Powered by VeChain ’ s blockchain technology, VIMworld is a bright NFT platform for collectables and digital characters. VIMs, or virtually desegregate Metadata, are digital collectible tokens living on the VeChain Thor Blockchain. Each VIM can be seen as a digital quality with unique properties and capabilities. They can be traded, collected, or used in PlayTable games .
John Dempsey, the collapse of the 8Hours Foundation, is both a game and a collector. These were precisely the same interests that allowed him to conceptualize the unharmed project and late be built together with his team and the residential district .
Dempsey felt the indigence to use technology to bring people together through the help oneself of social activities, such as games.
He built the foundation garment to create a blockchain platform that encourages and rewards people when using it. The platform ’ mho finish is to ensure that its participants can spend at least a minimum of eight hours per week being engaged in meaningful sociable interactions .
What is the 8Hours Foundation?
Eight Hours Foundation 8Hours Foundation is an organization put together to build a real-life community even in the blockchain space. The primary determination of the team ’ second efforts, as already mentioned, is to create a platform where people are rewarded for interacting with other individuals .
The foundation garment collaborates with PlayTable, a blockchain-based bet on platform, to spearhead a program called ‘ Toy Reality ’. This room, they can build a virtual social network that emulates the real global through the tokenization of real-life assets on the blockchain .
A mix of real-world and blockchain data repositing technologies power the whole platform. Furthermore, RFID technology and tagging enable the initiation of their confirmable blockchain counterpart. The lapp set-up supports ownership chase, asset travel record, and asset customization .
Eight Hours Token ($EHrT)
Eight Hours Token, or the EHrT, is the native keepsake of the platform. It can be used as a medium of exchange, fees payment, venture, and vote. EHrT besides has particular functions that help run the whole chopine. chiefly, these are :
- Authentic Asset Certificates (AAC) – In making blockchain representations of real-life objects, users have to spend EHrT. The process allows for the creation of AAC, which act as proof of ownership on a blockchain-counterpart of real-life assets. Additionally, these belong to the non-fungible token (NFT) classification, the same kind that allows for the tokenization of assets in the real world. For users to be able to register and join the platform, AAC’s are required.
- In-Game Currencies (IGC) – Through EHrT, users can create in-game currencies. These are tokens that developers can create to back the economy of their games. Since these currencies can work cross-platform, other gaming systems on the 8Hours Foundation ecosystem can use them as well.
- Colored Tokens – These tokens function like marks or records on an AAC that display their digital journey. This means that colored tokens can be referred to in looking for the history of an AAC’s ownership, its authenticity, progress, and wealth, among others. Furthermore, only developers can create new colored tokens and deposit them on AAC.
$EHRT Token Mechanics (Image credit: 8hours Foundation Whitepaper)
early uses for the EHrT involve early fiscal services such as staking and rewards. But generally, EHrT is held by users for :
- Staking – Through a grants system, users can make investments in the projects built within the 8Hours ecosystem. This entitles stakers to receive benefits from a platform in the event that they grow.
- Reward – Through a rewards system, the platform incentivizes its users to participate in network activities, especially those that involve platform developments or updates. These users receive a proportional amount of EHrTs for their participation.
- Support – Users who want to show their support on a platform that is currently being built, that can freely use EHrTs to fund a project.
8Hours backs its transaction system with the VeChainThor chain. This allows it to support a multi-party requital protocol without requiring natural gas fees that platforms normally charge whenever users perform these transactions.
What is the VIMworld?
Powered by EHrTs, the basis has created VIMworld, a collaborative first step between them and PlayTable, with the determination of establishing a bet on platform built within its own ecosystem .
VIMworld refers to a virtual community that gathers a collection of all Virtually Integrated Metadata ( VIM ) that its participants have created on the platform. These are powered by AACs that help VIMs store and verify data, commemorate transactional history, a well as the unharmed journey of virtual objects, among others .
VIM holders can then join any community bodily process with other users, or simply interact with them. These interactions are made possible by games that get people to perform certain tasks .
Features of VIMs
There are several features that help distinguish VIMs from the common NFTs. These are :
- User-managed – Owners of VIMs can only grow in value if the owner attends to them by participating in VIMWorld activities. In addition, they can be customized based on their history.
- Asset-powered – VIMs require users to spend EHrTs from time to time if they want it to grow. This means that VIMs can hold actual value and grow at the same time.
- Digital Representation – It is one of the more innovative aspects of VIMs. VIMs allow real-life objects like toys and collectibles to increase in value through their blockchain representations.
As of former, the ecosystem behind VIMworld is already composed of more than 2,100 community members and 7,000 VIM collectibles. It is now considered one of the most adopt digital platforms, overtaking CryptoKitties ’ sulfur record back in 2017 .
Gaining VIMs and Growing their Value
There are batch of ways to gain VIMs, such as rewards when winning games from assorted platforms on the 8Hours Ecosystem, donations or incentives given out by the foundation, purchase from marketplaces, or acquisitions of toy packages .
Besides representing the ownership of a exploiter on an detail or a plot, VIMs are besides valued based on the sum of plot data and progress they hold. They are classified into a diverseness of rarities and tiers, but can be easily upgraded by adding more EHrT in them. furthermore, higher-tiered VIMs accrue bigger benefits for its holders .
VIM tiers (Image credit: VIMworld Whitepaper)
VIMs can soon be traded on the VIMExchange, the market that 8Hours designed to support all NFTs in the ecosystem. When more partnerships are established, VIMs can be made available for trade on other VeChainThor-compatible marketplaces.
Creating real-world function cases for blockchain technology is one of the biggest drivers for its borrowing. And since social interactions have been reduced in this modern and digital historic period, having platforms that help alleviate this trouble could surely have a real use case .
If VIMworld and 8Hours succeed in their goal, it can be a very interest casing study for the benefits that blockchain can bring. The project shows a promise likely to prove that the engineering behind cryptocurrencies can be an effective legal document in bringing people in concert .