What is Cocos-BCX (COCOS)? COCOS Cryptocurrency Complete
Description of What is Cocos-BCX (COCOS)? COCOS Cryptocurrency Complete
What is Cocos-BCX (COCOS)? This article provides necessary and useful information for you about the virtual currency Cocos-BCX (COCOS).
Some names in the investment list of Binance Labs include Terra (LUNA), Contentos (COS), Cred (LBA), Certik (CTK), BitTorrent (BTT)... In addition, there is a name that he I rarely mention Cocos - BCX. The token of this project has just been listed on their CEX exchange by Binance.
In today's article, let's learn about Cocos-BCX project and COCOS Token.
What is Cocos-BCX (COCOS)?
Cocos-BCX (COCOS) belongs to the type of Blockchain Platform project.
According to the definition of team dev
Cocos-BCX (full name: Cocos BlockChain Expedition) is a Public Blockchain platform.
In it, they create an environment for games, game developers to interact and develop together. At the same time, users, game players will also have a better game experience. They will have full rights & transparency in the management of items and digital assets in their game.
According to the definition of Coin98
Cocos-BCX (COCOS) is a platform Blockchain project. They create a connecting ecosystem between game developers and provide them with the best, most optimal environment to develop games on Blockchain. From there, create quality games that meet the needs of users. Especially in the control and management of digital assets, game items transparently.
The goal of the dev team is to provide a Blockchain infrastructure specifically for gaming. There, game developers will be supported with a “Visualized Development Kit” and on-chain systems. As a result, they can directly develop games on the Blockchain without having to deal with its technical problems. Thereby reducing barriers and increasing efficiency for the game production industry.
In this article, I will refer to the project as Cocos for brevity.
What is Cocos solution?
Cocos solution is to create an ecosystem that solves problems from game development, bug handling, lag (by developers) to creating gaming environments and experiences for gamers.
In it, the specific ingredients they will make are:
- Framework developed to support many different operating systems and Blockchain.
- Dataset for IDEs for dApps.
- Blockchain system and essential functional components for high performance applications (based on Graphene technology).
Below, I will explain in more detail about these solutions.
What is COCOS Token?
COCOS is a Utility Token inside the Cocos-BCX Blockchain network. This token is used to buy, sell and exchange products and services within the ecosystem that Cocos is building. The people using it with the Utility Token function include suppliers, developers, users...
In addition, COCOS token is also used in Cocos Blockchain activities including voting, staking, reward. About this function, I will talk in more detail in the following sections.
At the initial stage of launch, COCOS is an ERC-20 token on the platform of Ethereum . As planned, the project will be Mainnet in Q4/2019.
Basic information about COCOS Token
- Ticker: COCOS
- Blockchain: Ethereum
- Smart Contract: 0x0c6f5f7d555e7518f6841a79436bd2b1eef03381
- Token Type: Utility token
- Token Standard: ERC-20
- Total Supply: 100,000,000,000 COCOS
- Circulating Supply: Updating..
Token Allocation COCOS
Token Sale COCOS
Token Distribution Plan COCOS
What's outstanding about Cocos?
As I described above, Cocos will provide an ecosystem for developers to develop their games in the most convenient way.
At the same time, with these game products, when users play games on them, they will benefit from transparency in the management of in-game assets.
Some of the technical features that Cocos include in their platform include:
- Runtime environment for multi-platform game platforms with integrated Blockchain interface.
- Cocos uses the Delegate Proof-of-Stake (DPoS) consensus mechanism. This according to the project will help reduce forking. Since there is no participation of miners, only when more than ⅓ of the witnesses disagree in this DPoS mechanism will the fork take place.
- Cross-chain exchange gateway, supporting both homogeneous and heterogeneous assets (BCX-NHAS-1808 standard).
In this part you can imagine the following for easy understanding, Ethereum Blockchain has ERC-721 standard for NFT tokens (unique or heterogeneous tokens), Cocos has BCX-NHAS-1808 standard to issue. such heterogeneous properties - There is an atomic transaction function (instant transaction).
- Built-in Smart Contract, supports games that use this feature.
In addition to the above technical characteristics, this project also stands out in establishing partnerships with some major partners such as Binance Labs, 500 Startups, OK Blockchain Capital, Ontology...
I will mention these partners again below.
What is COCOS Token used for?
In the Cocos-BCX ecosystem (including Cocos Blockchain and the ecosystem for developers & customers), the COCOS token has the following uses:
Purpose of value exchange
- Developers use COCOS to pay for the use of tools, features... to develop their games.
- Service providers who want to bring their products and services into the Cocos ecosystem must pay fees in COCOS tokens.
- Game players use COCOS tokens to buy (exchange) for in-game currencies.
Use in DPoS . consensus mechanism
- COCOS holders directly use this token to participate in voting in the DPoS mechanism.
