BITS is going on the Blockchain!
Misfits, we have some exciting news to share with you today about our tokenomics and long-term roadmap — BITS will be going on-chain and SMC is going Governance!
Currently, BITS are created by players engaging in space and reside solely on our game servers. This in-game currency is intended to be utility-based and the major part of the everyday Space Misfits economy. This seemed like a great strategy but something just seemed like it was missing…
Our initial thinking was to create an SMC exchange where in-game BITS could be converted to on-chain SMC for players to cash out their in-game tokens for other cryptocurrencies. This would have required a great deal of development effort but as we’ve given this more thought and watched other projects evolve, a better answer has emerged; BITS will become its own ERC20 token and SMC graduates to Governance status!
What this means long term for you as the player should bring value in many ways over time but let me summarize a few key points to consider::
- BITS will focus on utility while becoming a blockchain asset and accelerating our play-to-earn (P2E) strategy and releasing with Enjin’s new Smart Contracts on JumpNet.
- SMC will evolve into its own value-driven, governance token trading independent of BITS and gaining features like staking, voting rights and will play heavily into the game economy of Habitats.
- Ultimately Space Misfits ends up with more assets on the blockchain and you as the player own more of the game in your wallets with less on our servers.
- With Enjin’s larger suite of blockchain capabilities still to come, Space Misfits players will continue to reap the benefits of a single, end-to-end on-chain solution.
Of course, this kind of change doesn’t come without the hard work necessary to make it happen so we’ll be updating our documentation, working with Enjin on getting SMC and BITS listed on JumpNet and converging our development on these major tokenomics milestones. Expect to see an updated roadmap and WhitePaper 2.0 this fall with the full details of this announcement.
See you all in Space!
CEO/Founder Space Misfits