EOS-based Mythical Games Platform Raises $16 Million in Series A Funding Round

  • EOS-based Mythical Games platform has raised $16 million in a Series A funding round.
  • The EOS platform has received $325 million from previous funding rounds led by Galaxy Digital and Block.one.

Mythical Games, the developer of “video game engines for player-owned economies”, has completed a venture capital-backed $16 million Series A funding round.

Building Games On Blockchains

The funds will reportedly be used to create games for mobile and desktop computer users. Notably, Mythical Games’ platform will be developed on the EOS.io blockchain network, and the company is planning to announce the first set of games it will be launching.

Mythical’s management team consists of several members who have been actively involved in the gaming industry. John Linden, a computer engineering graduate from the University of Kansas, is managing Mythical’s key operations as the firm’s CEO.

Linden has previously worked at Activision, a large 40-year-old California-based video game publisher. The other C-level executives at Mythical include its chief compliance officer, Jamie Jackson (who also previously worked at Activision).

1 Million Waves To Be Rewarded To Game Developers

Notably, billionaire investor Michael Novogratz’s Galaxy Digital has made substantial investments into the ongoing development of the EOS platform. Launched in January of 2018, the $325 million fund has drawn investments from members of Block.one (the company that developed EOS) and Novogratz’s “full-service” crypto merchant bank, Galaxy Digital.

As CryptoGlobe reported in October, Chainbreakers, a virtual reality game, is being developed on the Ethereum-based Decentraland platform. Chainbreakers is based on a fictional story - which focuses on the notable events that took place in Ancient Greece.

As covered, the blockchain and smart contract-enabled, Waves platform, has announced the launch of a 1 million Waves (appr. $2 million) reward pool for developers who will build games on its network.

Gaming And Gambling Apps Lead The Way

Sasha Ivanov, the founder and CEO of Waves, had said:

I believe that the gaming sector will be an enthusiastic adopter of blockchain, and will drive its widespread use. Given the mutual opportunity here, we are more than ready to reward developers for the effort they make in implementing their projects within [the] Waves ecosystem.

Waves Platform CEO

In addition to gaming, online betting platforms are increasingly being developed on blockchain-based platforms.

In early November, CryptoGlobe reported that TronDice, a TRON-based gaming DApp (decentralized application), had paid out almost $5 million in TRX tokens. The TronDice DApp allows users to select a number between 2 and 100, and the game’s smart contract uses a random number generator to produce a number between 1 and 100. Rewards in TRX are distributed to users according to their choices

CNBC’s Brian Kelly Explains the ‘Huge Difference’ Between Libra and Bitcoin

On Tuesday (June 18), the day that Facebook unveiled Libra, its new global cryptocurrency,  CNBC's Brian Kelly, who is also the founder and CEO of crypto hedge fund BKCM LLC, explained the "huge difference" between Libra, which he thinks of as digital fiat, and Bitcoin, which he thinks of as digital gold, and said that this was the reason that he does not consider Libra to be a real cryptocurrency.

In a segment titled "Facebook Goes Full Crypto" on CNBC's "Fast Money" show, the host, Melissa Lee, asked Kelly to explain why he does consider Facebook's Libra to be a real cryptocurrency (like Bitcoin or Litecoin).

Kelly started his "crypto class" with a super simple explanation of how Libra works from the point of view of a user:

  • You exchange some of your local fiat currency (say, dollars) for Libra tokens
  • You can then pay for goods/services using your Libra tokens
  • Whenever you want, you can convert some/all of your Libra tokens back to fiat currency

This all sounds fine, but Kelly says that one unspoken truth here is that as a user you need to trust the Libra Association to do everything behind-the-scenes correctly and honestly. In contrast, he says, a real cryptocurrency, such as Bitcoin, is trustless. As Satoshi Nakamoto explained in the Bitcoin white paper (which is titled: "Bitcoin: A Peer-to-Peer Electronic Cash System"), Bitcoin is "an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party."

According to Kelly, the main difference between Libra and Bitcoin is that Libra is trying to be essentially digital fiat (although he used the term "digital dollar" because he was addressing mainly a U.S. audience) and so it has all the "characteristics" of traditional fiat currencies, whereas Bitcoin is "digital gold" (and it is "probably a lot better than gold") and unlike Libra does not need a trusted third party, and to him "trustlessness" is what makes crypto "revolutionary". He said that this is why we can say that Libra "keeps the existing system" while Bitcoin "does away with it."

Kelly went on to say that Libra is not substantially different from systems such as PayPal or Venmo; it's the "next iteration of them". 

Meanwhile, David Marcus, who is the Co-Creator of the Libra currency and the Head of the Calibra project (a custodial wallet for Libra) at Facebook, thinks that it is wrong to compare Libra and Bitcoin since they do not belong to the same category:

One of the people who replied to Marcus' tweet was Dr. Saifedean Ammous, an economics professor and the author the book "The Bitcoin Standard":

 

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