A Spotlight on the Binance Smart Chain Project Mobox
The core business of MOBOX is that it is a revolutionary and unique system that works on combining the best of Gaming NFTs and DeFi Yield Farming to make what is called the GameFi, which is an ecosystem that is Play to Earn and truly Free to Play. They have worked on devising an innovative gaming approach wherein users are able to earn through having their tokens at stake to play competitively exciting games. They have a goal not to be in competition with any other significant project, but to increase the value of the ecosystem that currently exists. As an example, instead of building an AMM or Swap like anyone else, they have worked on integrating the Pancake Ecosystem into their platform. It included the idea to give the users a more straightforward interface so they can use every great thing that the Pancake Swap is offering. By doing this, users wouldn’t need to jump from a platform to another to enjoy the MOBOX platform. There are so many NFT and DeFi Gaming platforms that take another approach as we study a lot of them and realize that most of them are trying to have DeFi mechanics incorporated into their game or platform. However, this can be quite hard as it can be challenging to search for a balance between DeFi and Game mechanics. Because of that, the platform MOBOX is taking a different approach as it ties with the existing DeFi ecosystem on the Binance Smart Chain (BSC) with their experience in games development. Because of this design, people who use DeFi can take optimized yield farming to their advantage. Gamers will have fun playing games as Gamers, and DeFi enjoys both.
Last April, the platform experienced a fair launch without seed, pre-mine, nor pre-tvl. During this time, they were able to launch some milestones that include more than 200,000 minted NFTs, 270 million TVL, and an excess of 40 million BUSD in NFT Trades.
When it comes to how the MOBOX system works, users can gain the BEP20 token KEYS by having their Single tokens or LP tokens at stake. They can then use the KEYs to unlock the CHEST, and the user will get an NFT that is unique and random through the blind box system. There are various qualities NFTs have, and they are legendary, epic, unusual, uncommon, rare, and standard. Every NFT comes with a unique Hash Power that can get randomized on the blockchain. They can have these NFTs upgrade through the consumption of other MOMO NFTs that can make their hash power further increase. Once the NFTs get staked on the platform, they allow users to have the opportunity to have the MBOX DAO token farmed and enable them to have NFTs used throughout the games that they will release on the platform. This system is excellent because it is capable of showing the true interoperability of NFTs between not just the games but also the platforms that work with several partners for the building of unique NFTs that can provide special perks not just on one platform.
When did the idea about MOBOX start, and what led to this?
The idea wherein the MOBOX platform has basis began this September 2021 because of DeFi’s emergence on the blockchain Ethereum. Because of DeFi’s growth, they have envisioned the new concept that can couple because of their ten years of gaming experience. Also known as GameFi, this concept is where games become financed, and finance gets gamified. They eventually set out for the building of a unique infrastructure that combines the best of Gaming NFTs and DeFi Yield Farming for the creation of the GameFi experience.
Before the start of the MOBOX platform’s development, they initially did research and had every smart contract on the Ethereum network broken down. The more critical part of this is that they gave added attention to smart contracts that got attacked because of bad actors. They have ensured that their smart contracts will not be just as vulnerable. As an example, for the prevention of attacks in flash loans, the deposit of the user will not instantly trigger the operation of investing in the platform that corresponds to it. Instead, TimeLock will control and trigger the strategy so that the investment in the corresponding platform will get delayed. Because of that, Arbitrage won’t occur in a similar transaction.
Right now, MOBOX has a team of thirty members from Australia, China, and Canada. Twenty of them are developers. They began in the mobile game and web publishing industry last 2010 and became successful in taking the company to IPO last 2014. They exited this 2017 as they saw an innovative and new technology that allowed them to be able to fulfill their vision where people can actually play games and earn money at the same time.
The NFT game known as Ether Online was their first DApp that has 90% of the game running on the Ethereum blockchain’s Smart Contracts. This uniquely decentralized game of RPG consisted of both the PvE and PvP elements, level system, equipment system, NFT marketplace, and a lot more.
They eventually began a new project on the blockchain TRON that became among the high-ranking DApps across every blockchain that handles more than $6 billion through their secure Smart Contracts. They eventually began a new project on the blockchain TRON that became among the top-ranking DApps across every blockchain that handles more than $6 billion through their secure Smart Contracts. Furthermore, they even became lucky enough to be the first DApp in gaming that launched on the launchpad of Binance.
The Main Advantages of MOBOX for Users in Comparison to a Similar Project in the Mainstream Financial Market
Mobox is advantageous as people have not seen the same projects in either the DApps, traditional gaming market, and mainstream financial market. That is because the GameFi infrastructure only became possible because of the DeFi ecosystem and blockchain technology. When it comes to the same projects in the Dapp market, people still have not seen anything that looks like a balanced combination of gaming NFTs and DeFi Yield Farming that is beneficial to every stakeholder may they be an investor, NFT collector, or gamer.
For those in the industry of gaming, user experience is something that they constantly think about every day for more than a decade, which is why they need to take it very seriously. That is the reason why they had parts of the ecosystem Pancake Swap integrated into their platform, as this allows users not to need to jump from a platform to another, so they can reap the platform’s benefits. Aside from that, the adoption of dApp has a significant issue of having a high entry barrier. Because of that, they have developed their own mobile application on Android and iOS, including a chrome wallet plugin, to create an ecosystem that is truly cross-platform and lowers the barrier to entry at the same time.
