The Virtual Gaming startup is looking to begin their public presale starting March 23rd, where participants will be able to purchase CHI coin, the native currency of Chimaera. CHI will be used for transactions on the blockchain, but also between blockchain and game channels.
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Game channels is a gamified version of the Lightning Network, a new development in cryptocurrency allowing for feeless and instant microtransactions. Chimaera would use game channels to enable players the ability to connect to not only one another, but the games world directly on the Chimaera blockchain.
With no need for a server, game developers have no maintenance costs when it comes to server upkeep. Another benefit is that since all gaming takes place on the blockchain, no human moderation is needed with players being automatically protected from cheaters.
Since all gaming takes place on the blockchain, gamers also keep real and liquid ownership of their in-game currencies, assets, and characters. Players can trade these with other players, and sell them for real-world currency if they desire.
This allows players to farm desirable items or traits for currency, or new users can purchase coveted items or get a boost by purchasing a skilled character without having to go through the grind themselves.
Chimaera will host a 30% discount in the presale and a 15% discount in the first main stage, incentivizing interested participants in acting sooner rather than later.
PARADIGM SHIFT IN VIDEO GAMES
This mentality enables a play-to-earn framework for all gamers, which could trigger a paradigm shift in the way players play. For the first time, gamers could realize either virtual or real profits from their efforts, increasing the retention rate for developers.
This framework would also eliminate sunk costs that come with players losing interest in a game, or choosing to play another game instead.
NEW PROJECT, VETERAN TEAM
While the Chimaera project is quite new, the team behind is very much experienced in relevant fields. For example, the team initially worked on Huntercoin, one of the first gamified cryptocurrencies which launched in 2013.
Using the knowledge gained from Huntercoin is just the beginning. A member of the team, Dr. Kraft, not only invented the underlying game channels technology, but also contributed heavily to the Bitcoin Core codebase, and is also a lead developer of Namecoin.
Other members of the team have decades of experience developing both indie and triple-A titles, working with studios like EA and Square Enix. Responsible for blockbusters like Command and Conquer and Medal of Honor, as well as IP’s like Star Trek and Walking Dead.
Fund allocation will see an even split between game development as well as business development and operational costs, accounting for 60% of total funds raised. 23% will be used for marketing efforts, through both online campaigns as well as strategic appearances at important events. 8% is reserved to the team and founders, 5% to advisors and partners, and the last 4% set aside for any legal fees.
Rhode Island is exploring blockchain technology to improve state operations
- The idea can only be initiated after the state approves the request for proposal (RFP).
- A technical evaluation committee will review the RFP.
Rhode Island has issued a request for proposals (RFP) to explore the possibility of blockchain technology incorporation for government use. Liz Tanner, Director of the Department of Business Regulation, stated that she believes that blockchain can bring modernization in the government and would make bureaucracy in the state more efficient. Apparently, they are not looking for specific solutions, but are just intrigued by its possibilities. A memo following the RFP states:
“Suggested areas of application… include antifraud, contracts, medical marijuana, records, notarization, registration and licensing, investigative evidence control and more.”
Brenna McCabe, director of public affairs for the Department of Administration in Rhode Island, told Government Technology that it will allure more bidders who are required to submit two proofs of concept for blockchain application. The idea can only be initiated after the state approves the RFP. The memo also states:
“With proofs of concept, [Rhode Island] can gain a better understanding of the maturity of blockchain technologies and platforms, as well as potential sustainability in state government operations.”
A technical evaluation committee composed of staff from various state agencies will review the RFP. However, McCabe admitted that they face significant hurdles from laws, regulations and licensing structures that would require changes to allow for blockchain use.
Government and financial regulators in Brazil exploring use of Blockchain
- Brazilian authorities are keen to adapt to new emerging technologies, such as blockchain.
- The Central Bank of Brazil, the Securities and Exchange Commission (CVM), the Superintendence of Private Insurance (SUSEP), and the Ministry of Economy’s Special Secretariat for Finance are working together
The government and financial authorities in Brazil are working on a project for the development of a regulatory sandbox type model. They are keen to target new technologies such as blockchain.
In terms of the authorities; the Central Bank of Brazil, the Securities and Exchange Commission (CVM), the Superintendence of Private Insurance (SUSEP), and the Ministry of Economy’s Special Secretariat for Finance are working together to ensure they adapt to tech such as blockchain, exploring how it is affecting the financial industries within the country.
The CVM detailed that the project implies that emerging technologies in the likes of; blockchain, robotics and AI have facilitated the establishment of new business models. They of which have been able to come up with new products and services of higher quality and scope.
Rhode Island Looks to Adopt Blockchain For Government Use
Rhode Island issued a request for proposals aimed at exploring the viability of blockchain technology to improve state operations. This comes on the heels the state relaxing certain security laws for blockchain businesses.
Is the second-most dense state by population looking to become a hub for the crypto industry?
Director of the Department of Business Regulation Liz Tanner said in a statement she believes blockchain represents the modernization of government and would enable bureaucratic efficiency in the state. She also said Rhode Island’s initiatives were inspired by the adoption of blockchain by overseas governments.
The request for proposals is not looking for specific answers to specific problems, but is keeping an open mind to the possibilities of the emerging technology. A memo following the RFP states, “Suggested areas of application… include antifraud, contracts, medical marijuana, records, notarization, registration and licensing, investigative evidence control and more.”
Brenna McCabe, director of public affairs for the Department of Administration in Rhode Island, told Government Technology that this long list of possible applications is meant to entice more bidders, all of whom are required to submit two proofs of concept for blockchain application.
McCabe said state officials did not want to stifle the ingenuity of the industry by limiting the scope of the RFP.
It’s only after the state receives proposals that they can conceive of what the technology offers. “With proofs of concept, [Rhode Island] can gain a better understanding of the maturity of blockchain technologies and platforms, as well as potential sustainability in state government operations,” the memo stated.
The proposals will be reviewed by a technical evaluation committee composed of staff from various state agencies. “The initial contract period is estimated to begin Aug. 13 for a time period determined by the winning bid(s),” according to the RFP.
Anticipated problems will stem from laws, regulations and licensing structures that would require changes to allow for blockchain use, said McCabe. Though state leaders will have a better idea of what needs to be tweaked once proposals are reviewed.