Game Loot Network is supposed to aid developers and gamers by creating a virtual platform that is supposed to reward players with real-value. In addition to this, it facilitates “any-budget” game design.
Game Loot Network; Gaming Reimagined
Back when gaming had just started, no one could have predicted its current state. Nobody could have predicted that the video game industry would become a multibillion-dollar industry. From pixelated side-scrollers to digital odysseys through immersive lands, the evolution of video games over the years has been rapid. And more games exist today than ever before.
With this evolution came a problem, specifically in mobile gaming where centralized platforms like iOS App store and Google Play have monopolized the lion share of the market’s audience. How does Game Loot Network fit into this?
Game Loot Network is supposed to aid developers and gamers by creating a virtual platform that is supposed to reward players with real-value. In addition to this, it facilitates “any-budget” game design. This way, artists will have access to the resources necessary to create the games they envision and players who use their virtual world will receive reward for being part of it.
GAME LOOT NETWORK PLATFORM
Using the LOOT cryptocoin, the platform intends to solve some systematic issues within the gaming world. You can download the application, create a login, and load the Game Loot Network lobby. There are three gateways that will be offered by the hub.
• Build
• Play
• Earn
Build
Developers and users can access a crowdfunding catalog through this portal. Game designers get the opportunity to submit their game ideas which include screenshots, gameplay footage or demo. Investors can offer loot tokens to support a project. In return, the backers will receive a specified percentage of the revenue from the upcoming game.
Consequently, developers design games at a reduced cost and gain an incentive ground floor.
Play
This gateway is expected to host embedded games and a decentralized app store. This enables users play within the platform or download curated titles. Ideas that were generated in the Build gateway can generate income for the designers and gamers in the Play gateway.
Earn
There are numerous revenue generating tools in the Earn gateway. Players have the option of picking three subset doorways. These are;
• Competitive Tournament
• Referral System
• Battle Bidding
There is also the LOOT store where users can buy premium membership, bids, credits, etc.
USER DEMOGRAPHICS AND MEMBERSHIP TYPES
The Game Loot Network whitepaper referenced different titles in its whitepaper. These are overlapping user groups on the platform you should be familiar with.
Game Developers
They are the ones who construct games with resources that would be provided by the Build portal. Developers will be able to also integrate existing games with the Game Loot Network platform.
Sightseers
These are players that can play the game for free but not allowed to enter for tournaments or compete for real life prizes. They are known as “Sightseers” on the Game Loot Network. This group of people cannot earn on the platform.
Groundbreakers
They are the premium network members that gain entry into tournaments and enter crowdfund games for revenue. This group creates recurring income.
Emissaries
These are groundbreakers that are enrolled in the referral system. They eventually become Emissaries.
Curators
They can be either Groundbreakers or Emissaries who send LOOT to game designer’s in-development games. These group of people enjoy recurring revenue as reimbursement. Of course, this is based on the title’s success.
GAME LOOT NETWORK’S UTILITY-TOKEN; LOOT
To reward user engagement, Game Loot Network invented their own utility token, known as LOOT. The cryptocoin, through the blockchain’s network serves as reward for players who complete praiseworthy actions. For example, winning a game tournament, inviting a friend, etc.
Token Sale Structure
The token sale is expected to use a hard and soft cap. It is also supposed to include an anti-dilution mechanism which will be available to individuals that contribute under the soft cap. What does this imply, you ask?
It means that an original Sales Target Cap will be set for the public and private sale. But if this cap is met, Game Loot Network will enable additional token sale till the Maximum Sales Target Cap is reached.
Now that we have covered that part, the STC is $50,000,020.00 and the MSTC is $75,000,030.00. The ticker name will be “LOOT” and the holding company is GLN Holdings, INC (WY, USA). The token is expected to be sold for $0.35 per LOOT and the total LOOT supply is 600.000.000 LOOT.
In case you are wondering, the Token supply model is fixed CAP and non-inflationary and the public sale duration opens on May 29, 2018. However, it is expected to end within 230 days after it started. According to the whitepaper, there are discounts and bonus to be enjoyed when a user participates in either the private sale or the public sale.
Distribution of Proceeds
The largest percentage of the revenue, 55 percent, from the token sale will be allocated to operational expense, including service support and development. Next, Game Loot Network will allocate 20 percent of the fund to tax planning for new structures. Part of it will also be used for employment taxes from oversea personnel.
Fifteen percent of the contribution is expected to be used for community building, marketing, sales, training and development. Finally, 10 percent of the proceeds will be reserved to pay bonuses to the founders and advisors. Service providers and bounty service providers will also receive part of this allocation.
These distributions are expected to be in US Dollars, Bitcoin, or Ethereum. The holding company, GLN, may also offer the option of buying tokens after the LOOT token sale.
ON A FINAL NOTE
The goal of Game Loot Network is simple, to create a reward program for gamers. This reward will be in the form of a cryptocurrency, LOOT.
Please note that founders, advisors, consultants, experts, employees, bug bounty service providers and any other person associated with its business or the LOOT Token Sale (thereafter, “Personnel”) will not receive any free LOOT.
Also, there would be no allocation or budget for the purpose. That means, personnel will receive revenue from the token based on contractual agreement between them and Game Loot Network.
Source
Website: https://gamelootnetwork.com/
Whitepaper: https://gamelootnetwork.com/assets/documents/gameloot-whitepaper.pdf
Twitter: https://twitter.com/gamelootnetwork
Facebook: https://www.facebook.com/gamelootnetwork/
Medium: https://medium.com/@gamelootnetwork
Telegram: https://t.me/gamelootnetwork_ico
ANN Thread: https://bitcointalk.org/index.php?topic=3180001.0
Authored by: erupsi
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