What is Chesscoin (CHESS) Crypto Beginner’s Guide
The ChessCoin token is a cryptocurrency which was released in 2016 with the purpose of providing a platform on which users can make money through their gaming skills. It is also a lot easier on its users since it helps in eliminating the high cost of transactions that come with the use of payments methods like PayPal.
An excellent feature of the Proof-of-Stake system is the reduction in the work necessary for creating a new block. This is the main reason why the creation of new blocks on ChessCoin uses the Proof-of-Stake (PoS) algorithm. Another factor which makes the PoS method a better option is the lower energy consumption which makes it an environmentally friendly option better than other algorithms.
ChessCoin organizes tournaments through which players can gain as much as 15,000 tokens for winning. The developer also created more than 60 million tokens according to an announcement on January 5, 2018.
During the design of the currency, it was created as a Proof-of-Work algorithm and Proof-of-Stake algorithm mix following the use of the Scrypt algorithm. It is currently considered a Proof-of-Stake currency since the Proof-of-Work algorithm was no longer in effect after the initial launch of the currency. It also offers a 2% annual staking rate to its users.
Since the currency is decentralized, as common with cryptocurrrencies, government regulations do not limit the operations of the coin. Demand and supply rather than government or banks determine the token amount development.
To avoid a collapse of the currency, the developers of the coin are continuously improving the coin. This is because a high staking rate often causes token dilution if there is no added value from the tokens. This is what the developers are working to avoid on this platform. Additional features are being released with blockchain improvements to counter any sharp drop in price.
ChessCoin (CHESS) Vision
A digital currency which is excellent for online gaming which will be a better alternative for its users is what the ChessCoin token is designed to achieve. The use of the coins will not be limited by the operating system which a user is running which is why wallets which are compatible with the main operating systems are being released by the developers.
The online gaming sector has a significantly higher manipulation and fraud risk. This is why security is an important aspect of this token. The developers have currently achieved a protection from 51% of known attacks on the token.
Payments on online games need to occur in an instant which is another aspect which the developers pay a lot of attention to with this token. By reducing the underlying block time, they hope to achieve much faster transactions on the network.
Daily Trading of ChessCoin
The daily trading volume of the ChessCoin token is estimated to be at around $3,500 in the current market which is largely due to the quantity of token available, 54 million tokens. There is no limit on the token numbers with a 32% inflation per year on the tokens.
Two of the most significant exchanges for trading ChessCoin are YoBit and Cryptopia. About 95% of the daily trades on the coin is attributed Cryptopia.