![]() This can span over a very short period of time (e.g. They are put up for sale all at once and users just need to be fast to get a hold of them on a first-come-first-serve basis. Most, if not all, of the existing NFTs are premined. However, unlike premined NFTs, when there are more GEM demands from adventurers or higher hashing power, the total GEM supply can reflect accordingly. Together with exponential increase in difficulty after each mining, the GEM’s mining rate will eventually take longer and longer to find a new one. At the start, the computation power can be relatively low. ![]() This PoW design enables 3 key features to GEMs: In summary, you can think of Provably Rare Gems as a smart contract that implements the PoW requirements on the contract itself, in which this contract is deployed on Ethereum blockchain. Each time a GEM is mined, the GEM’s difficulty will increase exponentially, making the next mining more difficult. The higher the difficulty, the longer it may take to find a solution. ![]() Precisely, each GEM maintains its own difficulty, which reflects the expected number of hashes from random salt required to compute in order to satisfy the PoW requirement. The smaller the output number, the higher the chance of success. Once the mining starts, mining a GEM requires the miner to find a salt that together with the GEM type hashes to a small number, similar to how Bitcoin and Ethereum’s Proof-of-Work operates. Applying a Proof-of-Work (PoW) concept, GEMs are mined with off chain proof-of-work, ensuring provable rarity and fair distribution while also allowing more GEMs to be discovered indefinitely as global demand grows (though it becomes exponentially harder over time to discover new GEMs).Īnyone can mine these GEMs (see the section below for how to mine these GEMs). Provably Rare Gems are ERC-1155 tokens for gemstones for use in the metaverse. Provably Rare Gems: Proof-of-Work concept x GEMs in the metaverse However, to make an item “rare” on-chain is not as trivial, and this is one groundbreaking feature of GEMs: provable rarity. ![]() In the traditional gaming industry, the concept of “rare” loot can be as simple as implementing a fixed percentage chance for drops. The more rare the gems, the more powerful the boost effects. These gems introduce a concept of rarity to MMORPG. For hardcore adventurers, gem is a necessary component to significantly boost your gears and enhance their abilities, making these items much more unique and powerful. that can be equipped to enhance the character’s stats to fight monsters in PvE or other players in PvP. Typically in MMORPG, there are fundamental items such as weapons, armors, boots, accessories, etc. We see the metaverse evolving in a similar progression that MMORPGs had evolved in the traditional gaming industry, but in a decentralized and transparent way. Rethinking the gaming industry & the next progression of the metaverse See the relevant section below for how Loot and Bloot communities can claim these GEMs without having to mine.īefore we go into Provably Rare Gems, let us dive into what our views are in relation to the gaming industry and how we see the next progression of the metaverse evolving into. ![]() For the last couple of days, we had been working with swit.eth to fine-tune this idea and prepare to launch this product together as an experiment and a pathway for Alpha Finance Lab to enter the metaverse.Īt launch, we introduce Loot GEMs and Bloot GEMs. The idea really challenges you to rethink about the nature of assets on-chain and the extended use case of blockchain technology in the NFTs and the metaverse. Over the weekend, swit.eth proposed Provably Rare Gems on the Alpha Forum, which we found the idea to be very groundbreaking. Alpha Finance Lab is launching Provably Rare Gems, in short GEMs, in collaboration with swit.eth, the original thinker and builder of GEMs. ![]()
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