Interview with IndiGG (subDAO of YGG) & What’s New with Tezos?
In This Issue
- The team from IndiGG gives us a behind the scenes look at their new India based subDAO of YGG
- Matt has a report for you on Tezos
Premium members also get the following:
- My latest portfolio updates
- Rekt Capital has the latest technical analysis for you on the market.
- Rebecca has all of the latest news for you.
- Upcoming NFT drops
- Defi Dad has a tutorial for you on how to earn up to 15% APR with stablecoins on Fantom’s Solidex.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca breaks down this week’s trending coins.
- Jesse has a deep dive for you on Efinity.
And much more!
IndiGG Inverview
For anyone not familiar, what is IndiGG?
IndiGG is a subDAO of YGG and being built in association with Polygon to create a web3 gaming hub in India. Our focus is to grow the web3 gaming sector in India and across the world both in terms of consumers as well as web3 game developers.
So, you are a subDAO of YGG, what the heck does that mean?
A subDAO is akin to a specialized, miniature economy that interacts with a larger, all-inclusive economy, which is the DAO itself. Each YGG subDAO is customized to focus on the specific activities and assets of a particular game. In that sense, IndiGG focuses their efforts towards growing the Indian web3 gaming space.
What do you do to help players enter crypto gaming?
We lend NFTs to players who want to play the new web3 enabled games that are coming to the market. This “lending” of NFTs is generally called Scholarships. The players can then keep a major portion of the earnings they receive from playing the game, such as cryptocurrencies, and the rest goes to the Guild & their managers.
Apart from that, we also train our community members to understand how these new games work, what they’re about and how they’re different from traditional games they might have already played.
Our role is to facilitate new players joining the web3 gaming space and doing whatever we can to make their lives easier in this new frontier of gaming. We achieve this by lending NFTs, giving them perks in particular games or education & awareness around the games that they want to play.
What does your token do?
We have an entire article dedicated to our token $INDI, why don’t you guys take a look 🙂
https://indigg.substack.com/p/introducing-indiggs-token-indi
Why are you focusing on the Indian market?
India has the largest youth population outside of China. There’s about 400 million gamers here and that’s honestly just the start. Gaming is far away from hitting saturation point in the country and there’s currently a hyper growth phase going on due to the recent pandemic and also because of the availability of cheap & fast internet. Games such as PUBG & Free Fire have taken the country by storm given that most Android phones can play these games right out of the box.
Given all these reasons, we at IndiGG believe India is a good fit to become a hub for web3 and web2 gaming in the world and we would therefore like to make it happen.
What games are you working with?
We are currently working with several partnered games since we want to provide our community members with options to select from different kind of games available in the market.
An average gamer tends to play several games over the course of their life and given we are targeting such a wide market, we believe a multi game approach is the right one for our community.
Some of the games we are currently working with that are live:
- Skyweaver
- Axie Infinity
- Cyball
- Fancy Birds
- Pegaxy
We have also announced partnerships with a few games that have yet to be released:
- Sipher.xyz
- Genopets
- Avarik Saga
- League of Kingdoms
- & more.
If you want to know which games we’re partnering with, please follow our substack where we officially announce all our partnerships as they happen – https://indigg.substack.com/
Who are your biggest investors and how will they help you succeed?
We managed to raise about $6 million in our seed round led by VCs such as Sequoia Capital India, Lightspeed Venture Partners, Variant Fund, Play Ventures Dune Ventures,Jump Capital, Griffin Gaming Partners, Transcend Fund, Animoca Brands, Scopely, Backed and Sfermion, IVC, Emfarsis and more.
You can read more about it here – https://indigg.substack.com/p/indigg-secures-6m-in-funding-from
What comes next for Indi GG?
Our current efforts are focused towards growing the consumer & development side of things when it comes to web3 gaming in & around India. For consumer growth, we’re looking at rapidly scaling up our scholarship offerings so we can bring thousands of gamers in India into the world of web3 games and for web3 game development growth in India, we’re focusing our efforts towards working with key partners to develop the ecosystem & ensure that India doesn’t just remain a consumer hub for web3 gaming but also becomes a development hub for the same.
All About Tezos by Matt
Tezos is a public, open-source, proof-of-stake blockchain which offers low power consumption and energy efficient consensus. The protocol incorporates a rare feature known as a self-amending governance system. This feature allows continuous improvements to the protocol while preserving the integrity of the consensus and eliminating the need for future hard forks. Tezos describes itself as ‘smart money’, stressing that it is first and foremost a currency.
