Our Native Token - Play
4.1 Play Token’s Utilities
In addition to trading Play tokens with fiat money or cryptocurrencies on exchange when listed, the token is proposed to have a range of usage listed below and represent voting power in the governance of the PlayBlock Network ecosystem.
Upon the PlayBlock Network project’s future development, the Play tokens can be utilized in
Game Experience Enhancement
Play tokens can be used to purchase NFTs of game avatars, costumes and other items that enhance your gaming experience.
Play tokens can be staked and Players will be rewarded with interest rate paid in Play tokens.
Play tokens would serve as voting power in major decisions in PlayBlock Network project development when it has evolved into DAO including the alternation of prize pool’s distribution principles, new game development, the percentage yield of token staking and the timeline of Play tokens development.
Buyback for Burning
The core team will buy back certain amounts of Play tokens from Players and burn the tokens as a measure in our token economy to foster a sustainable growth of Play tokens’ value.
4.2 How to Earn Play Tokens
There are 4 ways for Players to earn Play tokens.
1. Players can log in the app and initiate 24-hour earning sessions. Token balance will be rewarded with the formula below,
0.8.P / hour (19.2 per day) when total registered Players are below 100,000.
0.4 P / hour (9.6. per day) when total registered Players have reached 100,000.
0.2 P / hour (4.8 per day) when total registered Players have reached 1 million.
0.1P / hour (2.4 per day) when total registered Players have reached 10 million.
0.05 P / hour (1.2 per day) when total registered Players have reached 100 million.
No more new supply when total registered Players have reached 1 billion or when all Players have earned a total of 35 billion or 10 years after the first Player has initiated the first earning session, whichever sooner.
2. Often the most effective way, Players can invite new users to join PlayBlock Network as new Players and join their team. The inviter (the one who sends out invitation) will receive a bonus earning rate of
25% x number of active Players in their team
Assume a Player ‘s earning rate is 0.4 P / hour, he has 50 Players in his team and 30 of them are now active, he will receive a bonus earning rate of 0.4 x 30 x 25% = 3 P / hour for the current earning session. Team size and bonus earning are uncapped.
3. Players can draw a loot box every 60 minutes (please refer to section 3), one of the potential rewards of a loot box is extra earning rate ranging from 10% - 100%.
4.3 Earning Play Tokens Does Not Mean Mining Cryptocurrency on Mobile Phones
Players use mobile phones to connect to our server for logging the tokens distribution. You are not contributing the computing power of your mobile phone to the blockchains. Hence, earning Play tokens will not drain your mobile phone’s battery and data.
4.4 Maximum Supply of Play Tokens
There are 100 billion tokens to be supplied which 35 billion would be distributed to Players as Launch Incentives & Distribution. Whenever a Player has earned and minted 1 Play token, another 1.857143 (65/35) Play tokens will be minted and distributed to the Staking Pool, Public Sales Pool, Foundation Reserve and Core Team so that it gives the following proportions,
Launch Incentives & Distribution: 35% (for Players to earn in daily sessions)
Staking Pool: 15% (for distributing staking interest)
Public Sales Pool: 15% (for managing liquidity)
Foundation Reserve: 20% (for project operation and future development)
Core Team: 15% (these will be locked for 4 years, distributed 1/4 every year)
There are possibilities that total circulation of Play tokens would be less than 100 billions when new supply is ceased upon total registered Players having reached 1 billion or 10 years after the project is launched.
4.5 Different Types of Token Balances
We have introduced 5 types of balances in our token economy. In short, KYC, locking and staking are the 3 key measures that we have adopted in our token economy for sustainable growth in Play token’s value.
Transferable Balance = Token balance earned from your own earning sessions if you have not passed KYC yet plus bonus balance earned from active Team Players who have already passed KYC Transferrable Balance means the amount of balance that can be readily transferred to Locked Balance once you have passed KYC. If you have not yet passed KYC and assume that you remain in active earning mode all time, you will grow your Transferrable Balance at the rate of 1.6 P / hour (0.8 to 0.1P / hour upon further rate halving) + 25% x number of active Team Players x your current rate
Unverified Balance = The 25% bonus token balance earned from active Team Players who have not yet passed KYC in your team. Assuming you remain in active earning mode all time, your Unverified Balance will grow at the rate of 25% x number of active & non-KYC-ed Players in your team x 1.6 P / hour (0.8 to 0.1P / hour upon further rate halving).
Locked Balance = Token balance earned from KYC-ed teammates and your own earning sessions when you have passed KYC. Locked Balance is pending to be released to your wallet after a12-month locking period (you may find details about locking in the next part). This means if you have passed KYC, you will grow your Locked Balance at 1.6 (before any rate halving) / hour + 25 x 1.6 (before any rate halving) x number of active KYC-ed Players in your team before the Locked Balance are converted as Wallet Balance before the 12-month locking period.
Wallet Balance = Token balance in your wallet that you can use and initiate P2P transfer. You can earn Wallet Balance if you have converted your USDP cash prize to Wallet Balance and converted your Locked Balance after the 12-month locking period.
Staked Balance = Your portion of Wallet Balance that you have staked with PlayBlock Network for a specific period in exchange of yield rate to be paid in Play tokens.
4.6 Locking Period for Play Tokens
When you have passed KYC, and some of your team players have also passed KYC, the corresponding portions of Play tokens earned from KYC-ed players will go to your Locked Balance if those parts of tokens are within the 12-month locking period. After a 12-month locking period, your Locked Balance will be converted to Wallet Balance that you can use, transfer and stake. The 12-month locking period is one of the key measures in our token economy for fostering a sustainable growth in Play’ token value.
Your date of registration will be the date in each month where your Locked Balance is converted to Wallet Balance. For example, if you have registered as a Player in PlayBlock Network on 15 January 2022, your Locked Balance earned in the month of January 2022 will be converted to Wallet Balance on 15 January 2023. YourLocked Balance earned in the month of February 2022 will be converted to Wallet Balance on 15 February 2023 and so on.
4.7 Staking Wallet Balance
Players have the option to stake your Wallet Balance with PlayBlock Network in exchange for a guaranteed yield rate of up to 250% APY, depending on the period of the staking program. Details of the staking programs will be announced in the project’s later stage.