Let’s face it, there’s still a lot of confusing terms and jargon thrown around in the web3 world. We don’t all have the benefit of a formal tech education, and with blockchain tech being relatively new on the scene, everyone is jumping in at a different starting point for background knowledge and context.
We get it, and we’re here to help. DevSpeak, because sometimes the basic explanation of terms and ideas in web3 gets lost under everything else.
What coins and tokens are, in the blockchain sense, may feel intuitive. After all, you can jiggle your pocket and quickly get the idea of what a token or coin is. The idea of tokens representing little bits of ownership goes back a long time. DevSpeak done, concept explained… right?
Actually it’s all a bit more complicated than that. Never fear though! We’ll walk you through the basics so you can build your web3 knowledge on a solid foundation.
What Is a Token?
A token is – put very simply – a thing. Tokens take a variety of forms, but a token at its most basic level represents the location of a thing on the blockchain. Blockchains are very similar to databases. If you’re familiar with those, think of a token as a class or trait. It indicates the specific entry (address) it falls under, has… something.
This doesn’t have to equate to monetary value, however. This is often misunderstood due to the easy comparison to something like an arcade token or a shiny coin from a national mint.
In general programming parlance, ‘token’ refers to the most basic individual element of a programming language – constants, identifiers, operators, separators or reserved words. In security, token can also refer to a digitally encoded signature that a network uses to authorize a user and allow access.
Token in chaincode has come a little from each of the above uses of the word. A blockchain token is an object that can be referenced and utilized through chaincode, but it also can be a secure authorization trigger for individual addresses throughout the network.
Tokens take a variety of forms. Some tokens are fungible (think $GALA, $MUSIC, $USDC, etc), meaning that multiple versions of identical tokens exist on the network. Non-fungible tokens (commonly known as NFTs), are unique assets. While there may be more than one identical NFT on the network, there is a limited amount of each and each NFT carries a distinct and unique identifier, which corresponds to specific metadata for that one token.
Each token is designed for a specific blockchain, where they will typically be referred to as a “native token”. Bridges can move tokens from one blockchain to another, but technically these are creating a new asset on another blockchain, while the bridge continues to hold the original version of the token.
What Is a Coin?
A coin, first and foremost, is a blockchain token. They typically follow the rules of other tokens, with some extra details for us to go over.
What makes coins different is that the blockchain would not function without them. The coin of a specific blockchain is the one that powers the blockchain and directly interacts with it. Any tokens built on the blockchain to provide additional functionality would just be tokens… but the original is a coin.
For Ethereum, this coin would be ETH. There are lots of tokens on the Ethereum Network, but none of them directly interact with block verification, proof of stake or gas fees the way that ETH does.
On GalaChain, $GALA is technically the coin. More tokens are coming onto the chain every day, but no other token interacts with GalaChain the way $GALA does.
Notably, this means $GALA can both fit the definition of a coin or just a token, depending on where it is. $GALA was originally built on the Ethereum Network, where it follows the ERC-20 token standard. On GalaChain, however, $GALA is the coin.
As we discussed above in relation to bridging, $GALA (GC) and $GALA (ETH) are technically two distinct tokens with two distinct contracts, each built for the blockchain they exist on. A bridge facilitates the exchange of these tokens, rather than translating and migrating them to an entirely different programming language and token standard.
Why Tokens?
Since tokens can be assigned to different addresses on the blockchain, and they are securely controlled by the owner of those addresses, they make an ideal way to assign ownership on a blockchain. Since they can be referenced easily by chaincode, they also fill the role of an authorization token incredibly well too.
Tokens can do a lot more than just be shiny things for people to swap around. A token is an object on the blockchain, and it carries with it its own coded properties and behaviors. This information is hard-coded into the token’s “contract” – the set of logic and traits that create the token originally and dictate how it functions.
This contract is the basis of trustless systems on the blockchain. You don’t have to take anyone’s word about how the token behaves or what it signifies — it’s right there in chain code in the contract.
Using these contracts from tokens as a starting point, blockchain builders can construct larger systems. Interactions between a token and a dApp or another token can be created using “smart contracts” – essentially an automated process that takes a specific action when its conditions are fulfilled. These smart contracts rely on the token contracts themselves as reference and verification. This idea of smart contracts creates a full trustless ecosystem, as automated actions only happen when the proper conditions are fulfilled.
Looking at these basic functions of tokens, you can start to see how contracts and smart contracts can build out a robust ecosystem over time through interconnected relationships and innovative applications. Tokens are fully transferable and secure objects… and anything that can maintain that on an open and shared, global network is far more valuable than a simple database.
You don’t have to be the one with the chops to build a blockchain yourself to imagine how one smart contract and dApp over another begins to take shape into something bigger than the sum of its parts over time.
Coin You Feel It?
