Finance

Gala Platform (GALA): What Is It And How Does It Work?

Gala Platform

GALA is the name of the token of the Gala Games platform which develops blockchain-based games and runs on Ethereum. It is a highly secure platform and works on the “win as you play” principle. After being founded in 2019 by Eric Schiermeyer, Gala Games have risen in popularity rapidly. Schiermeyer is one of Zynga’s co-founders, the mobile game company behind wildly popular titles like Farmville and Mafia Wars.

Gala: All You Need To Know

What is the mission of GALA?

Gala Games’ mission is to make “Blockchain games you really want to play”. It plans to reintroduce creative thinking into games by giving players control of games and in-game assets with the help of blockchain technology. Gala players can have NFTs that allow them to influence the running of games and vote for new games.

What are some features of GALA?

GALA is the fuel that runs the Gala Games network. Using GALA, a person can purchase items from the Gala Games ecosystem, purchase card packs from other Alliance members such as Splinterlands, and activate Founder’s Nodes on the Gala Games network. Powering the ecosystem, this token is an ERC-20 token that will allow players to play, own and trade various in-game items.

GALA can be transferred between users and users have full control over how it is used. Town Star, the first game produced for the ecosystem, has a reward structure in which the best 100 players are awarded.

GALA is a non-refundable service token used as a medium of exchange between participants in the Gala Games ecosystem. The purpose of GALA is to provide a convenient and secure form of payment and agreement between participants interacting within the Gala Games ecosystem (for example, payment of digital goods or in-game items), GALA does not in any way represent any shareholding. 

Items held on the Ethereum Blockchain can be accessed using a variety of open source and cryptographically secure wallets and storage mechanisms. The wallet on the GALA website and the GALA app is an open source, keyword protected wallet, and once the wallet is created, only the account holder can access the funds and items stored in that wallet.

GALA is not purchased directly from Gala Games. No initial token offering (ICO) has ever been made to support the platform. GALA is earned daily by everyone who is eligible to receive the token. This can be done by running founder nodes, directing users to purchase founder nodes, and directing people to play games on the Gala Games platform. Attributes are designed to encourage networking, playing games, and sharing games over the network. This also allows the public, rather than a centralized team, to decide the price of the token.

The main goal of the platform is to create a decentralized gaming network that can give back the power of the game to the players. One of the ways this is currently being achieved is through NFTs. NFTs allow players to have items that can be used in the game. This ecosystem will expand and help more of the Founder’s Nodes contribute to the network. 

How does GALA work?

The system works on three main consensus mechanisms.

Proof-of-Work:

It allows miners to support the network by providing hash power. Specific points for hash power are determined by a decentralized algorithm that scores points according to what is most needed by the network (for example, if the network requires more computational resources, hashing can receive higher rewards from storage).

Proof-of-Stake / Availability:

This is the closest analog to how the node system currently works. With this, each node license helps verify transactions using a very lightweight protocol. 

Storage Evidence:

The long-term goal of the Gala Games is to ensure that the Gala Gaming Ecosystem exists in a completely decentralized way. The decentralized gaming ecosystem wants games to be hosted within the node ecosystem itself, completely eliminating the need for centralized hosting like Amazon S3 instances. Specific points for storage will be determined by a decentralized algorithm that scores points based on the storage location, speed, and reliability.

How much Is GALA’s supply?

The maximum supply of the GALA token is set at 50,000,000,000 units. While the current total supply is 36,225,120,614, 7,542,496,572 of them are in circulation.

Gala (GALA) Wallet

A Gala (GALA) wallet is not a wallet that stores your Gala (GALA) value. These are the software that contains the private and public keys required to use the Gala (GALA) values ​​you have. Gala (GALA) wallets allow you to see your Gala balance and transfer your Gala (GALA) balances to other Gala wallets with the Blockchain system. Each Gala wallet has an address, this address code consists of numbers and letters of 26-35 characters. The public key of your Gala (GALA) wallet that can be seen by others and allows them to send Gala (GALA) to your wallet is the address of the Gala wallet. With this address, you can deposit Gala from other wallets to your own wallet. For sending Gala (GALA) from your Gala (GALA) wallet to another Gala wallet, You must use the Private Keycode of your wallet. With the Gala wallet, you can become involved in the Blockchain system, which forms the basis of Gala technology.

With the Gala (GALA) wallet, you cannot convert the amount of Gala (GALA) in your balance into real money. To convert your Gala (GALA) balance to real money you need to use exchanges (and can trade it using apps like bitcoin code).

There are 3 types of Gala (GALA) wallets.

Desktop Gala (GALA) Wallets

They are wallet programs that you can download and use on your computer. The public and private keys of your Gala (GALA) wallet are stored in your computer’s memory. As it is a Gala (GALA) wallet connected to the Internet, it is vulnerable to the dangers that may come from the Internet. It is an ideal wallet for users who will be making active Gala (GALA) transfers and holding small amounts.

Paper Gala (GALA) Wallets

Paper (paper wallet) wallets are the papers on which the Public Key and Private Keycode of your Gala (GALA) wallets are written. In Paper Gala (GALA) wallets, your Gala (GALA) address information is generally displayed as a QR code. Since it is a Gala (GALA) wallet without an internet connection, it is the most secure wallet against attacks that may come from the internet. You can create a specially designed Paper Gala (GALA) wallet, or you can create your own Gala (GALA) wallet information as a printout. Since it is a physical Gala (GALA) wallet and your wallet information is written on it, if you lose your wallet, you may lose your entire Gala (GALA) balance.

Web (Online) Gala (GALA) Wallets

Web Gala (GALA) Wallets are a form of wallet in which your Gala (GALA) balances are maintained by wallet service providers. It is necessary to pay attention to the reliability of companies providing Web Gala (GALA) wallet service. They are Gala (GALA) wallets that you can have on exchanges. The biggest advantage of Web Gala (GALA) wallets is that you can access and trade from anywhere you have an internet connection.

As soon as you become a member of a good crypto exchange, a special Gala (GALA) wallet is created for you. With this Gala (GALA) wallet, you can deposit Gala (GALA) from other Gala (GALA) wallets to your Gala (GALA) wallet and withdraw Gala (GALA) to other Gala (GALA) wallets. You can log in to your exchange account from anywhere you have an internet connection and perform your Gala (GALA) wallet transactions.

A significant part of your Gala (GALA) balance in your Gala (GALA) wallet is kept in cold wallets. Cold wallets are private security wallets that do not have an internet connection. You can use Gala (GALA) to store your balance and you can buy and sell it whenever you want. You do not pay any fees for the wallet service you receive from the crypto exchange.

How to calculate the GALA price?

The gala price generally changes in line with the supply and demand balance. Gala is an ecosystem created by its users and its current value changes according to the supply and demand balance of its users. As with real money values, it is not tied to any central bank or regulatory system.

Gala, as a usage area, is frequently used in buying/selling transactions in Cryptocurrency exchanges due to the change in prices. Apart from buying/selling transactions, Gala is seen by many users as an investment tool. They keep their Gala balances in their Gala Wallets.

Although Gala is not a physical equivalent, it is a currency and is also used as a means of payment. There are companies that receive payment with Gala in many parts of the world. In international trade, the fact that making payments with Gala is faster, reliable and cheaper makes Gala more attractive as a means of payment compared to real money.

Related posts

Top Remittance Corridors of the World

Akarsh Shekhar

Why You Should Be A Fan Of Fan Tokens

Akarsh Shekhar

The Nitty Gritty Of Ethereum Name Service (ENS)

Akarsh Shekhar

Leave a Comment