Important Terms for Play to Earn Gaming
Airdrop - An airdrop is a process in which early adopters of a game, platform, or technology are awarded tokens proportional to some type of metric. A few examples of metrics are the number of packs purchased, staked assets in another game, or being involved for a certain portion of time.
BNB - Binance Coin, is the native coin used on the Binance exchange. This coin was created as a way to exchange two cryptocurrencies on the Binance exchange. For example, users who hold Bitcoin and wish to purchase Genesis League Sports tokens (GLX) would be able to by trading Bitcoin for BNB and then BNB for GLX.
Burn - NFTs and cryptocurrency might be burned in certain situations. Burning removes the NFTs or tokens from the circulating supply and ensures they will never be returned to the circulating supply. Some items in the game will only be purchasable by burning tokens, or when you combine two NFTs, they will both be burned, and a new card will be minted.
Delegated Proof of Stake - The system is maintained by token holders where the proportion of tokens held is equal to the proportion of votes that member has in the system.
ETH - Ether is the native coin of the Ethereum blockchain. The coin was created for users to interact with the Ethereum blockchain.
Governance - Genesis League Sports will operate with a DAO that has governance. This means that each GLX token in the system will be counted as a singular vote if it is staked in the system. The users will vote on the governance of the system.
HIVE - The HIVE token is the native token of the Hive blockchain, where Genesis League Sports is run. This token provides utility.
Oracle - Oracles are software/people that provide information that allows smart contracts to resolve. For example, if there was a prediction market of the temperature being over a certain temperature on a date, time, and location, the oracle could provide that information.
Smart Contract - Smart contracts automatically execute once certain conditions that are written into the contract are met. For example, if two people enter into a contract where the funds will be released on the first of every month then that condition of the first of every month is written into the code and will happen automatically.
Staking - Owners of a cryptocurrency are able to effectively stake (deposit) their tokens with conditions. Conditions could be that there needs to be a minimum threshold, time to unstake (withdraw from staking balance), or staking tokens is one way to earn passive income with a token.
Utility Token - Tokens that have a specific purpose. For Genesis League Sports, the utility token will be GLUSD, and this token is aimed at being the in-game currency token.
Validator Node - A validator node holds a copy of the blockchain history and has the ability to validate new transactions on a blockchain.