Now we know that this information doesn’t make you some blockchain whiz… but we also know that a lot of times people don’t start from the beginning with new tech.
We want you to have all the context and knowledge you need to not only be enthusiastic about web3 but to thrive in this new landscape!
Thanks for reading! We’ll be back soon with more devspeak to simplify more tech arcanity and keep transferring you these small tokens of knowledge!
After digesting valuable community feedback and wrestling with some yet undecided but important details of GalaChain Poker, the Gala team has decided to postpone this launch and the accompanying node sale.
Please subscribe via email at GalaChainPoker.com to ensure you get the latest information as decisions are made regarding launch date, node sales and feature plans.
Thanks for being part of the Gala community!
TL;DR
GalaChain Poker launches in mid May, 2024
GalaChain Poker is unrelated to PokerGO Play, which will continue.
Prior economy update plans for PokerGO Play now apply solely to GalaChain Poker.
Tokenized Table Node licenses will be available early next week, limited to only 200 with the lowest possible pre-launch pricing.
60% of $GCHIP will go to players/referrers and 30% to Texas Hold’em Table Node operators.
Prepare for an exhilarating addition to the Gala Games ecosystem with the upcoming launch of GalaChain Poker, accompanied by its pioneering AI token, $GCHIP. Here’s what you need to know about the new game and token.
Join members of the GalaChain Poker team tonight (April 26th) on Youtube starting at 6pm PT as they answer questions about the reward economy and share some of GalaChain Poker’s vision for the future!
Introducing GalaChain Poker
In just a few weeks, GalaChain Poker will make its GalaChain debut, and anticipation is building for what promises to be a major advancement in blockchain gaming.
Through the speed, scalability and security of GalaChain, we finally have the ability to deliver these features to the world without altering what you love about your favorite wagering games.
$GCHIP–The First AI Gaming Token
$GCHIP is set to revolutionize the way we play poker online. As Gala’s first AI Gaming token, $GCHIP will offer players state-of-the art advice and insights, driven by AI and derived from a comprehensive analysis of game strategies and player behavior.
The primary utility of $GCHIP will eventually be powering the game’s various AI add-on features. These features will also be powered by Texas Hold’em Table Nodes, described below in greater detail.
GalaChain Poker’s robust set of AI features will not immediately be available with launch, but will come with future updates as ways for players to spend the $GCHIP they have received as rewards.
$GCHIP is designed to not only enhance the gaming experience, but also to provide real tradable value and utility within the GalaChain Poker ecosystem.
As a GalaChain minted token, $GCHIP will be easily transferable within the ecosystem. This allows players the freedom to swap their rewards for various other currencies and use them as they please, within or without the Gala Games ecosystem.
For players who choose to keep those $GCHIP rewards in the game, we’ll soon present some new AI-powered utility options that will open doors to additional rewards, enhanced poker gameplay, AI instruction and much more.
Stability in PokerGo Play
Fans of the existing free-to-play casual poker game, PokerGo Play, can breathe easy—there will be no changes and we will continue to support it in its current form. It remains as engaging and accessible as ever.
While the first version of GalaChain Poker’s tokenomics was originally announced here as a new system for PokerGO Play, from this point on all new tokenomics will apply solely to the new title, GalaChain Poker. $GCHIP will not be used as a utility or reward token within PokerGO Play.
GalaChain Poker Tokenomics
GalaChain Poker will always be free to download and play, with various ways to participate without making purchases or owning $GCHIP. However, for those who wish to get involved in the strategic intricacies of the game’s reward economy, $GCHIP tokenomics have been carefully calibrated to benefit players and support sustainable ecosystem growth.
GalaChain Poker has an incredibly strong focus on the players themselves, offering them a 50% reward share of all generated $GCHIP.
As with many other Gala Games, token rewards for GalaChain Poker will be distributed daily as mint allowances, allowing the player to mint them onto the blockchain whenever they please.
50% to Players, rewarding active gameplay.
10% to a Referral Program incentivizing community growth.
30% to Texas Hold’em Table Nodes operators, ensuring smooth operations and platform integrity.
7.5% to Gala, supporting continual development and innovation.
2.5% to Founder’s Node operators, honoring their crucial role in our network.
How $GCHIP is Generated
The total amount of $GCHIP generated and distributed as rewards is determined by the amount of in-game chips taken by “the house.”
In “Cash Style” Games
“Cash Style” tables are offered at many different minimum buy-in levels and the amount of $GCHIP allocated to daily rewards is determined by the amount of in-game chips bet at the tables.
For every 1M in-game chips bet on the tables, 1 $GCHIP is generated for reward distribution.
In SNG Games
SNGs are tournaments for which each player pays an entry fee from their in-game chips. At launch, GalaChain Poker will offer 5-player SNG tables that award prizes to 1st and 2nd place.
