Oasys, a Web3, EVM-compatible, gamefi-focused blockchain project, launched the first phase of its mainnet on October 25th. The company, which has gathered support from AAA gaming companies such as Sega, Ubisoft, and Bandai Namco, will start validating blocks from all nodes in preparation for its definitive activation slated to happen on November 8th.
Oasys, a blockchain project that aims to serve gaming companies by offering fast transactions with zero fees, has taken its first step towards being fully operational. The company recently announced that it has launched the first phase of the activation of its mainnet, with validators in the network already talking to nodes and testing the main functions of the chain.
The validator set of the chain is composed of 21 companies, including AAA names like Sega, Bandai Namco, Square Enix, and Ubisoft. The full mainnet launch is predicted to happen on November 8th, when the chain will begin integrating the essential components of the system with the larger ecosystem.
Daiki Moriyama, director at Oasys, stated:
The Mainnet launch is a significant step forward in creating a fully-functional, public-led gaming blockchain that will transform the gaming future and give extensive value to players and game developers alike.
This launch comes after the company received an audit from Quantstamp, a smart security auditing company, certifying its smart contracts system works as intended. Oasys raised $20 million in a private token sale in July, with the participation of Republic Capital, Jump Crypto, Crypto.com, Huobi, Kucoin, and Gate.io. However, the company is still working to make its token available for general investors on several exchanges.
Oasys is looking to forge itself a place in the growing gamefi (the intersection of gaming and finance) market by offering a gamer-friendly chain that is promoted as ecological and fast, also taking the fees problem out of the equation. The sector is valued at $8 billion currently and is expected to grow exponentially, reaching a valuation of more than $50 billion by 2025.
Several companies have already partnered with Oasys to use its upcoming network as the basis for their Web3-involved projects. Among these is Sega, which will launch its first licensed blockchain game, to be developed by Double Jump Tokyo, using Oasys’ services to integrate Web3 elements.
Square Enix, another AAA gaming company, will also explore the development of blockchain-based games as part of a partnership with Oasys.
What do you think about Oasys’ mainnet launch? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Oasys, a Web3, EVM-compatible, gamefi-focused blockchain project, launched the first phase of its mainnet on October 25th. The company, which has gathered support from AAA gaming companies such as Sega, Ubisoft, and Bandai Namco, will start validating blocks from all nodes in preparation for its definitive activation slated to happen on November 8th.
Oasys, a blockchain project that aims to serve gaming companies by offering fast transactions with zero fees, has taken its first step towards being fully operational. The company recently announced that it has launched the first phase of the activation of its mainnet, with validators in the network already talking to nodes and testing the main functions of the chain.
The validator set of the chain is composed of 21 companies, including AAA names like Sega, Bandai Namco, Square Enix, and Ubisoft. The full mainnet launch is predicted to happen on November 8th, when the chain will begin integrating the essential components of the system with the larger ecosystem.
Daiki Moriyama, director at Oasys, stated:
The Mainnet launch is a significant step forward in creating a fully-functional, public-led gaming blockchain that will transform the gaming future and give extensive value to players and game developers alike.
This launch comes after the company received an audit from Quantstamp, a smart security auditing company, certifying its smart contracts system works as intended. Oasys raised $20 million in a private token sale in July, with the participation of Republic Capital, Jump Crypto, Crypto.com, Huobi, Kucoin, and Gate.io. However, the company is still working to make its token available for general investors on several exchanges.
Oasys is looking to forge itself a place in the growing gamefi (the intersection of gaming and finance) market by offering a gamer-friendly chain that is promoted as ecological and fast, also taking the fees problem out of the equation. The sector is valued at $8 billion currently and is expected to grow exponentially, reaching a valuation of more than $50 billion by 2025.
Several companies have already partnered with Oasys to use its upcoming network as the basis for their Web3-involved projects. Among these is Sega, which will launch its first licensed blockchain game, to be developed by Double Jump Tokyo, using Oasys’ services to integrate Web3 elements.
Square Enix, another AAA gaming company, will also explore the development of blockchain-based games as part of a partnership with Oasys.
What do you think about Oasys’ mainnet launch? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Financial authorities in Singapore have proposed new regulations designed to protect consumers from risks associated with cryptocurrency investment and trading. The measures, which also aim to expand regulations for stablecoins, will be discussed with the industry before their adoption.
The Monetary Authority of Singapore (MAS) has put forward draft regulations that aim to restrict crypto trading for retail investors with the stated goal of reducing risks for consumers associated with decentralized digital currencies, while boosting the development of stablecoins. The city-state’s central bank believes the latter are credible as a medium of exchange.
The proposed measures have been detailed in two consultation papers published by the authority, with which it seeks feedback from industry participants. The plan is to introduce the new rules as guidelines before eventually incorporating them into the Payment Services Act.
“Trading in cryptocurrencies is highly risky and not suitable for the general public,” the MAS reasoned. At the same time, it acknowledged that such digital coins play a supporting role in the digital asset ecosystem and banning them would not be feasible.
In an announcement on Wednesday, the monetary authority explained that the proposals cover three main areas — consumer access, business conduct, and technology risks. It intends to limit the risk of speculative trading by introducing certain obligations for crypto service providers.
These companies will have to ensure that their customers make informed decisions by providing risk disclosures, including about price fluctuations and cyberthreats. The central bank suggests they should not allow or offer retail investors the option to pay with credit.
Cryptocurrency platforms will also be required to keep customers’ assets separate from their own funds and may be prevented from lending investors’ assets to third parties. However, regardless of these measures, users will still be ultimately responsible for their decisions and actions.
Licensed crypto service providers and those operating under exemption while awaiting authorization would be required to comply with the upcoming regulations. However, the new, stricter rules would not apply to accredited or institutional investors.
Praising the potential of “well-regulated and securely backed” stablecoins to facilitate transactions in the digital assets space, the MAS indicated that it plans to expand the regulatory framework for them in order to ensure their stability. It will focus on the issuance of stablecoins pegged to a single currency and with circulation exceeding 5 million Singapore dollars (approx. $3.5 million).
Under the proposed rules, issuers will be required to hold reserve assets equivalent to at least 100% of the nominal value of the coins, which can be pegged only to the Singapore dollar or any Group of Ten (G10) currency. They will have to publish a white paper, meet a base capital requirement and maintain liquid assets. Domestic banks will be allowed to issue stablecoins, the authority noted.
The latest regulatory move in Singapore, a major financial center that also took steps to establish itself as a crypto hub, comes amid intensifying global efforts to regulate the crypto economy following events like the collapse of the terrausd (UST) stablecoin and the bankruptcy of the Singapore-based crypto hedge fund Three Arrows Capital.
“The two sets of proposed measures mark the next milestone in enhancing Singapore’s regulatory approach to foster an innovative and responsible digital asset ecosystem,” MAS Deputy Managing Director of Financial Supervision Ho Hern Shin said in a statement. Interested parties have been invited to submit comments on the proposals by Dec. 21.
Do you expect Singapore authorities to eventually adopt the proposed tighter crypto regulations? Share your expectations in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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