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GALA is a utility token on the Ethereum blockchain that functions as a play-to-earn cryptocurrency within the Gala Games ecosystem. Users can leverage GALA to purchase non-fungible tokens (NFTs) in the Gala Shop, influence network decisions, or secure rewards.
Launched in 2019 by Eric Schiermeyer, one of the co-founders of Zynga, GALA aims to redefine the gaming world by giving players more control over their in-game assets. At its core, GALA operates on a blockchain, much like Bitcoin, but its purpose extends into decentralised gaming.
The GALA token serves as the primary medium of exchange within the Gala Games platform. In this network, players can own, trade, and utilise their in-game items across various games.
GALA's consensus mechanism differs from Bitcoin's Proof-of-Work, employing a unique node system. Players can operate nodes, which are instrumental in securing the network, and in return, they are rewarded with GALA tokens. This node system ensures that the power remains distributed among its community, decentralising the ecosystem.
With a finite supply of over 27 billion tokens, GALA aims to prevent inflationary pressures, although its release schedule is not as strictly defined as Bitcoin's. As the Gala Games platform grows, the demand for GALA is expected to rise, potentially increasing its value and utility within the gaming world.
It's worth noting that GALA is a versatile token used not only for in-game transactions but also as a governance token. It allows holders to influence the development and direction of the platform, which places power in the hands of the community, aligning with the ethos of decentralisation.
In essence, GALA is a gateway to a new era of gaming where players have unprecedented control and ownership over their digital experiences. $GALA(v2) is listed on CoinJar as GALA and replaced the GALA token in 2023.
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