KuCoin AMA With CoolMining — The First GameFi Project With NFTs Backed by Real Life Assets
Dear KuCoin Users,
Time: May 2, 2022, 10:00-11:00 (UTC)
CoolMining is an on-chain simulation game based on real-life hash power. There are many different gameplays. Players are able to participate as stakers, miners, and mining hosts to savor the joy of creation. All hash power in the game corresponds to real-life hashrate. Every player has a chance to earn BTC rewards in CoolMining.
Official Website: http://coolmining.io
Rictoshi — Chief Designer of CoolMining
Q&A from KuCoin
Q: Please kindly introduce yourself, your game, and your team to the KuCoin Community.
Rictoshi: Hi, I am Rictoshi, the Chief Designer of CoolMining. I have been actively investing in crypto since 2017 and have started my own mining business. Our team is a group of early BTC adopters with backgrounds in BTC mining, solidity development, and graphic design.
Sharing a common faith in Proof-of-Work and witnessing the evolution of DApps over the years, we are inspired to combine these two exciting innovations and create a decentralized game so that all individuals are able to participate in BTC mining.
CoolMining is an on-chain simulation game based on real-life hash power. All hashrate corresponds to real-world hashrate. It is the first GameFi project with NFTs backed by real-life assets. Players can participate as stakers, miners, and mining site owners to savor the joy of creation.
Q: Can you share more of your gameplay mechanism?
Rictoshi: So, in general, there are currently two ways to enjoy CoolMining after we officially launch the game.
1. Staking through a mining pool. Put CoolHash, the hashrate token, into the mining pool to“connect” to the BTC network and start earning BTC rewards.
2. Mining using miner NFTs. Players need to collect miner accessories first to customize miners. The miners help to accelerate mining by adding hashrate bonus, which will translate into higher BTC rewards for players.
All of our gaming mechanisms are realized on-chain through smart contracts. Our techs have been working so hard to achieve this. Also, just mention, our contracts have been audited by Certik.
Q: What is your tokenomics?
Rictoshi: As GameFi has blown our minds about games in the Crypto world since last year. We all know that GameFi is about P2E (Play-to-Earn). And players do care about the earning part!
To explain our tokenomics, there will be 2 tokens circulating in the CoolMining ecosystem, CoolHash, and CoolGas.
CoolHash, aka COOHA, is the hashrate token. 1 CoolHash = 0.01TH/s hashrate.
Players can use CoolHash to stake for BTC rewards or purchase mystery boxes and customize their miners. Also, it is the governance token for the CoolMining community. We'll be listening to our communities as we grow!
And for CoolGas, aka COOGA, is the utility token. Players need CoolGas to boot the miners. At the same time, players receive CoolGas as mining rewards besides BTC rewards. And just so you know, the CoolGas rewards might be worth more than the BTC rewards you receive.
Q: How do your NFT and Mystery Boxes work?
Rictoshi: I have to say NFTs are actually the coolest thing we've realized in the CoolMining world. We have two categories of NFTs in the ecosystem, which can be collected from our mystery boxes. So, the mystery boxes include CoolPart NFTs, which are essentially miner accessories that can be used to customize a miner.
There are two types of mystery boxes, Essential Hash Parts, and Elective Hash Parts. Essential Hash Parts contain only hash boards, while Elective Hash Parts include a control board, power supply unit, and cooling system.
Players would need at least one hash board and four non duplicated components, one from each type, to mint a miner(our unique NFTs customized by the parts). Each part has three levels of rarities and assigns different attributes to the miners.
At the same time, CoolMining is processing the Creative Miner Name Contest every week! Top 10 Creativity will get at most $200 in COOHA reward for the Top 1. For more details about the attributes, please check it out here.
Q: Where do the BTC rewards come from?
Rictoshi: We are using a real-world hashrate to back the hash power in our ecosystem. Along with some of our founding members, we have been running our own mining business since 2017.
And till now, the majority of our hashrate comes from industry-leading mining sites located in North America, Russia, and Central Asia.
As some of you may have noticed from our roadmap and docs. For Phase One, we have secured 100 PH/s hashrate to support the 10,000,000 CoolHash we distribute. This means that every 10 minutes, this real-world hashrate is generating BTC as block rewards, which will be distributed to players. And to ensure a stable and continuous BTC rewards delivery, we actually have excess hash power in reserve in case of extreme events.
Q: Can you list 1-3 killer features of CoolMining that makes it ahead of its competitors, if any? What is the competitive advantage your platform has that you feel most confident about?
Rictoshi: Well, we actually have more than 3 killer features! At a high level, these are some of our highlights:
1. All of our hashrate tokens and NFTs are backed by real-world hashrate.
2. Fully on-chain Gamefi mechanism.
3. We're distributing actual BTC Rewards.
4. Unique, customizable, and upgradable NFTs.
5. Organic ecosystem exploring decentralized mining by the community.
6. Realized first in-game NFT marketplace on KCC.
Q: What will your roadmap look like in 2022?
Rictoshi: Now, we have all our smart contracts audited and private beta testing in progress. We have officially launched the game by Aril and are currently developing the miner hosting gameplay, hopefully in Q2-Q3.
For CoolPart NFT holders, the good news for you is that CoolPart Market will be online in early May soon! Please stay tuned to our announcement and the official website.
Besides, we are considering deploying the game on other chains as well.
As the ecosystem grows, we are looking to partner with other major miners and add more hash power to CoolMining
Free-Ask from KuCoin Community
Q: Can you give an overview of your project tokenomics and the utility of your token?
Rictoshi: Players need to use COOHA to obtain and combine mining machine NFT accessories, while mining machine NFT needs COOGA to run and obtain COOGA mining income at the same time. With the upgrade and iteration of the later game, the application scenarios of COOHA and COOGA will be more abundant and jointly maintain the normal operation of the overall game economy.
Q: Will there be a burn mechanism for COOHA tokens?
Rictoshi: We will recycle these COOHA into one address and burn them termly. You will see updated documents on our official website soon!
Q: What's different about the CoolMining game in today's game market?
Rictoshi: A lot of new users are asking about this! I have to say: players in CoolMining could not only earn actual BTC rewards from staking COOHA and NFTs but also get COOGA as an extra reward compared to similar Cloud Minting projects!
Q: Can you share your social media links so we can keep ourselves updated?
Rictoshi: Social media is a vital way to reach our players! CoolMining is focusing on Discord now, and we have a lot of events with rewards there! Here is the link: https://discord.gg/coolmining
Besides, here are other social media links:
Hope to see you guys there! By the way, we are still recruiting mods from different languages. You can contact us on Discord!
Q: How can I buy your tokens right now? And which wallet supports your token?
KuCoin and CoolMining have prepared a total of 2,000 COOHA to give away to AMA participants.
1. Free-ask section: 75 COOHA
2. AMA activity: 1,925 COOHA
Quiz: 1,750 COOHA
Participation Rewards: 175 COOHA
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