BitGuild repositions PLAT currency to smooth user experience
CEO Jared Psigoda explains
Its surprise move to become a super representative for the Tron blockchain has also coincided with high levels of activity on its mobile social app GuildChat, which has become a magnet for users keen to get their share of airdrops for tokens ranging from the serious (TRX, ETH, ENJ) to the ridiculous.
But where does that leave the company’s own PLAT token? After all, this ERC20 token was the mechanism for its $15 million ICO raise earlier in the year.
That’s something company CEO Jared Psigoda has been discussing in a Medium post.
Losing its shine?
Stating the original plan for PLAT to be the exclusive in-platform currency for BitGuild, Psigoda says it’s now clear this is adding a lot of friction. This is mainly because it isn’t easy to purchase PLAT, which isn’t yet listed on exchanges.
Hence, BitGuild has decided to modify its economy, with most games now also accepting ETH as payment. In time, the platform will accept most major tokens. All prices will be listed in USD.
That makes sense for people using the platform but isn’t good news for existing token holders. Hence BitGuild has announced that as it receives other tokens for payment, it will exchange them for PLAT, the majority of which will be burnt.
In this way, BitGuild hopes to maintain – and increase – the dollar value of PLAT despite it losing its exclusive utility within the platform.
Psigoda says BitGuild is also planning to come up with more use cases for PLAT, notably within GuildChat.
You can read the full Medium post here.