In our commitment to broaden our offerings continually, we are introducing a new project addition - Satoxcoin. A permissionless proof-of-work (blockchain) play-to-earn platform that enables gamers to earn when playing their favorite games on gaming platforms like Steam and consoles.
In this article, we will learn about Satoxcoin, understand what makes it unique, and discuss the Satoxcoin Project Team, Economic Logic, and Development Prospects. Additionally, we will explore the Satoxcoin token ($SATOX), understand its utility in the Play-to-Earn platform, and review its token statistics. Finally, we will conclude by exploring how to mine SATOX coins and providing a concise guide on buying and trading them.
What Is SATOX Coin?
Satoxcoin is a blockchain-based project that brings play-to-earn (P2E) features to popular video games on platforms like Steam and Consoles. Satoxcoin incorporates a Proof of Work (PoW) blockchain which enables its token (SATOX) to be mined. The main goal of Satoxcoin is to implement a Play-to-Earn gaming platform on the proof-of-work blockchain to ensure full decentralization and transparency.
Satoxcoin is changing how Play2Earn works. It's reshaping the notion that gaming is a fair means to earn crypto rewards today. Gamers can play their favorite games on STEAM and get rewarded. Over 1020 games on STEAM have already rewarded players with SATOX. Satoxcoin is fully permissionless, there are no server restrictions like conventional games. The platform makes it easy for players to play their favorite games and earn SATOX coins.
Satoxcoin stands out for its decentralized and censorship-resistant design. Using a proof-of-work (PoW) blockchain secured by GPU mining, Satoxcoin ensures true decentralization, similar to Bitcoin. The Satoxcoin team strongly believes in maintaining the PoW consensus mechanism as the most decentralized and censorship-resistant approach.
Satoxcoin presents an exciting future for the gaming and cryptocurrency industries. By bridging the gap between these two worlds, Satoxcoin aims to revolutionize the way gamers interact with and earn from their favorite pastime, opening up new avenues for monetization and engagement.
Satoxcoin Project Team
The Satoxcoin project started when an earlier blockchain project, SATO, was abandoned. After the original creator left, a group of dedicated community members didn't want to see the project end. They worked together to create a new blockchain and token called Satox, using a process called "SATOX SWAP" to move users from the old SATO chain to the new one.
This community-driven effort showed their commitment to keeping the project decentralized and fair. Even though they faced challenges like issues with assets and not having enough money, the Satoxcoin team kept going. They paid for important things themselves and were open about how they used the project's funds.
Their resilience paid off, and Satoxcoin became a new gaming platform where people could earn cryptocurrency by playing games. It's built on a decentralized blockchain that anyone with a regular computer can help run, changing how gaming and cryptocurrency come together.
Satoxcoin Economic Logic
Satoxcoin's economic logic revolves around incentivizing participation and contribution to its decentralized, community-driven ecosystem through a play-to-earn (P2E) model. The project aims to integrate P2E functionality into popular games, allowing players to earn SATOX coins by engaging in their favorite gaming activities. This approach not only introduces a new revenue stream for gamers but also encourages active involvement and sustained engagement within the Satoxcoin ecosystem.
Satoxcoin employs a Proof-of-Work (PoW) consensus mechanism secured by GPU mining which makes it censorship-resistant. The project's commitment to PoW mining ensures a fair distribution of rewards and maintains the decentralized ethos of the network. Furthermore, Satoxcoin includes the Developers Fund initiative, which is funded by block rewards and unclaimed coins. It provides resources to support the development, promotion, and integration of the P2E model, fostering a self-sustaining economic cycle within the Satoxcoin ecosystem.
Satoxcoin Development Prospects
Satoxcoin has ambitious plans for future development that could significantly expand its reach and impact within the blockchain P2E gaming industry. Key prospects include deepening integrations with major gaming platforms like Steam, enabling a seamless play-to-earn experience across a broader selection of popular titles.