- Stake COCOS token to become Node.
- COCOS is also used to pay tx fee when CocosChain officially Mainnet.
- In this mechanism the “witnesses” participating in the block generation, they will also receive the COCOS reward.
Participate in the governance mechanism
Stake COCOS to participate in the governance mechanism. They will get COCOS reward back.
In addition, COCOS is also used to reward users for participating in tasks in Bounty programs.
Those interested in earning free COCOS can refer here: https://bounty.cocosbcx.io/home?en
COCOS Token Transaction Fee
Currently, COCOS is an ERC-20 token. So when trading on exchanges, in addition to the withdrawal fees that the exchange collects, there are also tx fees collected by the Ethereum Blockchain network.
It is expected that Q4/2019 Cocos will be Mainnet, at this time COCOS tokens will be swapped to their own coin running on CocosChain platform. At this time, the tx fee will be collected by Blockchain Cocos.
How to earn and own COCOS Token
To own COCOS token, you have the following ways:
- Join the project's Bounty program.
- Join the governance mechanism of CocosChain, voter, or nodes to receive COCOS rewards.
- Buy now on exchanges.
How to mine COCOS Token?
CocosChain uses DPoS consensus mechanism, no need for miners. Therefore, you cannot use the power of the excavator to mine this COCOS coin.
For those of you who want to contribute to the CocosChain network and receive token rewards, you can participate in the DPoS mechanism as I mentioned above.
COCOS Token storage wallet
Currently, COCOS is an ERC-20 token, so you can store it in any wallet that supports this standard:
- Soft wallets: MEW , MetaMask , or wallets of exchanges that are officially trading COCOS coins.
- Hardware wallets: Ledger, Trezor...
COCOS Token Exchange
Currently, COCOS is mainly traded on two exchanges, Binance and BigONE.
Notice that on CoinMarketCap , Bilaxy floor is displayed. However, this floor is not officially listed. Therefore, it is best not to deposit on Bilaxy floor.
The future of COCOS Token
Before answering the question about the future of COCOS coin, "will it increase in price?", "when will the price increase?", first I want to reiterate the overview of the model of this project.
Cocos-BCX (COCOS) is building a Blockchain Platform. In it, they optimize it for game developers, build games on it. These games can be understood as dApps running on CocosChain's platform. Those dApps will issue their own tokens (optional) to use for different games.
So when is COCOS used?
- Game players must use COCOS to buy tokens, items, or upgrade characters in the game. This old brother used to play MU, or Vo Lam games will be very clear. The only difference is that instead of using VND, you use COCOS.
- Brothers playing games in it, incurring transactions related to the game's token, they will have to pay a small part of the transaction fee (tx fee) in COCOS. 3rd party providers who want to provide services in this ecosystem will also have to pay in COCOS.
- In addition, in the governance mechanism, CocosChain's DPoS participants will have to use COCOS to staking...
Thus, only when Cocos solves the problem of expanding the network, increasing the number of users, increasing the number of transactions in games, the demand to buy COCOS to use for the above purposes will increase. affect its price.
You should also pay attention to the selling needs of some components when receiving COCOS rewards.
Above is the model and the distant future of Cocos-BCX, you can refer to the highlights below to better understand the project.
Should invest in COCOS Token?
Before answering the above question, I would like to review some important information related to the project and COCOS Token so that you can learn more and then make your own investment decisions.
Products
The most obvious products you can see are games built on the CocosChain platform.
On Cocos' Ecosystem page, there are currently 10 games & tools. However, at the moment, the project is not officially Mainnet, so these games or tools are not running on CocosChain's Blockchain. That is, there is no need to buy COCOS to use on these products.
These are the first products, in the future, when the project increases the number of games released on their platform, as well as increases the number of users, it will have a great impact on the COCOS token.
Those interested can go to the following product link: https://www.cocosbcx.io/product
Mainnet
As I mentioned above, the project is not Mainnet. Their plan is to officially launch the Mainnet version in Q4/2019.
Partner
One of the highlights of the Cocos-BCX project is that they receive the investment interest and cooperation of many large organizations such as Binance Labs, 500 Startups, OK Blockchain Capital, Ontology ... In which, Binance Labs certainly Many of you probably already know.
In particular, this project was officially listed on Binance.com on August 20, 2019.
In terms of tokens
COCOS stands for Utility Token. It is used to exchange for tokens in the game, buy products and services in the game. In addition, COCOS is also used for staking and receiving rewards in the DPoS mechanism.
summary
Above is an article about the Cocos-BCX project as well as the COCOS token. Hope you get a lot of useful information.
How do you rate this project, or leave a share below the comment section of this article. In addition, you can also participate in the discussion about the coins / tokens you are interested in at Haymodgame.
