What is Gala (GALA)?
GALA is the native token of the Gala Games ecosystem. It’s a decentralized platform for gaming and entertainment. While the Gala token was initially based on the ERC-20 standard, it now runs as a cross-chain platform on Ethereum and the Binance Smart Chain.
Gala Games is a platform for blockchain-based gaming. Users are able to invest in non-fungible tokens (NFTs) that act as in-game assets. It employs a unique combination of consensus mechanisms and allows players to participate directly in protocol governance.
Who is the Founder of Gala?
Investor Eric Schiermeyer is the founder of Gala Games. He was also the co-founder of the gaming company Zynga. It’s best-known for online games such as Farmville and Words With Friends.
The idea behind Gala Games was to reshape the traditional model of online gaming and bring it to light by using blockchain technology. It aims to give the players more power over the games they play and how they are developed.
The Gala Games team found that many digital games and gaming platforms act unfairly by making players perform microtransactions for unique items that can be lost or taken away due to server issues, unfair bans, or other reasons without refunds.
Gala Games was officially launched in July 2019. At the time of its release, the GALA price was valued at roughly $0.002. It remained at a relatively similar level until the first quarter of 2020. The asset remained mildly volatile throughout 2020 and the first half of 2021. Within two years of its launch, Gala exceeded 1 million active users.
According to the developers, the goal is to create a decentralized gaming experience without sacrificing entertainment for technology. Although blockchain is the core part of the games, it’s integrated into the system without interfering with the gameplay itself.
In fall 2021, the Gala price experienced significant fluctuations. On the 26th of November, the token was valued at $0.84, which at the time put it at its closest-ever gap from the $1 threshold. The asset has generally followed market trends.
What are the Main Functions of Gala?
The GALA supply is estimated to be 50 billion. However, there is no hard cap set. The max supply of GALA coins could be subject to change if the userbase were to hold a governance vote. While it’s not a strictly deflationary asset, meaning that the Gala price may not steadily rise as the supply decreases, some regulatory measures are in place.
As a relatively new asset, Gala tends to follow the overall crypto market trends. The most accurate market position and token performance can be seen in the chart above. The Gala price has experienced similar fluctuations as Bitcoin (BTC), albeit on a different scale.
The Gala protocol follows a tight schedule for token distribution. The protocol distributes a set amount of GALA tokens between the Founder’s Node Operators and the Gala Games Conservatorship at 2 A.M. UTC daily.
The amount of daily GALA distributions is programmed to be halved annually on the 21st of July. This acts as a deflationary measure that regulates the overall supply. In 2022, the number was cut to 8,561,643 GALA, while the 2023 distribution rate is set to 4,280,822 tokens.
The Gala Games platform offers a range of digital releases, as well as updates and previews of content in development. Users can check whether games are fully available, undergoing beta testing, or are still in development. The games are available on Windows and Mac systems, and some options can be accessed via a browser.
The platform uses a unique system to ensure network functionality that combines three consensus mechanisms – Proof-of-Work (PoW), Proof-of-Stake (PoS), and Proof-of-Storage. Each type of node operator is eligible for rewards for their contributions to Gala Games.
- Proof-of-Work Nodes – Founder’s nodes that are responsible for governance votes;
- Proof-of-Stake Nodes – paid nodes that are responsible for individual games on the platform;
- Proof-of-Storage Nodes – nodes that manage the hosting of the games.
Gala Games functions as a decentralized autonomous organization (DAO). The GALA token allows network participants, known as the Founder’s Nodes, to vote on future game development projects. There can be no more than 50,000 Founder’s Nodes.
The games available on the platform are not developed exclusively by Gala Games. Other dev companies are also able to submit their concepts. Some of the available titles are Round2’s Fortitude, Ndream’s Eternal Paradox, Gamedia’s Spider Tanks, and Gala’s Town Star.
The developmental decisions for games on the Gala crypto platform are not made solely by the team behind the scenes. The Founder’s Nodes hold a vote to determine the roadmap. Once the project has been approved by the node vote, users can directly participate in quality assurance and testing by joining the Discord community.
The Founder’s Nodes are also responsible for in-game transaction validation and overall network security. The node operators are rewarded with points which are later converted into GALA tokens. This way, the Founder’s Nodes are incentivized to continue their network contributions.
Another significant part of the Gala Games ecosystem is the NFT Marketplace. The use of non-fungible tokens is one of the core mechanisms of the games available on the Gala network. They act as the solution to the problem of vanishing assets in traditional games, as all NFTs are linked directly to their owners.
The NFTs can be purchased using several different currencies. Therefore, if a user finds that the GALA price of an asset is not favorable, they can opt for a different payment option. Other commonly used payment methods include Ether (ETH) and the Basic Attention Token (BAT).
While Gala hosts several different types of NFT collectibles for each game, one of its best-known projects is VOX. Vox is a collection of 8,888 VOX non-fungible tokens, which can be used in the game Town Star. The GALA price does not include gas fees that are paid for in ETH. Town Star players can then earn the in-game token TOWN.