CITIZEN FINANCE; STEPPING UP IN THE CRYPTOCURRENCY SPACE WITH GAME-FI
It is quite clear now that the traditional banking system has failed us in diverse ways; the bank charges and governmental processes that affect banking transactions. Meanwhile, on the other hand, the introduction of cryptocurrency and Game-Fi into the digital market has clearly shown that so much can be achieved with ease; without third parties needed or the hindrances caused by governmental policies. Cryptocurrency is a decentralized financial ( DE-FI) Network system that has no governmental overpower. While Game-Fi is a financial platform where players are real owners of their in-game assets, meaning that they possess the ability to wager it, exchange it, etc.
ABOUT CITIZEN FINANCE
Citizen Finance is a Game-Fi platform that is empowered by GitBook. In clear terms, it is an in-game property-reloaded platform that gives players total control of in-game assets. In-game property is a platform that has its foundation on the Blockchains' non-fungible coins. Wherewith players acquire gain for being active in the gaming platform and also wagering properties on the circulation stream. When a user possesses the total authority of in-game properties, he/ she can trade it, dash it out or even pledge it as security insurance.
Furthermore, Citizen Finance is a platform that strives to throw light on the Game-fi and what real possessing of in-game property is all about. Simultaneously linking the native gaming platform with the Blockchain. By so doing, the platform will empower players to become real proprietors of in-game properties. The basic human includes the right to own personal property and hence, Citizen Finance intends to take advantage of this and allows users to own properties bought with their monies. These properties may include real estate autos located inside our artificial environment case (like the in-game property).
The in-game rights include:
- Right to estate
- Right of power
- Right to resources
- Right of exception
- Right to get capital
Furthermore, the issues encountered in everyday video gaming companies include -> not acknowledging property rights in the in-game space. Usually, players are not sole owners of their in-game properties even if they bought them with the in-game token. Users could only use their assets In the corridors of the game utility space, this means users lack power over their property and hence can’t get funds from it or even spend it. But now, with the introduction of the blockchain tech, users are sole owners of in-game properties by utilizing the following concepts;
CONCEPT OF CITIZEN FINANCE
- Non-Fungible Tokens :
These are properties that have clear and distinctive characters which make them stand out. Non-fungible coins are used to make authentic digital scarcity including digital rights. They are called NFTs in short, and its special abilities rest on three reasons: firstly, its unique features, secondly, its rarity, and finally, its indivisibility. Comparing fungible tokens and non-fungible tokens, you will see that non-fungible tokens have distinctive characters infused into individual coins.
- Scarcity:
Non-fungible tokens are produced in little quantity hence it is scarce. Therefore, this concept makes it very valuable to own a token that is scarce.
- Indivisibility:
As compared with the fungible token, the NFTs can be spliced or divided into little units. Other coins can be spliced (e.g. BTC, etc). But the NFTs can only be acquired and exchanged as a single entity.
TOKEN INFORMATION
The non-fungible token has many areas of applications depending on the business category. However, it is mainly used to show arts and in-game properties and to represent industry shares, notes, real estates, etc. Citizen Finance is a Game-Fi protocol and it operates on the BSC (Binance Smart Chain) platform. Users can pull out their idle coins and wager them in decentralized streams to get CIFI tokens. This will cause steady pulling out of town which will invariably result in easy liquidity of the token. Also, minting of the NFTs is done on ERC1155.
SUMMARY
This platform is indeed a game-changer in the Blockchain space, and it is a great innovation for every game enthusiast. You can learn more from the links below.
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Written by Chris Barth
