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Today to start this new project of the Astral Design blog, we have started with the idea of participating in the Gourmet Galaxy initiative, analyzing this case and this new project, the services it offers and its particular characteristics based on a whole galactic universe.
When reviewing the Gourmet Galaxy website, it is presented as a project that achieves the effective union between the NFT service, Yield Farming, and Gamification, in addition it offers four types of services that complement each other and give shape to an ecosystem under construction: GUM Swap, GUM Farming, Galaxy Markets and NTFs Universe. Given this, it is important for us to evaluate each feature and service that represents the Gourmet Galaxy project in detail.
The first thing that stands out Gourmet Galaxy is that it is a project with NFTs, a trend that is growing every day giving greater value to the blockchain world, these tokens of Gourmet Galaxy represent a unique and non-exchangeable value, and this particular feature manage to make them positioned as a collectible token and store of greater value, in addition the NFTs function as a certificate of ownership.
The fungible tokens are all those that are used to perform operations, as a means of exchange and as a substitute for more traditional currencies, with a defined and clear value between them, i.e. 1 BTC can be exchanged for 1 BTC. Unlike this, NFTs have a unique, specific, rare and scarce code, there is only 1 NFT of its kind, being also indivisible, and therefore it must be traded in full, i.e. 1 NFT cannot be directly exchangeable for another similar NFT or divided to perform a transaction.
The reason why this type of tokens are so revolutionary and unique is because they have made it possible to define a user’s ownership of collectible items such as art pieces, sporting goods, or a video game asset. For this reason, Gourmet Galaxy introduces this term to its list of services and features.
Another feature of Gourmet Galaxy is that it is a project based on Yield Farming, which refers to the process by which tokens are productively used as a source of short, medium or long term returns. Thanks to Yield Farming, investors can have a regular and constant yield, in a more secure way.
In the cases of Yield Farming, there are no rigorous intermediaries that work to make the service more expensive, but it is done through smart contracts that certify the lending and fulfillment process between one party and the other. However, there have been important hacks that affect the stability of Yield Farming’s smart contracts, and GUM Farming certifies through an external audit the improvement of the security system in comparison with other Yield Farming services, optimizing its operation and providing greater security in its service.
The blockchain gaming format represents a new change in the international business world, opening the way to a reality where players can also create their income fund while doing fun activities in front of their computer screen or smartphone.
There have been several flaws within this gaming world that Gourmet Galaxy with its blockchain network wants to overcome and improve. An example of this is the centralism and total control of private companies over user accounts, being authoritarian networks without transparency and security over their system, causing major malfunctions and the closure of accounts to users.
As mentioned above, one of the star services to be offered by Gourmet Galaxy is the GUM Swap, a model inspired by Uniswap and Sushiwap, which is an exchange model with transparent and immutable liquidity protocol that will give space not only to USDT-GUM transactions but also to other tokens such as ETH or DOT, with aspirations to expand this list in the future.
This service plans to be introduced in the first quarter of 2021, and aims to overcome all the problems or bugs of other exchange systems. It will also adapt to the needs and the entire ecosystem that Gourmet Galaxy is starting to develop.
Like the GUM Swap service, this service will be available to users in the first quarter of 2021. For the GUM Farm 9,950,000 GUM tokens are available, which have a private sale value at $0.10. It is also important to note that it will have a total of 6500 daily blocks with an individual value of 1GUM (0.10)/block.
This service seems to me the most interesting of all as it is supported by the NFT feature and the gaming service. This space is the one destined to the use of the particular NFT tokens to achieve the creation of planets in this conceptual platform.
Among the descriptions of this token highlights that it is of ERC-20 type founded on the secure and reliable Ethereum network but with aspirations to migrate to the fast Polkadot network, having a total supply of 20,000,000 with a hard cap of $550,000, an initial supply of 13.125% and a pre-sale value of $0.10 per GUM. This token will also have dual meaning: utility and governance.
A utility token represents a cryptoasset capable of being employed as a form of payment and exchange between agents, and which can be used for multiple negotiations in the blockchain world. These tokens are dynamic and easy to exchange.
While a governance token is nothing more than a token that offers different attributes, qualities and rights over a project to whoever holds it, i.e. the owner of a governance token can be empowered to make changes, improvements, provide an impact within a project with decisions that directly impact the governance of the chain. Governance tokens represent an example of the democratization existing in the blockchain world.
Based on all of the above, we can see how Gourmet Galaxy begins to build a complete universe that offers different investment opportunities. Characterized by being a model that from its beginnings marches with safe and firm step offering a wide catalog of possibilities for blockchain networks.
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