REEF by SQUID Networks
A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, Squid Networks Ltd is a technology company who aim to create a decentralised gaming platform called Reef by launching an initial coin offering (ICO).
“The way games are run has changed completely in only 10 years, from both an organizational and a business perspective, regardless of platform. Add to that the ongoing global alignment of distribution channels, franchises, and business models and it becomes clear that this is more than several individual trends happening simultaneously. Ultimately, the consumer has determined the pace of change. No other form of entertainment or media gives as much power to the consumer as games. Today, not only do games empower people to actively participate, but allow them to enjoy their passion for gaming in ways that suit any mood, interest, lifestyle, location, and budget. The viewing experience is part of games’ DNA. Almost any new game includes competitive modes that could lead to a professional esports scene, including live events, pro-gamer heroes, and teams with millions of fans.
The global games industry has reinvented itself to maximize consumer engagement and revenue growth on a global scale. It is time to do away with old terminology and re-examine how we segment consumers based on the wide variety of game behavior and preferences.
Gaming has evolved into an all-around entertainment phenomenon. If you add up all playing and viewing hours, gaming is the world’s favorite pastime. Buying and owning physical products that are specifically developed for gaming adds to the possibilities for consumers to enjoy their passion for games. How a person divides his or her time and/or money over playing, viewing, and owning differs greatly. An additional overlying dimension is how actively people share or engage with gaming content and discussions on social networks and other (online) communities.
Gaming is fun however Reef believes the majority of gaming platforms today look to exploit that but their intentions are different. Reef wants to create a platform which is not only fun, but also gives gamers the opportunity to get paid whilst they play. The more you play the more you earn. This concept forms the cornerstone of Squid Networks’ business plan.”
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is REEF?
As depicted above and and indicated on the official website of REEF, Squid Networks Ltd is a technology company who aim to create a decentralised gaming platform called Reef by launching an initial coin offering (ICO). Reef will allow both gamers and developers to earn currency within the platform. We believe Squid Networks has the power to disrupt the £70 billion gaming industry by utilising blockchain technology and open the possibility for gamers and developers to earn Squid Tokens and profit from playing games.
Reef will greatly increase the number of gamers worldwide that can earn whilst gaming by creating a decentralised gaming platform which will reward users with utility tokens (called SQUID tokens) for participation in the platform; Gamers will get paid to play and developers will earn a small percentage of tokens in the process as gamers play their games.
This will be made possible through the unique Proof of Gaming (PoG) algorithm which will allocate tokens automatically to the gamers and developers.. The algorithm will allow for regular, consistent and secure payments direct to the user which is currently not found anywhere else in the gaming industry on this scale.
Reef will allow gamers to have the opportunity to directly interact with the game developers of the games they play on Reef. Reef will create the first meaningful review system which will use gamers rankings and in-game statistics to allow developers to differentiate between helpful and unhelpful reviews. This will ensure that gamers feel their opinions count and help developers improve their games.
Reef aims to bridge the gap between gamers and developers and allow gamers to get paid to play. They strive to allow gamers to have a direct impact on the games they chose to play through community voting whilst giving developers the chance to showcase their developments. They also want to break down the existing barriers to entry within the market and create more opportunity to interact with the community. Finally Reef want to increase the amount of gamers that can get paid for doing something they love, they aim to achieve this by introducing the native SQUID token.
Unlike other gaming platforms which limits the power of gamers, Reef intends to provide gamers with opportunities to control the platform. An example of this is the SquidProval feature, gamers will be able to vote for games to enter Reef platform. Gamers will also have dedicated space within the Squid Networks forums where they can interact with the rest of the community, directly contact game developers and share feedback.
Get paid to play
No other gaming platform today works like Reef will. Through the unique Proof of Gaming (PoG) algorithm, gamers will be able to earn SQUID Tokens by simply playing the games they enjoy the most. The PoG algorithm will automatically send 97% of tokens earned to the gamers wallet, and the remaining 3% to the corresponding developer.