The project envisions establishing a dedicated Satoxcoin gaming hub - a centralized ecosystem for play-to-earn experiences. Key roadmap items include launching the Gemlink non-custodial mobile wallet for Android and iOS, DOTA2 tournaments in collaboration with PAC, Trezor hardware wallet support, staking implementation, listing on major game centres, continual play-to-earn model improvements, and strategic marketing initiatives.
As adoption grows, Satoxcoin could explore assets tokenization, minting game-related NFTs on its blockchain. Satoxcoin's development roadmap showcases its commitment to pushing the boundaries of blockchain-based gaming and establishing a robust, self-sustaining play-to-earn economy
SATOX Token Utility
SATOX retains the features of a decentralized Proof-of-Work (POW) and Proof of Game (POG) peer-to-peer cryptocurrency. It allows instant payments to anyone, anywhere in the world. Below are some of the utility of the Satoxcoin platform:
- Unit of Account: SATOX coin can serve as a unit of account, allowing users to denominate and measure the value of goods, services, or other assets in terms of SATOX coins.
- Store of Value: As a decentralized cryptocurrency, the SATOX coin can potentially function as a store of value, enabling users to hold and preserve their wealth in the form of SATOX coins.
- Transfer of Value: One of the core functions of SATOX is facilitating the transfer of value between parties, enabling instant, peer-to-peer transactions without the need for intermediaries.
- Assets Minting: The SATOX blockchain can potentially be used to create and mint various digital assets, such as non-fungible tokens (NFTs) or other tokenized assets.
- Assets Transfer: Once assets are minted on the SATOX blockchain, users can transfer and exchange these assets securely and transparently using the blockchain's infrastructure.
- Game Purchase: SATOX aims to integrate with various gaming platforms, potentially allowing users to purchase games using SATOX coins.
Other use cases include In-Game Purchase, Donation, Tipping, etc. It's important to note that the actual implementation and availability of these use cases may depend on the project's roadmap, partnerships, and the adoption of SATOX within the gaming and cryptocurrency communities.
SATOX Token Statistics
Token Symbol: SATOX
Token Supply: 3.35B SATOX
Market Capitalization: $2.09 Million
Trading Price: $0.0004643
Cryptocurrency Rank: #5097
*Data source: The data above is based on real-time data from Coinmarketcap as of April 11, 2024.
How to Mine SATOX Coins?
Mining SATOX coins requires the use of GPU mining software and hardware. Popular mining software options include BMiner, BZMiner, and KawPowMiner, which support both Nvidia and AMD GPUs on Windows and Linux operating systems. These miners are specifically designed to work with the KawPow algorithm utilized by the SATOX blockchain, ensuring efficient mining performance.
To begin mining SATOX, you'll need a dedicated GPU mining rig or a gaming PC with a capable GPU like the Nvidia RTX 3080 Ti or RTX 3090. The time required to mine 1 SATOX coin can vary depending on the hardware used, with estimates suggesting it may take around 1 hour using an RTX 3080 Ti or RTX 3090. It's important to monitor the current network difficulty, hash rate, epoch, and DAG size to optimize your mining setup and profitability. Additionally, joining a mining pool can increase your chances of earning consistent rewards by combining computational power with other miners.
How to Buy and Trade SATOX Coins?
CoinEx is a global cryptocurrency exchange, trusted by 5+ million of users worldwide with 100% reserve. Users can now trade easily and seamlessly with its 900+ tokens supported, including SATOX. To purchase SATOX tokens on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to SATOX Trading Page: Once your account is funded, navigate to the dedicated SATOX trading page on CoinEx. You can locate SATOX trading pairs on the spot trading page using a search box and enter the term "SATOX" to find the associated pairs.
- Choose a Trading Pair: Select the trading pair SATOX/USDT to trade SATOX against USDT (Tether).
- Specify the Purchase Amount: The next step is to specify the number of SATOX tokens you wish to buy. You have the option to either buy them at the current market price or set a limit for your desired buying price on the trading page.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade SATOX tokens on CoinEx, taking advantage of the available trading pairs.
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