Combine the addiction inducing properties of Fortnite, Warren Buffet’s value-investing principles, a sound economic theory that Adam Smith would applaud, and world-changing technology in the form of blockchain, and the result is bound to turn heads. The NowCoin Project hopes to do just that with their somewhat unorthodox approach to building a working cryptocurrency and corresponding ecosystem.
“The NowCoin project aims to create a real cryptocurrency ecosystem, where both holders and merchants are present, and they together maintain a liquid flow of assets. We wish to solve the main problem around most of the existing cryptocurrencies: lack of wide-scale commercial acceptance”.
Gamifying Value-Investing: A new approach to the token economy
To solve this problem, NowCoin’s founders have taken the unique approach of constructing an early, artificial use-case for their token. Their hope is that by creating a set of incentives and rewards for early users, they can encourage engagement – leading to widespread acceptance by merchants. They call this approach the NowCoin Market Game, and while unorthodox, it is based on sound economic theory. Additionally, it’s calculated step-wise progression of rewards is inspired by co-founder Dr Szabolcs Hargittay’s affinity for the game of chess.
The end goal of the NowCoin Market Game is to create long-term holders of NowCoin and channel their attention to the broader ecosystem of The NowCoin Project. Once there are enough active and vested participants, merchants will be approached to begin replacing the artificial ecosystem with one that contains real value.
This strategy is borne out of co-founder, Zoltan Toth’s frustration of the industry as it stands;
“There are more than 1500 cryptocurrencies in circulation, and only a handful of them are really trying to build an ecosystem”.
Instead, most of these coins are held and traded in a speculation-driven, parallel ‘stock exchange’ where innovation has given way to short-term profit gain. While NowCoin realises the importance of day traders and speculation in the market, they are adamant that they will not be another token bought and sold by amateur traders falling prey to the ‘greater fool theory’ [https://www.investopedia.com/terms/g/greaterfooltheory.asp].
NowCoin’s token is built upon the highly respected and reputable BitShares platform [https://bitshares.org/], which was created to facilitate payment transactions at a rate faster than both Visa and MasterCard. Partnering with this technological powerhouse has given NowCoin the room to focus on the creation of infrastructure to accelerate adoption of their token.
Their grand scheme is to create a working cryptocurrency, using the NowCoin Market Game as a catalyst for adoption. A working currency has two components: merchants who accept the currency and users who hold the currency. It is a chicken and egg problem, as each component cannot exist without the other.
By design, the NowCoin Market Game solves this problem by giving users incentives to hold currency and remain vested in NowCoins announcements and developments. The game achieves this through a multi-faceted reward system.
Long-term holders are paid ‘interest’ for holding more than 100 NowCoins, with those holding the most, receiving a premium for their large vested stake. The NowCoin Market Game offers users multiple ways to improve their holding. These range from early adopter discounts, to rewards and bounties for following NowCoin announcements closely. The final incentive is a massive airdrop of no less than 10 million NowCoins to its top 1 000 users.
— Nowcoin Game (@NowcoinGame) May 24, 2018
This structure of incentives and rewards encourages engagement with the platform. NowCoin plans to use this participation to draw merchants into their ecosystem, who are attracted by the market opportunity an active network of users offers. This echoes what co-founder, Zoltan Toth, has stated; “In my vision, this would lead us to a real, working ecosystem, where the market will decide upon everything: the price of Nowcoin, the products and services available for NowCoin etc”.
While the NowCoin Market Game is currently their main focus, the founders insist that it is a means to an end, rather than an end unto itself; “the game is not the goal, it is just our founding asset for the creation of the NowCoin ecosystem”.
With ‘Phase One’ of the NowCoin Project well underway, the founders have set their sights on attracting media attention. NowCoin plans to expand beyond the boundaries of the BitShares community over the next couple of months by launching an aggressive marketing campaign to the broader crypto-space. By December this year, NowCoin’s founders hope to begin approaching merchants, turning the NowCoin Market Game into “an organic and decentralized social movement around the NowCoin Ecosystem”.
Player one, ready?
Join the NowCoin Market Game now and get a head start over the competition.
You can find out more at www.nowcoingame.com.
Additionally, you can join the NowCoin Telegram Community [https://t.me/nowcoingame], follow them on Twitter [https://twitter.com/NowcoinGame] & Facebook [https://www.facebook.com/nowcoingame/] or subscribe to their Medium Blog [https://medium.com/@nowcoingame].
NowCoin is currently available on the BitShares Decentralized Exchange: [wallet.bitshares.org].
You can trade NowCoin here: [https://bitshares.openledger.info/#/market/NOWCOIN_BTS]