Trade Gift Cards Securely at Low-Cost with GameStar Exchange, Now Live
GameStar Exchange, a peer-to-peer trading platform for gift cards, NFTs, in-game items and game assets went live on February 24th, 2022. Moreover, its native GMS token will soon be listed on MEXC Global. The token follows the Polkadot model and is aimed at strengthening the GameStar Exchange ecosystem with utility.
GameStar Exchange’s recently launched Mainnet is slated to provide tough competition to other popular platforms in the gift card and NFTs trading market, which are mostly centralised, expensive and often unsafe. Headed by a team of digital assets and blockchain technologists, the GameStar Exchange team promises the ultimate decentralised P2P experience for its traders.
Leveraging Taurus Protocol, Promoting Fraud-Free Transactions
Centralised P2P exchanges are often plagued with many issues—one of the most glaring is the long and taxing process when it comes to disputes. Being a decentralised exchange, one of the biggest USPs that GameStar Exchange boasts is a unique dispute arbitration system called Taurus protocol. This highly efficient protocol prevents fraudsters from desecrating the platform and provides quick and fair solutions to trade disputes.
Whenever the counterparty disputes a transaction, the system calls a team of decentralised judges holding GMS tokens to evaluate the escalation. After going through all the evidence they vote for the righteous party and stake their GMS tokens as a vote of confidence. The penalty of judging with a malicious intent is losing all their GMS holdings. On the other hand, the award for judging rightfully leads to the mining of more GMS. This is how the system renders a bad actor’s intent infeasible.
Making Gift Card/Game Item Market More Accessible
The majority of NFT marketplaces suffer from high transactional costs because most are Ethereum supported. These platforms hold users’ assets in their custody and are, therefore, not decentralised in the true sense. Another limitation is—most of the blockchain-based marketplaces seldom support off-chain items. Gift cards and regular video games are such examples with a market cap in the billions.
GameStar Exchange aims to capitalise on these markets and provide their users a safe, simplified, low-cost trading platform. Based on Polkadot, the exchange supports BTC/ETH/BSC cross-chain transactions that help combat high gas fees. It’s completely decentralised. So, users can enjoy complete autonomy over their assets and trading without feeling limited by strict KYC guidelines, something that poses an entry barrier to many in emerging markets . GameStar Exchange is poised to become a marketplace where users will be able to discover the rarest of items such as a game CD key, among others.
An Economy Fueled by a Native Token: GMS
The GMS tokens, 60% of which is reserved for ecosystem development, are designed to be a platform token. Therefore, it’s going to receive the fees of the platform and it will be used for other apps that will be built on GameStar Exchange. GMS tokens are meant to run the P2P ecosystem. The main use cases of the tokens are:
- Staking, for judging a dispute in regards to the Taurus protocol.
- Earning GMS as rewards for providing a rightful resolution.
- Using GMS to pay for gift cards and other items on the platform.
- The GMS receives platform fees, so it will receive the funds that the platform earns and it will be used to repurchase GMS. Users will benefit from holding GMS as they will help reduce the platform fees over time.
About GameStar Exchange Team
The core team that is driving the pursuit to build the most secure and user-friendly decentralised P2P platform for digital asset enthusiasts are all masters in their fields.
Joshua Vizer, (Founder), is the former Director of Institutional Accounts at Paxful. He has managed partnerships with Binance, Bithumb, Okex, and many other crypto ventures.
Emmanuel Martin, (COO), has been involved in blockchain technology and start-ups for the past 7 years, serving as an advisor to 3 different projects. He’s a cryptocurrency trader, influencer and educator, especially in the African ecosystem.
Dev Sharma, (CMO), holds the marketing experience of some of the top firms in this space. His lustrous portfolio includes firms like Blockwiz, Paxful, OKEx and Bitcoin.com.
Justin Da Costa, (CCO), is an experienced digital media producer. He has a strong background in broadcasting and communications—an expert in video games with deep industry knowledge.
From a Bird’s Eye View
GameStar Exchange offers low-gas, peer-to-peer support for Gift cards, NFTs and Game Items. The first version will focus on gift cards, and game items will be added shortly after. It is slated to create a ready market for even rare off-chain items that would see themselves transferred on-chain. GameStar Exchange has the potential to penetrate emerging markets thanks to being inexpensive and being lenient on its KYC guidelines.
More importantly, it is creating a safe haven for traders courtesy of the Taurus protocol. It’s native token GMS will soon be live on MEXC Global for traders to HODL and enjoy its several benefits, as already discussed. So, don’t forget to check out on the most-awaited platform launch of the decade!
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