Tezos was created by husband-and-wife team, Arthur and Kathleen Breitman. The protocol was first proposed back in 2014 and the Tezos Foundation was formed in 2017 to support the activities of the network and issue grants to developers and projects. The foundation raised $232 million in Bitcoin and Ethereum, which at the time was one of the largest ICOs ever staged.
Arthur Breitman considered the main weaknesses of blockchains such as Bitcoin and Ethereum and wanted to address them;
- Their ‘hard forks’ were highly complex and risky processes when updating blockchains by splitting them into two.
- The use of a proof-of-work consensus requires the consumption of a large amount of energy through mining.
- The lack of code verifiability of the main smart-contracts low-level languages, reducing trust in the reliability of the code.
His goal with Tezos was to keep the best parts from these early blockchains while looking to overcome some of the shortcomings that he perceived.
The early years of the protocol were plagued with issues. The Breitmans and Johann Gever, founder of the Tezos Foundation, publicly feuded over control of the project and this led to lengthy delays in the deployment of the protocol and the issuance of investor tokens. Consequently, investors initiated a series of lawsuits alleging the sale of unauthorized securities. The Tezos mainnet went live in September, 2018 and the founders settled the lawsuits with the Tezos Foundation in 2020 with a payment of $25 million.
<h3 id="what-makes-tezos-different?“>What makes Tezos Different?Compared to earlier blockchains such as Bitcoin and Ethereum, Tezos stands apart due to 3 main characteristics.
- Self-amending on-chain governance, designed to evolve and update itself, avoiding hard forks. The protocol can be amended when upgrade proposals receive a favorable vote from the community.
- LPoS (Liquid Proof-of Stake) consensus mechanism which consumes far less energy to produce blocks and keep the network secure. Approximately 370 active validators (referred to as Bakers) are currently producing Tezos blocks.
- Smart contracts can be written with ‘Michelson’ language, facilitating formal verification.
Tezos uses the token standard FA2 (Financial Application 2). This standard supports a wide range of token types:
- fungible (equivalent to ERC-20 on Ethereum),
- non-fungible (equivalent to ERC-721 on Ethereum),
- non-transferable (equivalent to ERC-1238 on Ethereum),
- as well as multi-asset contracts (equivalent to ERC-1155 on Ethereum).
The native cryptocurrency of the Tezos blockchain is the Tez which has the symbol XTZ. The Tez token is used broadly in the ecosystem and has the following utility;
- Acts a governance token. Holders can vote on proposals.
- Can be used to pay for fees on the network.
- Holders can stake their tokens with validators (Bakers) and earn around a 5% APR. Larger holders can choose to become a validator if they own at least 6,000 tokens.
Circulating Supply: 890,738,000
Total Supply: 912,364,399
<h3 id="wallet-support“>Wallet SupportA wide range of wallet options exist for storing, sending and receiving Tez tokens. The most popular choices are Trust Wallet and Temple Wallet.
Ledger and Trezor hardware wallet support is also available.
A complete list of available wallets can be found here.
<h3 id="in-closing“>In ClosingWith so many smart-contract enabled blockchains launching in the past few years, the environment has become extremely competitive. Although Ethereum is still the market leader, there are several other competing protocols, including Tezos, Solana, Fantom and Avalanche which have large treasuries at their disposal, all aiming to attract developers and projects to their networks.
Although Tezos has been around for several years now, it has not seen the same level of project development on its network compared to its newer competitors. This may be a result of its unique coding language (Michelson) which many developers are unfamiliar with. However, this obstacle could soon be a thing of the past. On April 2, 2022 an important protocol upgrade was deployed called Ithaca 2. Apart from lowering block times which will result in faster transactions, this upgrade prepares the network for EVM (Ethereum Virtual Machine) compatibility. This will enable developers to seamlessly migrate assets and deploy Ethereum based projects on Tezos.
Due in part to its environmentally friendly consensus model, some well-known brands such as Red Bull Racing and McLaren Racing are adopting Tezos for their NFT platforms and fan experiences. In addition, Swiss firms Crypto Finance AG, InCore Bank and Inacta plan to use the network to offer tokenised assets to institutional clients.Tezos can be purchased on popular crypto exchanges such as Binance, Coinbase, Kucoin, Bitfinex and Kraken.
Final Notes
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
If you are reading this it means you are on the free version of the Wealth Mastery Investor Report, which is great for news and tips on the crypto markets.
If you really want to take advantage of fastest growing asset class EVER, I highly recommend you join us in the Premium Investor Report.
You’ll immediately get access to:
- Deep dive Altcoin report & The Trending Coin Report
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See you next time!
Lark and the Wealth Mastery Team
Legal Disclaimer
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
