GEMs

GEMs

Provably Rare Gems.

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GEMs Introduction

Provably Rare Gems, in short GEMs, rethink about the nature of assets on-chain and the extended use case of blockchain technology in the NFTs and the metaverse. At launch, we introduce Loot GEMs and Bloot GEMs. Before we go into Provably Rare Gems, let us dive into what our views are in relation to the gaming industry and how we see the next progression of the metaverse evolving into. In the traditional gaming industry, the concept of “rare” loot can be as simple as implementing a fixed percentage chance for drops. However, to make an item “rare” on-chain is not as trivial, and this is one groundbreaking feature of GEMs: provable rarity. Provably Rare Gems are ERC-1155 tokens for gemstones for use in the metaverse. Applying a Proof-of-Work (PoW) concept, GEMs are mined with off chain proof-of-work, ensuring provable rarity and fair distribution while also allowing more GEMs to be discovered indefinitely as global demand grows. Anyone can mine these GEMs. Once the mining starts, mining a GEM requires the miner to find a salt that together with the GEM type hashes to a small number, similar to how Bitcoin and Ethereum’s Proof-of-Work operates. The smaller the output number, the higher the chance of success. Precisely, each GEM maintains its own difficulty, which reflects the expected number of hashes from random salt required to compute in order to satisfy the PoW requirement. The higher the difficulty, the longer it may take to find a solution. Each time a GEM is mined, the GEM’s difficulty will increase exponentially, making the next mining more difficult. In summary, you can think of Provably Rare Gems as a smart contract that implements the PoW requirements on the contract itself, in which this contract is deployed on Ethereum blockchain.

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