The BinaryX platform is the support system of the Binance Smart Chain-based game known as CyberDragon. The game is a play-to-earn system where users can earn real tokens which hold real-world value from paying the game. In its early stages, the BinaryX platform stood as a decentralized derivative trading protocol, however, a lot has changed and there have been improvements on the system to accommodate for the innovations that have been springing up in the GameFi sector. Presently, the binary platform is working on developing its metaverse game which is known as CyberDragon. The game features a classic MMORPG system with a collection of DeFi properties. For instance, the game props used as its derivatives are majorly NFTs, and it allows the players to select from a variety of gameplay modes including PvP and PvE.
Since the development of CyberDragon, there has been an introduction of a dual token economy to its system, which essentially allows players to earn money simply from playing the game. The main aim of the whole game is for players to try to defeat the cyber dragon, the ultimate character of the game. If a player can defeat the character, The player earns the Cyber Dragon treasure reward.
According to a statement by the BinaryX platform, its main vision was to become the leading inventive platform in the world of GameFi developments and also bring about more innovative applications of blockchain technology to the gaming sector.
Who are the Founders of BinaryX (BNX)?
Similar to the first generation of cryptocurrency, Bitcoin, the developers of the binary platform are also anonymous. However, during an interview with Binance, the founders revealed that they were a team of professionals in technology with years of experience across several fields including blockchain technology. According to the details of the interview, the supposed founding team member of the binary platform stated that they had experience with the development of decentralized and centralized exchanges, while also managing a collection of derivative assets which add up to over $100 million. Based on the details of the interview, the team appears to be based in China.
What is BinaryX (BNX) used for?
Ever since the discovery of blockchain technology and its various applications, there have been several innovations made through its system that solve problems. One of these is its gaming front known as the GameFi sector. The system used here allows players to earn tokens simply by playing the game, and if they can defeat the grand boss of the game, they earn a major prize that currently remains unknown.
The tokens earned on the platform hold value in the vast cryptocurrency ecosystem and can be exchanged for other types of crypto tokens that can be then changed to fiat currency such as USDT.
What Is the Unique Point of BinaryX (BNX)?
According to the BinaryX team, the platform aims to attract more players through the provision of a game that has low entry barriers, uses simple vocabulary, and provides different game scenarios that enable its play to earn property.
The players on the platform can create characters that can level up through their consumption of gold, the game’s native currency. The players can get the gold through daily mining or the completion of dungeon adventures. Leveling up a character equips the character with improved abilities such as mining speed and combat power. However, it does not improve the basic attributes of the character. The system also provides an avenue for some specific challenges and high-level jobs which are unlocked only when a player reaches a point considered commensurate to the level. The game generally has a group of five character classes players can select from.
- Rogue: This character has the highest agility growth and is good at avoiding damage. It can also steal equipment for the team and obtain gold.
- Knight: This is a fighter with aura-type skills that can give other team members bonuses but isn’t very strong on combat effectiveness but high aura skills.
- Warrior: This works as a protector and has the highest strength level and constitutional growth. It also; protects their teammates through taunting and guarding.
- Ranger: can take opponents out with a bow and help the team avoid traps.
- Mage: can give the enemy debuffs as well as equip staff and robes but it can’t use any shields or armor. It has the highest growth of spirit and intelligence. It can also create magic equipment and improve team combat capabilities.
How many BinaryX (BNX) coins are in circulation?
The Binary X platform provided next to no information about its system’s tokenomics on its website. According to other public sources, the BNX token has its maximum supply pegged at 21 million tokens. The tokens that were obtained in the early days of its mining events are subject to an automatic lock-up. After the mining period has been exhausted, the rewards will be unlocked. The token distribution of BNC coins is as follows.
- LP Reward Reserve and marketing: 30%
- Initial trading pair liquidity with BUSD: 26.67%
- Genesis mining reward: 33.33%
- Team: 10%
At this time, there has been no direct information on its vesting periods. However, the present circulating supply is around 2 million BNX.
Is the BinaryX (BNX) Network secured?
The BNX token was developed as a BEP-20 token on the Binance Smart Chain network. The token was audited by Certik, and upon completion of the audit, it received a top security score of 83. While on an interview with Binance, the team behind the binary network announced that it specifically chose to stay on the Binance Smart Chain due to its speed, low costs, and generally greater bandwidth, all of which are considered indispensable for an MMORPG game.
The BSC network is secured by a delighted proof-of-stake consensus algorithm. The system elects 21 validators after every 24 hours with the sole responsibility of validating transactions and maintaining the security of the blockchain. These validators are required to stake a specific amount of BNB tokens with the Binance network to be eligible for the position.
How do I buy BinaryX (BNX)?
Unlike most of the available blockchain developments that are applied in business fields, the BinaryX platform capitalizes on the seamless combination of fun and earning simultaneously. This, by extension, has drawn more people to its GamFi universe and even its delegated tokens in general. These tokens can be obtained by following the procedure below.
- Create an account with a crypto trading platform.
- Transfer a specific amount of fiat money to the crypto account.
- Buy their BNX tokens.
Which Cryptocurrency Wallet Supports BinaryX (BNX)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as BinaryX (BNX). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their BinaryX wallet because it offers a simple and interactive interface making it easy for people to navigate its system.