ChessCoin – Currency for players
In the 2000s, Google was the top search engine, Yahoo and MSN were known as the best platforms to communicate, and Facebook was just making its debut. People would have the chance to use different chat rooms and play free games like backgammon or chess. Free services are disappearing today because Facebook and Skype are taking over the entire market.
With the launch of ChessCoin, it is aimed to stop this situation and allow users to have the opportunity to monetize their skills. In addition, money is kept securely and troublesome transactions such as Paypal or other payment methods are avoided.
What is ChessCoin actually?
The ChessCoin token was revealed in 2016 and uses the Proof-of-Stake algorithm to generate new blocks. The Proof-of-Stake algorithm is gaining increasing popularity among users and developers because the work required to generate new blocks can be greatly reduced. In addition, the Proof-of-Stake algorithm is a more environmentally friendly method because the energy consumption in confirming transactions is less than other methods. Here, the miners do not compete with each other and the algorithm chooses a miner who will confirm the block.
On January 5, 2018, the developers stated that more than 60 million Coins had been created. This is an impressive number and shows the seriousness of the project. In addition, numerous tournaments are held where players can earn additional ChessCoins. A small prize is awarded for each game won, and the total winnings of the tournament can reach 15,000 tokens.
What features does ChessCoin offer?
ChessCoin is a decentralized currency and can operate without government regulation. This means that banks and governments are not allowed to manage money, and instead the market determines the amount of tokens with the balance of supply and demand. This currency uses the Scrypt algorithm, which is a mixture of Proof-of-Stake algorithm and Proof-of-Work algorithm. It is worth noting that the Proof-of-Work algorithm was not maintained and its use was discontinued before the currency was officially launched. Thus, the currency can be classified as a pure Proof-of-Stake currency. Here, the annual share rate is 32%.
A large number of tokens in the market are facing massive dilution of the token price due to the high share rate. This is mainly due to an extremely high inflation rate due to the share rate . According to the developers, these tokens do not provide any added value in line with the use of Blockchain technology, so there is only the transfer of coins. Due to these developments, there is often a loss of value and the market will eventually turn these tokens into scams.names it. A high share rate can also be seen in ChessCoin, but the value of the currency does not show a strong depreciation because the developers are constantly improving the Blockchain so that the currency is constantly optimized and additional features are added.
What vision do developers follow with ChessCoin?
ChessCoin token is intended to be the favorite digital currency to be used in online games. Availability here will not be dependent on the current operating system; therefore, suitable wallets for Windows, Linux and Macintosh will be made available. Especially in the framework of online games, developers consider the need for security extremely high, because the risk of fraud and manipulation is higher here than in other industries. In order to prevent this, a special focus is placed on increasing security. In this way, 51% attacks by third parties are almost completely blocked. In addition, the speed of transactions will also play a huge role, because being able to pay instantly in online games is extremely important. These can be achieved thanks to the underlying block time.
What is the market value of ChessCoin?
The ChessCoin token was launched for official trading on July 3, 2016. Here, the initial rate emerged at $0.000672 per token, resulting in a total market capitalization of $32,526. Initially, the number of tokens was increased by the Proof-of-Work algorithm, so the currency experienced a strong depreciation. Therefore, at the end of December 2016, the market cap remained only around $4,151 and the price per token was $0.0000009. As of February 2017, the currency has been permanently exiting, so on November 1, 2017, $100,000 was surpassed in market valuation for the first time. New record levels were reached every day until December 9, resulting in a market cap of US$633,253 at the end. After a short period of depreciation, this trend resumed on 28 December. On January 6, a new record level was reached with US$ 1.09 million. In addition, the price per token reached the level of $0.02 on the first trading day. Afterwards, the currency corrected again but found support at $800,000 and a fresh breakout is highly likely.
A high share rate can also be seen in ChessCoin, but the value of the currency does not show a strong depreciation because the developers are constantly improving the Blockchain so that the currency is constantly optimized and additional features are added.
What vision do developers follow with ChessCoin?
Which market areas are important in day trading of this currency?
The ChessCoin token reveals a daily trading volume of around $3,500. This is accomplished with 54 million usable tokens. Interested investors should take into account that the amount of tokens is subject to inflation at an annual rate of 32%, so there is no limit to the number of tokens. Thus, dilution of investments can occur in the long run. Cryptopia and YoBit have emerged as particularly important market areas. Cryptopia, in particular, carries out most of the trade with 95%. Trade between Bitcoin and ChessCoin acts as a carrier here. There is no trading with other tokens today.
So, generally speaking, I think the idea is good but needs to be developed more and enlarged. Few people know about it, maybe they need better social media managers or need to contact with a better advertisement agency.