Cryptocurrency

ICO Progress Report: Tapcoin ICO Was Successfully Completed

The global gaming industry is undoubtedly one of the highest grossing industries in the entertainment sector. Just in 2017, the industry pulled in a total revenue of $99 billion, a figure that is expected to rise by at least 20% to $118 billion. A study shows that in one week, human beings across the globe dedicate at least a total of 3 billion hours to gaming.

Unsurprisingly, we all know someone who spends or at least brags about spending countless hours playing video games either via the game console, on a PC or smartphone. Accordingly, the gaming technology is constantly remodeled and updated with new game designs to include new trends in pop culture like feature films, comics, etc. and to improve the overall user experience. Recently, classes focused on the study of gaming – creating, marketing and funding are being introduced to the college course curriculum. Undeniably, it seems like a new world is being developed around gaming right before us.

Because in this digital age monetizing assets has a great appeal, several game developers introduced an in-game digital currency that players can buy with fiat currency. These in-game money could be used to unlock resources within the gaming platform. However, they can only be used within the game as they have no real life value. Until recently, one of the least explored aspects of gaming was a payment system for gamers seeing as lots of people only play games for fun. What if people could make money from playing games? What if this in-game currency could be redeemed as fiat currency? What if gamers could earn money while playing games? It is to address these issues that the Tap project was founded.

Tap Project

The Tap project or TTT jointly co-founded by Haniff Knight and Hugh Knight is a blockchain based decentralized and transferable in-game currency that can be used across multiple gaming platforms. The primary goal of Tap project is to develop a single, unified in-game currency that can be decentralized as a general currency for every game across the globe and can be converted to digital currency and fiat currency. This decentralized currency developed by TTT to power all gaming platforms is called Tap coins.

Tap Coins

Tap coins is an ERC-20 token based on the Ethereum blockchain. It is imperative to note that, tap coin was not invented to replace solitary in-game currency, rather, in-game earned premium currency can be converted to tap coin which will serve as a channel through which this in-game money can be converted to fiat money. Essentially, TTT’s Tap coin is a multi-game currency management platform. This Ethereum based cryptocurrency can be used across all gaming devices – consoles, PCs, mobile phones etc. The Tap coin allows gamers keep track of all their digital token earnings across all games on a single coin.

ICO update on Tap coin

The Tapproject team have recentlt completed their ICO for the Tapcoin. ICO – Initial Coin Offering is a crowdfunding tool used to raise funds for crypto cryptocurrency based projects in its early stages that require capital to further develop the platform. In the ICO of TTT’s tap coin, investors and contributors donated money – fiat money and digital money (Ethereum and Bitcoin) in exchange for tap coins which are sold in the form of ‘tokens.’

The tap project ICO was initially set to run from July 30th to the 27th of August 2017. However, the token sale was rescheduled to the 5th of November through the 5th of December of 2017.

A total amount of 1.5 billion tokens were created with a 50% supply of 750 million tokens available for the ICO. 140 million tokens were offered for sale in the pre-token sale for big investors while the remaining 610 tokens were issued in the public ICO with a sale out of 10,000TTT per 1ETH. The remaining 50% of the total token supply was distributed thus; 30% – Tap Project Foundation, 10% – TAP development team, 8% – TAP legacy investors,  2% – TAP participant rewards.

A maximum amount of $8.2 million dollars and a total cap of 75,000 ETH was expected to be raised. If the crowdfunding could not raise the minimum threshold of $500,000 at the end of the 28 day period, then the ICO would be deemed a failure, and all contributions returned to investors. With a total of 570 transactions that generated about $17 million and over 1200 ETH, the crowd sale was a success at the end of the ICO. Tokens that were not sold during the ICO were transferred to the Tap reserve system to expedite the payment system. The money realised from the ICO was distributed thus; 35%- Tap Team, 25% – Marketing/Business development, 15% – Technological Expansion, 10% – Business Unification, 10% – Business operations, 5% – Contingency.

Conclusion

The Tap Project team consisting of game developers, gamers, and FinTech analyst bring a layer of innovation to the platform by giving gamers the opportunity to monetize their gaming. As such, In-game earnings irrespective of the gaming platform can now be exchanged for fiat money or other cryptocurrencies via Tap Coins. Like the slogan declares, tap project is “Fuelled by gamers, inspired by the community, disruptive to all.”

To stay up to date with the latest latest information about Tapcoin, please visit the website – https://www.tapproject.net/

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