Media Center

The New GMR Token is Incoming

December 17th
3 min read

We’re now in the final stages of getting everything ready for release!

The New GMR Token is Incoming

We’ve been spending a lot of time and effort making sure that our GMR V2 token is the most secure, scalable token ready for you to take advantage of. We’re now in the final stages of getting everything ready for release!

We wanted to make sure that this is the best token we could migrate to, so that our project can continue to grow from strength to strength when it comes to both crypto and mainstream gaming.

With the launch now imminent, we wanted to take this chance to share one of the security features of the new token to help you understand our journey.

Understanding the token migration

When the migration happens, we’ll be reducing the supply of GMR which is no surprise, but it means there will be less availability. This improves the value of the token, and also makes it more attractive for the larger exchanges and mainstream investors.

However, reducing the supply means we have to be very careful moving forward to make sure our project can still achieve its most important goal, which is changing gaming for everyone. From the beginning we have promised that gamers will soon be able to participate in P2E, staking and more innovative ways to game, while also being rewarded for your efforts.

To ensure that this is possible in the future, we will be introducing a secure, restricted and community-governed minting schedule. This means any minting is restricted until May 4th 2022, which is our anniversary. This will be governed by a 5-year blockchain-based minting schedule, which limits and gradually reduces the number of tokens that can be minted in any given year.

Decentralising the GMR project

Today we can announce two ways in which we’re decentralising the GMR project. Firstly through our multi-signature deployment process, and secondly through the formation of a developer-community, governance mechanism. Both will be in place and operational before that all-important May 4th anniversary date.

More of this will be revealed in the coming months, as we work with key community stakeholders to create the roadmap towards forming our own governance mechanism.

By opting to vest control of the GMR V2 contract to a multi-signature process, we have been able to take security to another level. This will lessen the power any single deployer may want to have, and reduce any centralisation risks.

No one person or digital wallet will be able to call methods on the contract, or move ownership, without the approval of the majority. What’s more, investors can take confidence in the removal of any rogue deployer risks. So, should a deployer lose control over their wallet or disappear, GMR will have the power to remove that wallet from the multi-signature process and install a new one.

Again, this is blockchain-based and requires majority approval.

In the beginning, there will be 3 developer-controlled wallets that form the multi-signature process. In accordance with our developer-community governance mechanism, the number and control of these wallets may change in time.

Thanks again for all your understanding, support, patience and excitement. See you in V2!