Ethereum Blockchain Technology
ThIs revolutionary technology is used to store data and facilitate the transactions between the PoG algorithm and the user.
How It Works?
The platform functions firstly by game developers advertising their game to SquidProval, where it is judged by the community. If the game is voted into the platform, the developer must integrate their game with the Reef API to allow for themselves and gamers to be rewarded for playing their game. Gamers will then be able to earn SQUID tokens whilst playing the game on Reef and all rewards will be sent to their Reef Wallet which is linked to the Ethereum blockchain.
The Solution Offered by REEF
Be open to all genres within the gaming market
Create a decentralized platform for all gamers
Utilize blockchain technologies
Offer many features including a combination of early access, F2P and P2P games
Allow P2P games and in-app transactions to be purchasable with the native SQUID Token
Be a community driven platform connecting gamers and developers
Allow both gamers and developers to help maintain the platform
Have a customisable platform interface for both gamers and developers
About The SQUID Token
The Squid Token is an ERC-20 token. Squid Tokens have been designed for use within the Reef platform; SQUID is the reward earned by gamers for spending time gaming on the Reef platform. This reward is automatically calculated by our Proof of Gaming (PoG) algorithm, which operates within the platform itself. This algorithm will also allocate 3% of the tokens earned by gamers, to the corresponding game developer(s). Squid Tokens use-case is based around gaming within the Reef platform.
COUNTRY: United Kingdom
ACCEPTING – ETH
PRICE: 1 SQUID = £0.30
SOFT CAP: 22,750 ETH
HARD CAP: 77,697 ETH
TOTAL TOKENS: 9,125,000,000
AVAILABLE FOR SALE: 1%
KYC REQUIRED: Yes
WHITELIST: 17 JUN 2019 – 24 JUN 2019
PRE SALE: 17 SEP 2019 – 24 SEP 2019 (0.1125 GBP = 1.0 SQUID)
PUBLIC SALE: 17 DEC 2019 – 17 DEC 2019 (0.1425 GBP = 1.0 SQUID)
The Benefits(WHY YOU SHOULD CHOOSE REEF)
As the platform will utilize the blockchain technology there will be heightened transparency between developers and gamers. Statistics and transactions are public, creating more trust and ultimately a more coherent market.
Squid Tokens earned by gamers and developers will be exchangeable for other cryptocurrencies and fiat currency. This will be possible by listing our coin on exchange websites.
Once Reef is at a suitable stage of development, the gamers and developers will play an increasing role in the up keep of the system. Ultimately moving towards becoming a fully decentralized platform unlike anything in existence today.
Reef will have enhanced accessibility, the platform will have a user-friendly interface for both gamers and developers. Features such as tailored views and statistics will ensure users maximise their experience whilst using the platform.
Idea of Squid Networks conceived
Market research into the gaming industry, other gaming platforms and the blockchain
Start up capital raised for initial costs such as whitepaper translation, SSL badge website hosting, advertising, and video creation
Development of token and token sale smart contracts began on the Ropsten test network
Research conducted into market & concepts are tested. Findings recorded in a draft whitepaper
Website published along with development of white paper version 1.0
SQUID NETWORKS LTD. is officially incorporated via companies house
Development of the smart contract for SQUID token and integrated onto the Ethereum blockchain
Team expansion to meet the growing needs of the business
Full Legal compliance ensured including GDPR
Development of the marketing plan
Prototype of the platform developed
Expansion of game partnerships for the Reef
White paper v2.0 released
Market campaign commences
Private sale details will be sent out to all registered users
Private sale commences
Development of the Reef platform commences
Further expansion of the team
Mobile development begins
Public sale commences
Beta-testing phase and feedback gathering before the public release of the network
Reef will be fully developed. The platform will be open to everyone and the PoG algorithm will come into full effect
Meet The Amazing Team
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
Squid Forum: https://www.thereef.io/forum/
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2487106
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.