And 3 tips to better protect your project's treasury against hackers 🛡️💼
Today's Agenda...
- Explore Web3 gaming tokens, from simplicity to complexity, aligning with diverse user needs. 🎮💸
- Secure transactions with three essential tips to stay away from scams. 🛡️🔒
⏰ Reading Time: 5 min
-----------------------------------------------------------------------------------------------------------
How to build a community from scratch and keep it engaged through cycles ?
-----------------------------------------------------------------------------------------------------------
Why so much tokens in Web3 Gaming 🎮?
Let's kick off the new year by diving into a gaming topic to easily grasp some tokenomics mechanisms you can apply in your projects.
A token must have a clear purpose for specific users 🎯.
It's tokenomics 101: a token that works well cannot fulfill every utility because some use cases are incompatible. Understanding your key stakeholders and their unique needs is crucial 🗝️.
In gaming, a token designed to attract investors (with features like a fixed supply, staking mechanisms, etc.) may not provide a great gaming experience for true players (imagine if the sword you wanted fluctuated in price every day ⚔️💸).
You need both types of users. So, how do game producers manage this 🤔?
Option 1 : No Token
This approach is chosen by many new projects:
- Building simple things in the web3 space is indeed possible😉.
- It offers quick and cost-effective setup.
- The in-game economy is shielded from speculation on the secondary market.
- Projects generate revenue 💵 from primary NFT sales and royalties on NFT trades.
- This type of game is ideal for attracting non-blockchain users... however, it sometimes falls short in adhering to web3 ethical values due to significant centralization.
Option 2 : The all in one token
This model was initially adopted by the foremost gaming projects, for example, in the original version of The Sandbox Whitepaper 📄:
- Easy to Set Up, Challenging to Manage: Monetary decisions can affect various types of holders, each with different objectives (such as speculators, gamers, creators…).
- The overall gaming experience could be influenced by market conditions, even those external to the project :
Option 3 : Two tokens economy
- It’s the option for projects to be decentralised without killing gaming experience,
- Project set-up in-game token and a out-game token, like Star Atlas :
- The challenge lies in establishing adjustment mechanisms to correlate the value of the two tokens at an appropriate level, using tools such as liquidity pools, farming, buy-backs, and burns…
- Therefore, the process of adjusting this type of economy can be complex and is not suited for casual players; it's tailored for players who enjoy understanding a virtual economy :
Option 4: Three or More Tokens 🎲
- You can design a separate token for each type of stakeholder and use case.
- But be careful: this can become very complex for the player… and for you too 🤯
Conclusion
Therefore, there isn't one solution that's better than the others; it really depends on the type of users you want to attract 🧲and the game design on one hand, and your financing model on the other.
We haven't even explored all the variations offered by NFTs to fine-tune these four options!
There's a lot of potential for innovation in this field, which could provide opportunities to create top-tier games 🌟🎮.
-----------------------------------------------------------------------------------------------------------
Need a Finance or a HR Lead in your web3 project ?
-----------------------------------------------------------------------------------------------------------
3 Tips for Secure Transaction Signing of your Project treasury 🚀🔒
What would happen if your project lost 100,000 euros on a scam transaction ?
In this period of heightened euphoria, signaling a potential imminent bull market, scammers are seizing the opportunity to exploit unsuspecting individuals and corporate users. Not a day goes by without reports of users losing a portion or the entirety of their funds. To safeguard your transactions in this environment, here's a guide featuring 3 essential tips.
First of all : choose Reputable Wallets or multi-signature solutions🛡️✨
When safeguarding, it's crucial to choose secure cold wallet solutions.
- Consider using well-established options such as hardware wallets like Ledger or Trezor for individual users and for day to day operations.
- For a more advanced approach, explore multi-signature solutions like Gnosis Safe that require multiple approvals before a transaction is executed. These choices provide an added layer of protection against unauthorized access, ensuring your private keys remain secure in the face of potential online threats.
Tip #1 - Use a browser extension protection 🔐
A free browser extension like Pocket Universe offers an extra layer of security, since it analyzes the content of the proposed transaction and gives you a visual simulation of what you're about to sign. It can therefore be used to see whether a signature will authorize the extraction of all NFTs from a wallet, as in the screenshot on the right below.
Pocket Universe boasts 86,000 users, $250 million in protected assets and over 100,000 signatures analyzed every day.
Bonus: the solution even offers free insurance up to $2,000.
Other similar solutions exist like : Fire or Wallet Guard.
Tip #2 - Try Rabby Wallet 🔐
Like Metamask, Rabby is a non-custdodial wallet. It covers 120 blockchains and has developed a strong focus on transaction security. Like Pocket Universe, it offers a pre-signature stage, as well as a simulation of the transaction result. In the example below, we can clearly see that during a swap, the wallet will send an amount in USDC to receive an amount in ETH.
Tip #3 - Use a firewall solution like Nefture 🕵️♂️
Nefture adds an extra layer of security to your transactions with real-time transaction analysis and blocking functionality. This solution is aimed at asset managers or DeFi protocols. It cannot be configured in a few clicks, and requires the use of an API.
But Nefture's app offers to everyone a free audit of your wallets, enabling you to determine which approvals are still in progress, and therefore the potential amount at risk. You can do your free check here.
Detailed audit of the Wallet 1 :
As we navigate the potential bull market, protecting your cryptocurrency transactions is paramount. By following these five tips, you can significantly reduce the risk of falling victim to scams and ensure a secure and enjoyable crypto experience. Stay vigilant, stay secure. 🚨✨
-----------------------------------------------------------------------------------------------------------
If you like our work, feel free to like and comment.
Disclaimer : The goal of this newsletter is to inform and produce content related to management in the world of Web3. It is not investment advice. Investments in crypto-assets and NFTs are risky and can result in the loss of your entire capital. Always conduct your own research and exercise caution.
