A new partnership is promising to revolutionize the gaming tokens landscape this August. In order to face the new challenges brought on by technology and regulations the vibrant blockchain scene in Israel is beginning to intersect some of its biggest players. The idea is to combine expertise gathered in the different sectors. The “start-up nation” is once again a test platform for new partnerships.The best example of this new approach is the deal reached between Game Protocol, a gaming ecosystem built on the blockchain, and Bancor, the world’s largest decentralized solution for token conversions.Game Protocol offers a crowd funding platform where game developers issue in-game cryptocurrency tokens. This new platform challenges traditional fundraising mechanisms within the gaming industry by providing game developers with the tools needed to get funding directly from the community. This simplifies the process for game developers to raise funds via a token sale, through its smart contract generating mechanism. Once developers have sold the necessary stake of their own newly created game tokens to finance their vision, they can integrate the game protocol SDK (Software Development Kit) in their game, which connects the game directly to the Ethereum blockchain and to Bancor's liquidity network, meaning each game specific token is always backed by a Game Protocol token balance. Just this week Jonathan Swerdlow received the Best Innovation Award fo Game Protocol at the Blockchain Alternative Investment Conference, BAIConf. The conference, held in London, unites innovative blockchain companies from all over the world. The jury was composed by Scheglova-Goldfinch, Helen Disney, Ismail Malik,Toby Lewis and Veronica Mihai Das.The Bancor liquidity network provides Game Protocol the ability to guarantee instant liquidity for any game specific token, at any time. The Bancor Protocol is a standard for the creation of Smart Tokens, cryptocurrencies with built-in convertibility directly through their smart contracts. It utilizes an innovative token “connector” method to enable formulaic price calculation and continuous liquidity for all integrated tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive.Game Protocol will be advised by the Bancor team on related topics such as best practices in term of security, architecture, marketing and other aspects of running a successful blockchain operation. There is no better-suited company to give this kind of advice than Bancor.All the tokens issued by game developers on Game Protocol are utility tokens that are exchangeable for virtual goods, in-game content or other tokens. Through this new platform, players are able to pay directly in the game using their credit card, which exchanges into blockchain transactions, completely behind the scenes. Game Protocol intends to have a $30M USD token sale with the pre-sale starting on the 1st of August.
“I’m certain this is the beginning of a strong collaboration, as both platforms are aimed at further developing the blockchain ecosystem”, Game Protocol CEO, Jonathan Swerdlow, said about the deal.Bancor co-founder, Eyal Hertzog, added, “Game Protocol creators are industry pioneers. We are very excited about this use-case of the Bancor Protocol, and we will do our best to support the team as they expand liquidity for game creators and their users.”
These are exciting times in Israel. To convert tokens instantly, visit the Bancor Web App or join the Bancor Telegram group for more information.