For every 1M chips spent on SNG entry fees, 2.5 $GCHIP is generated for reward distribution.
How Players are Rewarded
To determine the share of each day’s $GCHIP rewards going to individual players, each player’s participation is converted to a point structure, described in-game as a player’s Score.
Participating players’ Scores translate to their share of the daily $GCHIP distribution. This means that players who bet more often and in higher amounts will have higher scores, which generally lead to greater shares of the day’s rewards.
Score Multipliers
By reaching minimum buy-in amounts for higher stakes tables, players automatically enhance their potential daily $GCHIP reward share. But even on top of that, a system of Score multipliers will be used to further increase rewards for players who compete in higher stakes competition.
By adding additional incentives for players to play at the stakes levels that closely match their chip capacity, we can ensure a more competitively balanced game, discouraging chip stack bullying and encouraging more fair gameplay.
Rewarding Fair Play
In summary of the Score multiplier system:
For every 1 $GCHIP that is “fairly” generated, the player’s Score increases by 1.
GalaChain Poker will serve a wide range of players, from free participants to large stack contenders who consistently use $GCHIP to purchase additional in-game chips. With such a wide range of stakes levels and chip count sizes, a system was needed to prevent bullying.
For example, if a player has a stack 10,000 times bigger than yours, they probably shouldn’t be playing at your table because they will be tempted to bully you with their easily replenished chip stack. Chip stack bullying in this manner has the potential to make the game less enjoyable for everyone involved– Therefore, we want to incentivize players to sit at tables that are well suited to their total chip counts.
The table below includes the initial plans for these multipliers in “Cash Style” games:
For SNG tourneys, players are instantly awarded Score points when joining tourneys at various levels. The Score received for joining a SNG is directly proportional to the amount of chips spent as a SNG entry fee.
Spending $GCHIP
In addition to the set of AI upgrades that will be available with a post-launch update, players can always use $GCHIP to purchase additional in-game chips. The most basic purchase level in the GalaChain Poker app will get you 10,000 in-game chips for 1 $GCHIP, but as you spend more $GCHIP in a single purchase, the in-game chip value received will grow.
For exact $GCHIP to in-game chip conversion rates, check the listings in the Gala Games store.
Texas Hold’em Table Nodes
The GalaChain Poker DePIN (Decentralized Physical Infrastructure Network) will be powered by the Texas Hold’em Table Node network, whose active operators will always receive 30% of the $GCHIP generated as rewards for operating their nodes.
In addition to the hosting of normal gameplay, Texas Hold’em Table Nodes will ultimately power the game’s forthcoming AI features, ensuring increasing utility for this network as a groundbreaking decentralized AI mechanism.
Transferable Node Workload NFTs will be issued to all Texas Hold’em Table Node operators to ensure that our community of operators is free to trade their nodes.
Upcoming Node Sale
The initial sale of Texas Hold’em Table Node licenses will begin early next week. Subscribe with your email address at GalaChainPoker.com to ensure you get a notification when it’s time for the sale to begin.
As a special pre launch offer, Texas Hold’em Table Node licenses will first be available in an extremely limited supply of just 200 of them for $400 per node license. New batches of Texas Hold’em Table Nodes will be released at higher price tiers at the team’s discretion, driven by player activity.
The pre-launch Texas Hold’em Table Node license sale is the lowest price for which these licenses will be available in a primary sale.
As with all Gala nodes, running a workload for the DePIN will be required and $GCHIP rewards will be allocated based on workload activity.
GalaChain Poker is set to redefine blockchain gaming, offering rewards for playing, whether or not you’re winning!
We could never make such incredible strides in the web3 music revolution without the constant support of our amazing community. We’re grateful for your continued patience and the valuable feedback you’ve never hesitated to share with us. As always, we’ve been listening closely and working diligently to address your concerns and enhance your experience with Gala Music.
In our commitment to build a transparent and trusting relationship, we’re excited to announce a key update that aims to simplify your transactions and enhance the utility of our $MUSIC token.
Payment Options
Gala Music NFT track purchases can now be made exclusively with either credit cards or the $MUSIC token. This update should directly enhance the utility of $MUSIC while continuing to ensure that Gala Music tracks are as accessible as ever.
Previously, Gala Music tracks could also be purchased with $GALA or $ETH, payable from either the GalaChain or Ethereum wallets of any user’s account. These options have now been limited to ensure greater exclusive utility for $MUSIC, the reward token at the core of Gala Music.
Exclusive Discount for $MUSIC Holders
As an incentive for supporting $MUSIC, we’re now offering a 10% discount on all track purchases to users who hold at least 1 $MUSIC in their ETH wallet. It’s our way of thanking you for your support and to encourage the growing use of $MUSIC within our community.
We’re dedicated to improving communication and will continue to release regular updates and features that focus on your needs and feedback.
