Cryptovale Review: Experience Points (XP) | Leveling up your life!
There is no greater feeling in a video game than leveling up or being rewarded for beating your competitor. Just like in the virtual world, Experience Points (XP) wants to bring this function to the masses, allowing everyday citizens to level up their life with XP!
Learning and Earning
Experience Points (XP) is a cryptocurrency designed around augmenting our lives with rewards for accomplishing tasks or providing incentives. Some of the people who can benefit include gamers (obviously), students (get your good grades!) and philanthropists who are positively contributing to making our society better. So Experience Points is designed with recreation and benefit in mind, providing a medium for rewards-based incentives in video games, activities, sports, conservation and education. Once XP is received in the user’s XP wallet, it can be used to buy in-game items or transferred to be used in everyday life. Imagine getting paid to play video games with real money!
Decentralization also plays a big part in XP while still respecting the fundamentals of what businesses and banks need. Though banks, central authorities and governments will have no control over the XP network; They are allowed to collaborate and submit proposals to the XP foundation. The system overall works similarly to a cash-back card.
Different ways you can earn XP include through achievements in video games such as completing levels or finishing games. Schools and the education sector can utilize it for rewards with attendance, achieving good grades or graduating and preparing for your career. In Sports, XP can be used in place of medals for rewards. When it comes to Charity and Conservation, those who participate in making an impact can be rewarded.
The system operates on a Proof-of-Stake model with rewards built-in. By allowing XP to use a small amount of processing power for staking transactions, you can receive probability-based rewards on each transaction. This allows users to leave their wallets on the network for approval of transactions 24/7. People are paid to keep the network safe, open source, anonymous, fast and secure.
The XP Ecosystem
The ecosystem works through what is known as the XP Pentanode, which operates five different nodes on the network:
- Foundation Mothernode
- Wallet nodes (regular, master, supernode)
- Devnode
- Salesnode
- Geonode
With these 5 nodes the network is able to operate in a decentralized and secure way without a single point of failure.
How the Nodes work
The Foundation Mothernode is how all the other nodes are established. Devnodes, Salesnodes and Geonodes are all establish by and connect into the Mothernode. Devnodes are free for verified developers on the network and is accessed through the XP API. The API allows developers to add in-game items and/or provide functions for transferring XP to your wallet from a game. The Salesnode is free for all verified retailers. They can use XP to incentivize purchases through featured or discounted items, or for thanking guests who can then use those XP rewards in other retail stores or around the economy. Geonodes are free for public, historic or specially-designated locations. These allow users of XP to “rain” coins down to anyone with an XP wallet in the area, so enthusiasts can establish an XP spot where all location-enabled wallets would receive coins. Some possible uses include popular destinations like climbing a mountain, attending a concert, visiting a monument, museum or going to the gym.
On top of these 5 nodes, there are 3 levels of the XP ecosystem that nodes can “buy” into. The regular level is free for anybody, has no starting costs and the target market is end users. The next level is the masternode, which costs 50 million XP to establish, and this one is targetted for lower-level investors. The last level is supernode, where it costs 1 billion XP to setup, and it is targetted for big investors such as institutions and whales. Based on the level you buy into, those nodes will reap proportionate awards by staking transactions on the work.
As a technology, like all cryptocurrency, XP is still in its infancy phase, but it does look to be a solid concept that would bring reinforced gamification into our society. As a lover of video games, sports and travel this sounds great to me! Over the next few months we will have to keep an eye on XP to see how it continues to develop.
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