Paradox Coin (PARA) is the recently launched native token of a new crypto gaming platform So how paradox piece work? What is the paradoxical piece used for? let’s find out PARA.
NFTs, the metaverse and play-to-earn
One of the few growth sectors in cryptocurrency in 2021 was that of non-fungible tokens (NFT). These links to individual digital artworks have been the hot topic of the block chainbased on the financial market, especially in the second half of the year, as it seemed that everyone – not just the major crypto players, but also the people, companies and organizations that one might think that they would have absolutely nothing to do with blockchain – was jumping on the NFT bandwagon.
A major driver of NFT growth has been the metaverse. The metaverse, to put it simply, is the idea that people can exist in an online virtual world and interact with each other through avatars. The online game Second Life, popular in the 2000s, was indeed a pioneering metaverse.
Something that’s not entirely part of a metaverse, but strongly associated with it, is play to win. Since people can, and do, decorate their own spaces within the metaverse with NFTs, it makes sense that they can trade them within the metaverse. Play-to-earn takes this concept and applies it to gaming. In play-to-earn (or p2e) games, people participate in online battles and challengers and, as a reward for their victory, they can earn NFTs. Therefore, since NFTs can be bought and sold for real and real fiat currency, it is possible to earn money by playing the games. Of course, it is by no means guaranteed that you will make money from p2e, and it is more than possible that you will lose money instead.
Although markets involving NFTs, the metaverse, and play-for-earning took a particularly noticeable hit in 2022, they still exist and are an integral part of the overall cryptosphere. Organizations continue to create their own metaverses and metaverse-related platforms, and Paradox is one of them.
Who founded Paradox?
Paradox was founded in 2022 by self-proclaimed entrepreneur Amio Talio (perhaps most famous for apparently write off a £180,000 Lamborghini sports car and setting up his own »universitywhich offers people the chance to learn how to get rich in three months for an undisclosed price) and Fasial Tarika former boss of a car rental company in Northampton, England.
A possible red flag is the fact that Talio’s name does not appear on a search of the UK’s Companies House website. Considering the man presents himself as an entrepreneur capable of teaching people business skills, while there could be a perfectly innocent explanation for his absence from the archives, it could also deter someone who was considering investing. in Paradox to do so. Likewise, it’s hard to see what particular expertise someone running a car rental company might have that could lead them to run a successful metaverse organization. That said, blockchain-based companies led by people considered experts in the field have been successful, so it’s possible that Talio and Tariq are the people who will make the project a success.
The Paradox Network is based around the online game Paradox Metaverse, itself based on the Unreal Engine, which powered the video game Fortnite. The network allows people to interact with each other, explore a series of alien worlds, and participate in challenges. The network itself is also planned to support a venture capital firm called Paradox Ventures and will eventually be run by a decentralized autonomous organization (CAD) called ParaDAO. There will also be a launch pad called ParaPAD and a decentralized exchange (DEX) called ParaSWAP as well as, somewhat oddly, a branch called Paradox Events which aims to promote “online boxing matches”.
What is a paradox piece?
Every blockchain-based organization must have its own native encryption token, and the Paradox Network has a Paradox Coin, also known as PARA. This crypto is designed to power the entire Paradox ecosystem and is also used to pay out rewards to players who complete various challenges on the network.
The crypto has gone through three rounds of pre-launch funding, with a seed fund raising $3.12 million, a pre-sale of $1.08 million, and a public sale of $408,000. The token first appeared in the open market on November 17, 2022. Although it would be unfair to talk about the paradoxical history of coin prices when at the time of writing this article, it had no been traded openly only for a few hours, it should be noted that at that time it had a total supply of one billion and it was worth somewhere between $0.11 and $0.12, according to CoinGecko.
The Paradox Network actually doesn’t have a full white paper, the technical document explaining how the system works and, by extension, the PARA coin. Although the system site links to something it calls a white paper, the link actually leads to what could be described as a condensed version of the Paradox homepage with some information presented in a different way.
In fact, there is nowhere that says whether or not the network has its own block chain or if it uses another, which means it might not even be accurate to call the paradox cryptocurrency a coin when, if the platform uses, for example, Ethereum (ETH) as a base, it would be a token. Although the system appears to have plans to launch a blockchain at some point in the third quarter of 2023, it does not say what the current deal is, which could be considered worrying. However, this lack of detailed information could also discourage a potential investor.
Also, remember that just because something was put in place with the best of intentions doesn’t mean it won’t fail. As always with cryptocurrency, you should be careful and do your own research before investing in paradox currency at this early stage. Remember that prices can go down as well as up and you should never invest more than you can afford to lose.
We asked Paradox if they could provide more details on Amio Talio’s business background, what experience the founders have with blockchain technology, and what blockchain the paradox cryptocurrency runs on, but we have yet to receive Answer.
How many paradoxical pieces are there?
While there is no figure on how many PARAs are in circulation at this early stage in crypto history, there is a total supply of one billion paradox coins.
Who created the paradoxical piece?
The Paradox coin was created by Paradox founders Fasial Tariq and Amio Talio.
Who owns the paradoxical piece?
The Paradox coin belongs to the people who have invested in it, either through the system presales or on the open market.
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