Dogecoin may be a lighthearted joke, but it's no laughing matter when your money is involved. Jim Cramer – host of “Mad Money” on CNBC – recently claimed that Dogecoin is security eventually regulated. Is Doge A Security? Cramer issued a warning about the meme coin in a tweet on Thursday. Were the SEC to agree with his assessment, he suspects exchanges will come under fire for making money from newly “created” Dogecoin. “Please be careful with Dogecoin...It is a…
Binamon is a crypto network introduced as a metaverse hosting digital monsters called Binamons. Binamons are 3-D NFT assets that appear as digital monsters used by gamers and are playable within the Binamon ecosystem.
These NFT-assets will possess unique features to help millions of gamers and creative industry enthusiasts interact effortlessly with the blockchain and NFT gaming. Binamon leverages the power of blockchain and smart contracts to offer excellent services with the best most advanced features.
How Does It Work?
The Binamon network has two primary assets: the $BMON ERC-20 token and ERC-721 NFTs. During the minting of the ERC-721 Binamon NFTs, the ERC-20 tokens are passed through the smart contract dubbed booster. This booster contracts in every round release 3 Binamons, each possessing unique powers, and features.
For instance, the examples of Binamons that could be released in a single round include Aragon dragon, Syron Hypogryfo, Galadriel Unicorn, each with unique specifications and appearance. In addition, there are scan codes provided to help in linking the assets to other devices.
Another question that investors should get answers to is, how will Binamons make money? Binamons will possess four primary characteristics: element, attack, class, and horn power (resistance).
Binamon network has created a tough environment so that gamers have to work to add more attributes to their Binamons. For investors to strengthen their Binamons with these attributes, they ought to use $BMON tokens in their possession. The cost of generating the most potent Binamon with the best features is approximately $1 million currently.
The $BMON token
The Binamon network has its native utility token $BMON, helping run the different services in the network. Primarily, this token helps in the creation of any Binamons. Other services provided using $BMON include;
- Buying and selling new tokens
- NFT staking and earning rewards in $BMON
- Community governance
- Battling for incomes
- Payment of entry fees and receipt of rewards
- Use the tokens to buy Binamons in market
- Exchanging in-game assets
Binamon institutes a deflationary mechanism to protect the assets from losing value. All tokens(100%) used in minting new Binamons through the Booster smart contract are subject to burning. In battle modes, the platform will burn 0.1% of the tokens used. 100% of multiplayer fees will also be burnt, while 10% of those collected in tournaments are subject to burning. Binamon will also burn some percentage of the amounts of tokens used in lottery systems.
Binamon implants a new staking option in a mission to help investors maximize their passive income. The users can easily stake the Binamons they have in the network and earn $BMON tokens in return. In crypto staking, users’ earnings depend on the length and value of the stake.
In Binamon staking, the value of rewards is directly proportional to the rarity of the asset. For instance, if the Binamon is super rare, the owners will earn the highest staking rewards; if the Binamons are common, then the user will earn lower rewards.
The Mobile Application
Binamon.org has an excellent mobile application to help in delivering services in a highly convenient way. Foremost, this application has a wallet helping hold the assets of its users. Using the wallet section of the application, the investors will buy, sell and exchange Binamons easily and showcase their collections publicly.
The application also has a peer-to-peer exchange option, where users can exchange their Binamons with the community members. By allowing P2P exchanges, this application will ease the process of trading the Binamons over time.
Another vital application of this mobile tool is monitoring your performance. For instance, as an investor, you can check the balances and staking rewards in your account. The mobile application is designed to offer utter simplicity and convenience in service provision.
Based on The BSC
Binamon is based on the Binance smart chain, an excellently performing smart chain. Currently, the Ethereum smart chain is the top smart contract service provider in the crypto world. However, it has an increasing number of issues, including super high gases and scalability.
The BSC implants a top scalable system, offering scalable transactions at friendly costs. Therefore, by leveraging the BSC, investors in Binamon will pay relatively lower fees, with transactions taking shorter and the project supporting many investors concurrently.
The Binamon network provides a vast array of options, including a Binamon multiplayer game. Only $BMON token holders will play this Multiplayer game since every economic activity relating to the game is powered by the token.
Usually, games boost efficiency by offering in-game assets. In Binamon’s multiplayer game, players will have the freedom to make in-game assets, strengthening the Binamons. Accordingly, the multiplayer game leverages the powers of the unreal engine technologies, thus ensuring all the games will be provided at the best quality.
Binamon.org also institutes a market where the players can sell their readily created assets. Moreover, there will be a trading zone for content creators and players to exchange and trade assets.
Another way of earning income in the Binamon network is by leveraging the Battle mode. This tool allows community members to interact and battle peer to peer. Foremost, the players must risk (bet) some $BMON tokens, with the winner earning the full amounts.
Since the battle mode is like a bet, the odds of a Binamon winning will be considered when fighting and rewards. Since almost all odds are against the weaker Binamon, incentives will be greater than the ones used by the powerful ones if it wins.
A small percentage of the tokens will be burnt after every battle mode challenge to protect the reliability of the $BMON token.
Binamon institutes community governance policies to protect the network. For instance, $BMON holders will vote in decision-making that will help steer Binamon to greater heights. Among the issues to vote on will include;
- Choosing NFT designs
- Adding new features to the game
- Solving other problems surrounding the network
Physical Binamon NFT
Unlike many platforms, the Binamon ecosystems introduce the option of bringing physical Binamons to users. There will be a special smart contract which will help in providing this option. The only requirement is paying with $BMON and proving their ownership via smart contracts created purposefully for that.
After looking into the Binamon network, it’s clear that this platform aims to be the top functional gaming NFT network in the crypto space. Therefore, it introduces new features currently unavailable in the crypto world, including the provision of physical NFT assets. In addition, Binamon provides a top game that leverages Unreal engine 3D graphics; therefore, gamers will enjoy playing a top-quality game and earning concurrently.
There are staking options for the Binamons, battle mode, multiplayer options, and a mobile application, all created for utter reliability. Even more, the platform has the $BMON token, which helps in service provision. The platform’s presale is starting Monday, aiming to raise 2500 BNB. Investors can participate in the presale round to invest in the future of gaming.
Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Furthermore, Crypto Adventure does not endorse any crypto projects cryptocurrencies listed, mentioned, or linked to on our site. Trading cryptocurencies is a highly risky activity that can lead to major losses. You should consult your financial advisor before making any decision. Learn More