Did you ever get an allowance as a kid?
Those were the days, weren’t they. You’d spend all week or month just dreaming about what you’d do with that allowance money when it finally came in. Even if you were flat broke, you knew that allowance was coming, and you couldn’t wait to blow it all on candy, arcade tokens, or fireworks. At the risk of revealing my age, we had some pretty awesome priorities with our allowance in my day.
Mint Allowances on GalaChain
GalaChain is making allowances cool again. When you have a GalaChain Allowance, that item or those tokens are as good as yours. You can even think of them as being reserved for you until the exact moment when you’re ready to mint them.
This system we call Mint Allowances today is the evolution of the Treasure Chest system we used to use, back when everything we created was minted on Ethereum and GalaChain was only a distant vision. We created a way to reserve tokens for minting, allowing the owners to mint whenever was convenient for them. Back then, this minting event came at a cost, but thanks to GalaChain, minting tokens from a GalaChain Allowance is now free.
When you purchase a Gala item, it’s typically minted directly to you immediately, fulfilling the purchase. However, when you receive various tokens as rewards, your inventory will generally show them as a GalaChain Allowance, meaning that you can mint the tokens at your leisure. They’re set aside to be yours, but they’re not technically yours until the minting event.
I’m cooking up some savory rewards in that Common Georgia Cookery from The Walking Dead: Empires. It’s a GalaChain Allowance (not yet minted).
Other Kinds of Allowances
The idea of allowances also lends itself well to in-game activity. You can give various dApps (such as individual Gala Games) permission to use a certain amount of your tokens. This is why you’re sometimes asked for allowance permission when you launch some of our games. This is a convenient and secure way that allows you to spend your tokens in the game without returning to the store every time.
On GalaSwap, if you decide to create a project token using the Project Token Creation Tool, you’ll be asked to allocate a “Burn Allowance” of $GALA in a quantity of your specification. Upon Founder’s Node approval of your new token, the Burn Allowance will be burned and its value used to establish the initial trade value of your new token on GalaSwap.
That’s about all there is to it! Now, when you see Allowances in your Gala account, you’ll know that you’re ready to mint and doing a great job collecting Gala rewards!
Thanks for being part of the Gala community!