Because of the MOBOX platform, users can be able to experience a system that allows them to play, collect, and earn all in a single ecosystem. With the optimized smart contracts in yield farming, investors can put their crypto at stake to earn. In the marketplace, collectors can work on collecting and trading MOMO NFTs. Gamers can get into battles with each other to earn tokens of MBOX. In the MOBOX platform, there is something that can be great for everyone. Aside from that, the earning power that crypto can provide may hardly become idle. Considering this, MOBOX has a Rent System that is unique for NFTs. As an example, collectors can have their NFT rented out to gamers for specific fees. The gamer can have it used so they can earn MBOX in the games. The person who originally owned it can continue to earn MOBOX tokens by staking, including their rental fee.
MOBOX is definitely among the platforms that allow people to always earn from crypto, may they be NFTs, stable coins, or mainstream tokens.
The MOBOX Security Strategy to Keep Users Safe
Before starting to develop the platform MOBOX, the first thing that they did was break down and research all the Ethereum network’s smart contracts. The critical part of this is that they gave a lot of attention to smart contracts that bad actors attacked. They eventually ensured that the smart contracts would not experience the same vulnerability. As an example, for the prevention of flash loan attacks, the deposit of the user will not instantly trigger the operation of investment in the platform that corresponds to it. Instead, the strategy will get controlled and triggered by TimeLock so that the investment in the corresponding platform will become delayed. Through this, Arbitrage cannot possibly happen in a similar transaction.
Mobox has also completed their audits in Smart Contract from CertiK, and here, they received 90 as their average score in security.
How can you start using MOBOX, and where can you find how-to guides?
It can be pretty easy to get started on the MOBOX platform. Aside from being a part of the helpful and friendly community, they were also able to publish numerous guides on how to enjoy as you earn.
Why did MOBOX decide to build on the Binance Smart Chain?
Initially, the MOBOX platform was built on the blockchain Ethereum, but it had the vision to have other chains included in the future. Last February, they had their Alpha launch on Ethereum. Due to numerous feedbacks from users, they discovered that the slow speeds in a transaction and high gas fees made the user experience so unfriendly. Since user experience is vital in their vision, and they had experience in development on EOS, TRON, and Ethereum, they set out to look for other blockchains, so they can see which could be highly suitable for them. As they chose, they had some criteria listed out that they need to meet to become successful. Included here are a vital support ecosystem, great community, the comparatively minimal entry barrier for users, fewer gas fees, fast transaction speeds, and a healthy ecosystem of DeFi. As they dove deep, they discovered that the only blockchain that is capable of this was the Binance Smart Chain. Through Pancake Swap, it has a robust DeFi ecosystem with minimal gas costs, fast transaction speeds, a compelling economy that grows each day, the minimal entry barrier for users that have wallets supporting Ethereum, and great ecosystem support from the team of the Binance Smart Chain that they decided to work on redoing all of their smart contracts and launch on BSC. This has been among the best choices they made by far.
What MOBOX hopes to see from the BSC community eventually
Because of the continuously expanding community that BSC has, MOBOX is hoping to see more and more developers work with one another for the building of a highly decentralized ecosystem wherein they use NFTs across platforms for the creation of true interoperability. They have worked on this with BSC’s other projects, wherein they can use MOBOX NFTs on every game in the MOBOX platform. MOBOX believes that it is vital to build together, so they can foster a great developer and end-user community wherein innovation is prioritized ahead of the competition.
The main challenge for DeFi in the future
Included in the main challenges to DeFi’s future is security that people would have to consider. Whatever stage the project may be in, security will always be included in the main challenges. Even if DeFi is undergoing rapid development, people believe that it still remains in its infancy as there are so many things that people can explore. So far, a lot of the activities have been speculative that high returns could decrease as time goes by. Because of that, the product would need more practical support.
The other challenges that developers cannot handle are regulations and policies. Right now, there is no framework or structure for this, making it a barrier to adoption. As a business, they are hoping that the policies will be more concrete so that the business will be legal whichever region or country they are located.
Where could BSC and DeFi be in half a decade?
People are hoping that in the next five years, there will be a bridge between DeFi and traditional finance. Here, BSC can play a vital role. In the previous six months, BSC’s development has been quite fast, that it has already surpassed a lot of other blockchains when it comes to activity. In five years, there will be an exponential multiplication in the number of active users that only some public blockchains will stay active. People believe that the BSC will be among the few that will continuously expand and grow in users and usage.
Aside from the NFTs and DeFi, there may be so many innovative DApps since the technology and industry are beginning to mature. Like what we previously mentioned, we have created the DApps on numerous blockchains, and the team of the Binance Smart Chain has provided the best support for these projects. Whatever the technology, community, or how to begin, the team of the Binance Smart Chain has always been available. Because of the increased adoption and as more and more developers innovate, build, and adopt in the Binance Smart Chain ecosystem, it can be more and more prosperous in the future.
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