Here at EtherChest we are always thinking of new ways to make participating in the Ecosystem rewarding and fun. NFTs and an Ecosystem currency allows our users to participate in staking ETH but what if there was more?
In the coming weeks we will be launching Guilds which will allow users to stake Gems and earn EC-Gold, our in-game currency. Yes, for those of you who don't know our eventual goal is to make EtherChest an Open World RPG who's economy is driven by Ethereum 2.0 validators!
We are very excited to introduce Guilds, the first manifestation of the EtherChest game!
Guilds come with staking rewards! When a user joins a guild by staking their gems In order to participate in Guilds there will be a few guidelines.
Once we launch guilds you will have the opportunity to create your own. To create a guild you must own at least 1 Diamond Gem. Once created, you will have the ability to name your guild, decide the type of the guild, update the guild badge and define staking minimums and staking period. To create a guild you will need to visit your dashboard inside of the EtherChest dAPP and click the Guilds tab.
You can destroy your guild only if the creator is the only member left and all other members have un-staked their gems from your guild.
To join a guild, simply visit our Guild page(coming soon) and find the guild of your choice. Read the requirements and click join! Once you are in the Guild you will need to stake the required gems to begin earning your rewards.
Your Gems always belong to you regardless of their status. You can unstake your gems at any point while being a member of a guild but it will take 1 full day for your Gem to become unstaked. Once it is, you can trade it like normal in our marketplace.
Absolutely! EtherChests strength comes from Ethereum 2.0 validators which reward gem users based on the type and number of gems a user owns. This does not change regardless of the gems status inside of the guild. You always earn Ducats as long as you own Gems. Staking your Gems gives you an extra bonus!
EC-Gold is our in-game currency. This means that you can use it inside of the game for purchasing, ore, weapons, armor and land etc.. EC-Golds value is based on market demand and are not redeemable from our Ecosystem for Gems, Ducats, Hive or Ethereum.
Yes, you can go to our marketplace or a 3rd party exchange and sell your EC-Gold to other users.
No, the price of items inside of the game is determined by users. EtherChest Ecosystem does not dictate the price of any of our in-game items. This will allow for competitive pricing!
Our mission is to use Blockchain Tech to its fullest capabilities and we look forward to being part of the Hive family! Thanks for reading and please give us a visit in our Discord for further explanation.