Thank you for your unwavering support as we journey together into the future of music. Your commitment to our platform inspires us every day to deliver better and exceed your expectations.
With new episodes of David Bianchi’s edgy sci-fi thriller, RZR, dropping each week on Gala Film, Gala Music is ready to drop a couple more amazingly exclusive soundtrack NFTs from award winning cinematic composer Adrien Prevost. The next two tracks in the series drop today, April 26th, presale at 12pm PT and open sale (if any remain) at 1pm PT.
On Friday, April 12th (only a few days before the RZR world premiere), we dropped “Operation” and “I AM RZR.” Both tracks were sold out in less than an hour. Read on to learn why you may want to do everything you can to get a copy from this set into your collection.
Interoperability FTW
Ecosystem interoperability is one of the most important strengths of web3, and these Gala Music exclusive tracks are the perfect example of where we’re headed. Thanks to the unified power of GalaChain behind the scenes, users will have the ability to collect rewards from multiple platforms for the same items.
RZR NFT tracks will generate $MUSIC rewards not only for Gala Music plays, but also for Gala Film plays of the episode containing the track.
Basically, episodes containing RZR tracks will count toward $MUSIC rewards for the owners of those tracks.
Presale for the next two tracks in the RZR Soundtrack series begins today, April 26th at 12pm PT. If any of the 100 copies of each track outlast the presale hour, the open sale will begin at 1pm PT.
To qualify for this special presale, you must:
Hold at least 500 $MUSIC in your GalaChain wallet.
This Gala exclusive track is a special bonus created in post production by RZR composer Adrien Prevost using the kickass RZR template! Viewing RZR’s trailer on Gala Film will count towards rewards.
Another key track to the RZR series. This score is from the ultimate scene where Grimm fights his main rival, Villa. In episode 7, they drop the guns and decide to go old fashioned.
Watch RZR on Gala Film
If you own a RZR Moment NFT or operate a Gala Film Theater Node, you already have access to episode 4 on Gala Film. If not, you’ll have to wait until Sunday at 12pm PT to see what happens next. Remember, you can’t see RZR anywhere but Gala Film, and you can’t listen to these exclusive soundtracks anywhere but Gala Music.
$GSWAP is here for GalaSwap users in multiple ways and promotes GalaChain trade health.
Get $GSWAP when you complete a trade with $GALA on GalaSwap.
1 $GSWAP for every 1 USD of $GALA swapped.
It seems like only yesterday that we launched GalaChain, creating a user-empowering web3 haven focused on speed, scalability and security. By providing builders with streamlined tools like the GalaChain SDK and the Gala Creator Portal, we’re making it easier than ever for innovators to empower their communities, bringing their ideas to life in the full color of web3.
Shortly after we hit the ground running with the new open vision of GalaChain, we released the first version of GalaSwap, GalaChain’s built-to-grow trade platform. With a plethora of early updates under our belt, such as token additions, partial swaps and API release for external applications, GalaSwap is growing rapidly.
Today we’re dropping a major update, designed to allow users to participate in a program not only for using the GalaSwap platform, but using it in a way that promotes ecosystem health and Gala’s long term vision of an open source web3 future.
$GSWAP
$GSWAP is a new kind of DEX token with a program that perfectly suits GalaChain.
Anatomy of a GalaSwap Trade
Whenever a swap is placed or accepted on GalaSwap, the initiator of the transaction is required to spend $GALA as a fee. Currently, this fee is set to 1 $GALA for all swap transactions (placement or acceptance).
With the addition of $GSWAP, each trade will also result in $GSWAP being distributed to the user who accepted the swap.
Issuance of $GSWAP
$GSWAP is generated whenever a swap is accepted on GalaSwap. This will be on the current fair market value of $GALA, as taken from 3rd party centralized exchanges. The total USD fair market value of the $GALA portion of the swap will indicate how much $GSWAP will be distributed.
If a user accepts a swap for 1000 $GALA and fair market value at the time is reported as $.05/$GALA, then 50 $GSWAP is generated and distributed to that user.
Each day, 50% of the $GSWAP issued the previous day will be issued to the following Gala managed accounts:
40% to the $GSWAP Gala company wallet, to be used as designated by Gala.
20% to the Referral program , to be used to incentivize those who bring tokens onto GalaChain.
20% to the Marketing wallet, to be used for the marketing of GalaSwap
20% to the Market Maker Subsidy wallet, to be used to subsidize maker fees and incentives
Soon we hope to add bridging for $GSWAP, but for the moment the token is only being rolled out on GalaChain.
$GSWAP Live
$GSWAP is live right now! There’s never been a better time to explore GalaSwap!
Thank you for your ongoing support of the ecosystem. We hope this new GalaSwap program promotes healthy and sustainable growth of the GalaChain economy.
