? Visit the official website, follow XWORLD on Twitter (@xworld_pro) to stay updated on the latest news, releases, and opportunities. Don’t miss out on this exciting revolution in gaming and beyond! Join our community for more: Website | Twitter | Instagram | Facebook |Litepaper Enjoy Your Passionate Game Time, Every Second Becomes Your Income.
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