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RIOT Game Token
RIOT is an ERC-20 token, used as a native game currency and governance token that powers Riot Racers and upcoming games Riot Rampage, Riot Rush and the Riot Metaverse. It allows players to earn rewards in games, buy game assets, pay for actions in the games, claim rewards, and participate in governance.
Only 250,000,000 $RIOT tokens will be minted.
The RIOT token is designed and intended to be a utility governance token. It is solely intended to be the currency inside the Riot Metaverse and games. The token is not an investment and no amount of the token supply was sold to investors or for investment purposes, as seen above in the allocation table. RIOT is a fungible ERC-20 token and was created by deploying a widely used standard smart contract on the Ethereum blockchain. To be used, RIOT must be deposited from the Polygon network, or the Ethereum Mainnet Network, in to the in game wallet via the riotracers.com app. The in game wallet is used to pay for all actions within the game, and allows for RIOT token withdraws out to the Polygon network. Polygon, a second layer Ethereum chain, is in common and increasingly high use by blockchain games and DeFi projects.
The RIOT token is designed to flow in and out of the Riot Metaverse and games and the community. Players buy the token in order to make purchases in the Metaverse and play in the games. Purchases can include game assets (like cars and land), and upgrades. Players also win the token as rewards when they win races in races or prizes in the other games.
The RIOT token economy is regularly monitored and analyzed. Prices in RIOT for game activities, including breeding (spawning), are regularly reviewed and adjusted if needed. A stable token price, as much as is possible, promotes a healthy economy and is beneficial to the community. The game operators issue a RIOT token economic report from time to time.
Special attention was made to ensure the token had as much balance as possible between the in-flow and out-flow. The desired outcome here is that there is not more demand to buy the token than to sell it, or vice versa.
The ecosystem was designed to have demand to purchase the token in order for players to breed (spawn), enter paid races, buy game assets and upgrades. Breeding fees and play to earn rewards can be increased or decreased to better balance buy and sell pressure of the token.
Other incentives were designed to encourage players to hold the token and not sell. The first is an upcoming staking program that rewards players with more tokens for holding tokens for at least week long periods. The second is the Council of Racers, a DAO like system that allows holders of the token to influence decisions made about the game. This allows players to have a say in the future of the game and how it operates. The larger the amount of tokens held, the larger amount of influence the player has, as one token equals one vote.
The goal is for the game operators to take an active role in adjusting elements in the game economy to keep the token as stable as possible for the players.