Understanding Native Tokens: What $CGT Offers?
In the rapidly developing Web3 ecosystem, native tokens stand out as a unique class with distinct characteristics and utilities.
While there are several ways to interpret these assets, one thing is certain: they can exist solely within their blockchain ecosystems. Some major examples of native tokens include Bitcoin, Ethereum, and USDC, a stablecoin created by a now-defunct partnership between Coinbase and Circle.
However, these tokens are not the only ones in the market. We have native tokens launched by minor or lesser-known Web3 projects. While at first sight, not so attractive, these tokens have the enormous benefit of carrying numerous unique utilities related to their native platform. These utilities and benefits vary based on the field of operation of a specific company. For instance, at CoinGames, we're the world's first decentralized crypto casino and sportsbook with an NFT collection live on Magic Eden. We're scheduled for our native $CGT token airdrop in September. Naturally, our $CGT tokens will carry an impressive number of utilities connected within the crypto casino, sportsbook, and NFT collection.
In this article, we will:
Native Tokens: Drivers of Web3 Ecosystems
Native tokens describe assets that originate within their blockchain ecosystem and are integral to the operation and governance of blockchain networks. They are never tied to an external asset or organization. These tokens are required to access the underlying service protocol, or even the services that dApps created on these protocols provide.
A crypto protocol can be defined as a set of rules and procedures governing participants’ behavior in a decentralized network. Native tokens have the important attribute of supporting the decentralized nature of blockchain networks. Ownership and control are distributed among users, enhancing security and reducing the risk of centralization. In addition, these assets incentivize network participation. Miners or validators are rewarded with native tokens for securing the network and validating transactions.
A token can be considered non-native if it was not originally created on a blockchain but is compatible with it. Examples of native tokens include Bitcoin (BTC) and Ethereum (ETH), which are foundational to their respective blockchains. DEGA, the current token used in CoinGames crypto casino, is considered a non-native token since it is compatible with the Bitcoin blockchain.
Native Tokens are Also Massive Drivers of a Decentralized Economy
A blockchain is usually generated to deal with a specific target or issue in mind, If we go back some years, the Bitcoin blockchain was initially designed to be a payment system, while Ethereum was generated to help other decentralized applications. The work done on the blockchain was rewarded in its native token, bitcoin, or ether in these two cases. Similar examples can include Binance Coin (BNB) and USDC, among others.
A native token is therefore the asset used to pay for transaction fees and issue mining or staking rewards in a blockchain network. To transfer the token, you would thereby still need the native token to pay for transaction fees.
These tokens also play a crucial role in the digital economy by facilitating decentralized finance (DeFi), powering blockchain governance, and enabling the development of dApps. They provide a foundation for innovation and economic activity within blockchain ecosystems, driving the growth and evolution of decentralized technologies.
$CGT: CoinGames’s Native Token
$CGT is the token that will serve as the foundation for the entire CoinGames ecosystem. It will serve as the native currency for the CoinGames casino and sportsbook platform. As the backbone of our decentralized casino, $CGT will ensure that users play in a transparent, fair, and seamless manner, and will also continue to enhance and automate the way transactions should be carried out in a crypto casino environment. It will also guarantee utilities that other native assets simply cannot.
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$CGT: The Token of Appreciation
$CGT holders will unlock tailored promotions and exclusive tournaments only they will participate in. This is our way of rewarding our token holders directly on our platform.
By staking $CGT tokens, users will be able to open the door to exclusive rewards. As a token of our appreciation for the users’ commitment, they will receive regular rewards directly proportional to the amount of $CGT they stake. Essentially, the more you stake, the greater your potential earnings.
With a decreasing supply of $CGT due to regular token burns, the scarcity of tokens tends to drive up their value. This creates a positive impact on the overall value of your $CGT holdings.
$CGT Token: Top Utilities
Besides the mentioned utilities, we also offer $CGT utilities connected with the CoinGames' Rising Legends NFT holders.
Author: Alexander Gaggi
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