CoolMining AMA(2022.2.21)
CoolMining was officially launched as the first IDO project in MojitoSwap on February 21, 2022 UTC time, and AMA was held on the same day in the “達人社區” community. CoolMining chief Designer Rictoshi was invited to participate in AMA. And the CoolMining game mechanism and the project itself are introduced in detail, so that the community users have a deep understanding of CoolMining, community AMA details are as follows:
Q: Please introduce yourself first.
R: I am Rictoshi, it’s a great honor to be here and I’ll be representing our team to share some exciting info about the project and answer your questions.I’m the chief designer of CoolMining.I have been actively investing in crypto since 2017 and started my own mining business later on.Our team are a group of early BTC adopters with backgrounds in BTC mining, solidity development and graphic design.We share a common belief in proof-of-work, and having watched Dapps grow over the years, we were inspired to combine these two exciting innovations to create a decentralized game where everyone can participate in BTC mining .
Q: What is the gameplay and mechanism?
R:By design, there are currently two ways to enjoy CoolMining. Staking through mining pool. Put CoolHash, the hashrate token, into the mining pool to ‘connect’ to the BTC network and start earning BTC rewards. Mining using miner NFTs. Players need to collect miner accessories first to customise miners. The miners help to accelerate mining by adding hashrate bonus, which will translate into higher BTC rewards for players. And the miner NFTs are our most exciting innovation in this game! And thanks to the great efforts made by our tech team,all of our gaming mechanism is realised on-chain through smart contracts that are audited by Certik.
Q: What are the utilities of your mystery boxes and NFTs?
R: Alright, I hope all of you here are already gamefi lovers! Our mystery boxes includes CoolPart NFTs, which are essentially miner accessories that can be used to customise a miner. There are two type of mystery boxes, Essential Hash Parts and Elective Hash Parts. Essential Hash Parts contain only hash boards while Elective Hash Parts include control board, power supply unit and cooling system. Just like the real Mining equipment! Players would need at least one hash board and at most four non-duplicated components, one from each type to mint a miner. Each part has three level of rarities and assigns different attributes to the miners.
Q: Why can you give out BTC rewards? Where does it come from?
R: Great question! This is most frequently asked question in our community!So at a high level: We are using real world hashrate to back the hash power in our ecosystem. So as indicated in our roadmap, for Phase one, we have secured 100 PH/s hashrate to support the 10,000,000 CoolHash we distribute.Every 10 minutes, these real world hashrate are generating BTC as block rewards, which will be distributed to players.To ensure a stable and continuous BTC rewards delivery,we actually have excess hash power in reserve in case of extreme events.
Q: Can you share more of your tokenomics ?
R: Sure, tokenomics is the important thing in a Gamefi or P2E model. It took us a lot of time to study and come up with our own tokenomics model. There will be 2 tokens circulating in the ecosystem, CoolHash and CoolGas. CoolHash, aka COOHA, is the hashrate token. 1 CoolHash = 0.01TH/s hashrate. Players can use CoolHash to stake for BTC rewards or purchase mystery boxes and customise their own miners. Also, as we really consider our community as one of the foundations of CoolMining. COOHA will be the governance token for the CoolMining community. CoolGas, aka COOGA, is the utility token. Players need CoolGas to boot the miners. At the same time, players receive CoolGas as mining rewards besides BTC rewards.
Q: What will your roadmap look like in 2022?
R: We’re revealed our roadmap on both our website and our official communities. Now we have all our smart contracts audited and private beta testing in progress. We plan to officially launch the game by late Feb or early Mar. We’ll make sure everything is ready when we launch. And we are currently developing the miner hosting gameplay, hopefully in Q2. Besides, we are considering deploy the game on other chains as well. As the ecosystem grows, we are looking to partner with other major miners and add more hash power into CoolMining.
Q: Why did you choose to deploy on KCC and why launch on?
R: First of all, our team has been working very closely with the KuCoin Pool, great partner! Besides, as we can see, with Axie running on Ronin, Farmers World on Wax, DeFi Kingdom on Harmony, all of which to ensure a smooth gaming experience with negligible transaction fees, we agree with this experience-first thesis and consider KCC a decent chain to deploy. And apart from the low fees, KCC has the infrastructures established such as the DEX and the launchpad. I think we’re doing well on the launchpad event today. And we really love the idea of community chain, which represents the spirit of the decentralisation.
Q: Compared with some blockchain games that appeared last year, what innovations does CoolMining have?
R: Unlike any other gamefi projects, CoolMining is the first gamefi project with real world asset as back. All in-game hashrate corresponds to real world hash power. Besides, CoolMining is the only gamefi that rewards players with actual BTC. Additionally, we’ve invented the customised NFTs, which is a great innovation in the NFT world. We believe this is the future.
Q: What are your expectations for GameFi’s development this year?
R: There are many exciting gamefi projects that are under-development right now. Especially with last year’s boom. For this year, I think the play-to-earn narrative will continue to drive the innovation of gamefi. The market will keep scaling as more gamers are joining the gamefi world. This is great and we’re ready to welcome them!
Q: Where to trade the NFT and what are the benefits if I hold it for long term?
R: As we’re working on the development of the product. We realised that KCC actually don’t have a NFT marketplace yet. But thanks to our tech team. We managed to develop an in-game NFT Marketplace. The Marketplace will be live as we launch the game. Our CoolHash is backed by real world hashrate and you can earn BTC rewards as long as your are staking.The rewards come directly from the bitcoin network mining. That is to say, as long as the BTC never stops, CoolHash does not stop!! So, if you believe in Bitcoin, just stick with CoolHash!
Q: Can BTC be directly converted into tokens in games or platforms?
R: So we are receiving BTC from the bitcoin network or from the mining pools like Kucoin pool. However, to distribute BTC on KCC.We’re actually using Kucoin exchange to transfer the BTCs to the pegged BTC on KCC, it’ll be BTCK as I remember. You can trade BTCK on dexes like Mojitoswap to swap for COOHA or you can just send it to Kucoin can get the real BTC.
Q: Will the achievement system be considered to motivate players?
R: Keeping users’ stickiness is also the key to the sustainability of a game. So normally achievement system is very important for a game. Firstly, I with our team are working on it through some community campaigns. For the early stakers, we’re working on a community event to reward the early adopters. And we do have some requirements. (kinda like an achievement) Also, as players are getting their Miner NFTs. We’re currently building a miner leader board for players to show their unique miners.
