Voxels is a cryptocurrency used by Voxelus, which is a platform to create, share and play virtual reality games and experiences. It is an open-source software where anyone can participate without having to know or write code.
VOX – What Is It And Where To Use It?
VOX is basically the internal cryptocurrency of Voxelus. The idea is to integrate the new Virtual Reality (VR) systems with the new blockchain technology elements. VOX will revolutionize cryptocurrency in a manner that it will not only be used as virtual currency inside games but a currency that can be used to buy and develop games as well.
Voxels is used in the Voxelus Marketplace. It is a place where users can buy 3D assets from all over the world. This marketplace is “an online curated 3D asset store” and the products available here are compatible with content on the Voxelus platform.
Voxelus allows users to expand their content library. By using Voxel coins, they can select and buy any 3D content on the platform. On payment, the content automatically belongs to the users and becomes available on ‘The Voxelus Creator’ when the users refresh his page.
How Voxels get their value?
Voxels get their value from their demand at Voxelus. However, these coins initially got their value through presale at a crowdfunding. Voxels have 210 million units available. Out of this, 15% of them were sold at a presale in November 2015. 1.2 million VOX were sold to private investors and the rest 15% were sold at crowdsale at $0.34 to $0.45. A total of $350,000 USD was raised at the presale. The rest of the 85% will be released for sale at Voxelus and Uphold.
One of the important aspects of Voxels is its renowned backing. Its backers and crowdfund buyers include Anthony Watson (the guy who rebranded BitReserve) and Halsey minor (that has various start-ups in many areas). This has certainly affected the value of Voxels.
However, unlike other cryptocurrencies, Voxels do not get their value from mining. This is because all Voxels are premined. “The coin still acts like a cryptocurrency with blocks that are 2.5 minutes apart and with a 30-minute difficulty retarget.” However, their mining is not advised because there are no block rewards. So, mining would eventually be a waste for miners. The vision of the company is to use Voxels as an asset-backed coin instead of conventional backing methods such as mining.
Initiatives by Voxelus
To expand the usage of Voxels and make Voxelus popular, the gaming company has taken various initiatives that will major incentives to invest in this platform.
Firstly and most importantly, Voxelus has announced to offer up to 33.3% equity of the company in exchange for their 31.5 million Voxelus on the market. And anyone can get a equity in this US-based company by simply sending Voxels to the company wallet (during the buyback period). This basically means that anyone sending 1,000,000 Voxels to the company will get 1% of its shares. This will certainly increase demand for Voxels. It also the first time that shares are given in exchange for the cryptocurrency.
Also, Voxelus has reduced the price of Voxels by 98% from its initial price offering. This is to increase demand for Voxels massively. The era of widespread use of crypto has finally begun, and this seems like the right time for the company to make use of it.
Voxelus has also provided various incentives to Virtual Reality enthusiasts to use its VR platform. The foundation has planned to grant V$1 million to developers in first years. It has also added various prizes to encourage participation, competition and innovation. Up to V$100,000 worth of prizes will be given for the development of non-entertainment applications. And up to V$50,000 grants will be given for blockchain social implementation and ideas.
Moreover, there will be an “Annual Developer and Content Creator Conference” held every year. These initiatives by Voxelus prove that Voxels is a very serious cryptocurrency, whose value will be backed by actual and substantial work.
Voxelus has also announced a partnership with the famous Flatpyramid.com. Flatpyramid.com is an online marketplace where 3D content can be bought and sold. This partnership will expand content availability on Voxelus. It would integrate 7000 VR assets of Flat Pyramids, such as graphics, images and 3D models with the platform. It would also widen content type to still and animated characters. This would make content readily available and accessible for consumers, especially those who want to immediately create custom VR worlds for multiplayer. This improvement of Voxelus will increase usage of the platform, and the value of its currency – Voxels will very likely rise.
To sum up why Voxels will be a good investment, in words of Michael Turpin (Transform PR of Voxelus), “The Voxel is a new breed of cryptocurrency: asset-backed, quickly convertible to and from other digital and fiat assets, fast transactions, highly secure and with no scaling issues.” From what it seems like, Voxels is an unconventional cryptocurrency, which is setting a new direction for the usages of virtual currencies.