As the crypto market enters a period of growth and engagement, a new cryptocurrency has caught the eyes of strategic investors – Green Bitcoin or $GBTC.
The project, combining Bitcoin’s legacy with Ethereum’s eco-friendly blockchain, puts forward a unique, sustainable staking model with GameFi elements.
Here is a closer look at the project and whether it can live up to the expectations.
What is Green Bitcoin?
Green Bitcoin is a gamified green token that offers attractive opportunities for earning crypto side income. The rewards are scaled to the investment each participant is willing to plow in. The platform will host weekly challenges that involve price prediction, nurturing engagement and activity within the ecosystem.
The project’s goal is to provide a rewarding and environmentally conscious crypto experience through GameFi.
$GBTC’s green characteristic has two aspects:
To begin with, the project’s use of a Proof of Stake (PoS) consensus mechanism through the Ethereum blockchain is 10,000 times more energy efficient than the original Bitcoin blockchain.
The staking mechanism also draws from the green embodiment of the project. That is, your predictions earn you rewards every time they land in the green zone.
A Closer Look at $GBTC Gamified Green Staking
The novel staking feature introduced by Green Bitcoin is called Gamified Green Staking.
At the core of the mechanism is daily price prediction contests. Here, token holders can take advantage of Bitcoin’s market activity by making daily price forecasts. All you need to get started is to stake $GBTC tokens.
It will allow you to predict the next day’s Bitcoin price movement. If your prediction turns out to be correct, you will earn a share of the daily staking reward pool depending on the number of tokens you have staked.
With the staking system, the project aims to fuel engagement in the community, while limiting the supply of the token in the open market. Artificial scarcity enabled through the mechanism will positively influence the price dynamics of the token. More importantly, it creates a competitive yet rewarding environment for the community.
It is interesting to note that a massive reward pool of 5.8 million $GBTC tokens has been allocated for the system. It accounts for 27.50% of the total token supply, underscoring the community-first principle of the project.
How Does it Work?
The $GBTC reward pool is designed to exhaust in a period of two years. That is, by December 31, 2025.
$GBTC rewards are accumulated every 10 minutes, mirroring Bitcoin’s average block time. Your price predictions have to be submitted by 11:30 PM EST. A new round begins as the clock ticks 12:00 AM EST. After that, you can stake $GBTC tokens and submit your next price call.
The stakes placed during the day are tallied against the actual price action at midnight. A cut of the day’s mining fee rewards are distributed to participants who made accurate predictions.
In each 24-hour cycle, you can claim the aggregate of your day’s rewards. There is no waiting period, thus fueling direct daily engagement in the ecosystem. Given that price predictions are not blind betting, users can make use of their market insights and research to earn tangible rewards every day from the platform.
The robust underpinning of the GambleFi ecosystem, in stark contrast to crypto casino platforms that rely on speculations, supports the stability and growth of $GBTC.
Additional Benefits for Extended Staking
As mentioned above, with the novel staking program based on Bitcoin price predictions, the project’s goal is not just to engage the community. It also aims to support the price dynamics of $GBTC by injecting artificial scarcity into tokenomics.
To further tap into the system, $GBTC promotes extended staking as a means to incentivize commitment and reward long-term participation. Users who stake their $GBTC tokens for extended periods are eligible for additional benefits.
This way, the system rewards the duration for which tokens are held in staking, not just the quantity of tokens staked by each participant. Bonuses scale along with the length of each staking period.
Missed Bitcoin’s Meteoric Pump? Here’s Another Chance
The $GBTC presale is live from December 1, 2023. Staking will be launched during the presale period allowing stakers to earn attractive Annual Percentage Yield (APY).
After one month of the presale launch, the Green staking rewards system will be unveiled. It will further allow investors to boost their earning potential by predicting the Bitcoin price action.
Being one of the most creative and engaging crypto projects to enter the market in a long time, $GBTC holds large potential for growth from an investment perspective.
If the project evolves and expands as laid out in the roadmap, it has the potential to become a top performer in 2024.