Have you ever wondered how a blockchain project can redefine the Gaming, AI and Metaverse industry? If yes, then Vulcan Forged is probably your answer!
Vulcan Forged, also known by the market tickers $PYR and $LAVA, is a growing web3 ecosystem comprising of its carbon-neutral layer-1 blockchain named Elysium, its web3 gaming studio called Vulcan Studios, along with its upcoming Metaverse-as-a-Service project known as MetaScapes.
At its core, Vulcan Forged looks to bring gaming and blockchain one step closer together, and to do that has developed a blockchain designed to enhance the AI, Metaverse, and gaming potential of blockchain technology.
Offering fast transaction speeds and high scalability, Vulcan Forged wants to make Elysium the premier optimized destination for your game, NFT, AI, or Metaverse project.
But what does that all mean? And what really makes Vulcan Forged stand out?
Today we find out!
What is Vulcan Forged?
Originally founded in 2019, Vulcan Forged has changed many times over the years as the ambitions of the project grew larger.
Of the two founders, only Jamie is listed on their LinkedIn and still acts as their CEO today.
Today, Vulcan Forged is about two things. Video games and blockchains.
As such, it has created both a web3 games development studio, Vulcan Studios, and a layer-1 blockchain, Elysium, specifically designed to run these blockchain games.
This network runs on a combination of cryptocurrencies, which are the $PYR and $LAVA tokens.
In short, $PYR tokens are the primary tokens of the Vulcan Forged ecosystem and power its operations, while $LAVA are tokens that can be earned through playing their blockchain-based web3 games.
But, to really get into that, I should better explain how it all works.
How does Vulcan Forged work?
Frustratingly, the Elysium part of the Vulcan Forged website has not been fully released, so I am unable to say for certain exactly how the Elysium blockchain will work.
What we do know is that this project will be a Proof-of-Authority based blockchain, based on Proof-of-Stake, and that Elysium has a commitment to going 100% carbon neutral.
Proof-of-Authority is a blockchain consensus mechanism, which is not always, but in this case, is similar to Proof-of-Stake.
But what exactly is Proof-of-Stake and how does it compare to Bitcoin’s Proof-of-Work?
Instead of miners solving resource-intensive puzzles, like under Bitcoin’s Proof-of-Work, through Proof-of-Stake validators are chosen to create and confirm blocks based on the amount of cryptocurrency they hold and are willing to stake, meaning deposit, as collateral.
This reduces energy consumption as it doesn’t require the intense computational power of Proof-of-Work to function.
Instead of making the whole network compete, it selects and verifies semi-randomly based on how much the user has staked.
However, this is not Proof-of-Stake, it is Proof-of-Authority, so what’s the difference?
Proof-of-Authority is when it is not entirely decentralised, and the usual semi-random selection of validators like under Proof-of-Stake does not apply.
In the case of Elysium, there will be 51 trusted and reputable nodes for validating transactions and securing the network. These nodes have been selected by Elysium, and the only way you can become a node yourself is if Elysium selects you.
The benefit here is speed, as fewer nodes to verify, means the quicker it will process. However, the trade-off here is decentralisation.
Additionally, Vulcan Forged also own a games studio and Metaverse-as-a-Service.
The appropriately named Vulcan Studios is in charge of their 10+ video games, and develops, releases, and maintains these games. The tokenomics of which, I will come back to shortly.
Otherwise, this acts like any other video game developer.
Lastly is MetaScapes, the Metaverse-as-a-Service platform.
To keep it simple, MetaScapes currently offers 4 pre-built templates for you to build your own Metaverse from.
These pre-builds are designed with VR and AI in mind and are also focused on a greener Metaverse overall.
In short, MetaScapes aims to enable you to bring your Metaverse ideas to life via their tools and platform.
So, what makes Vulcan Forged stand out?
What makes Vulcan Forged unique?
Perhaps the most unique feature of the Vulcan Forged ecosystem is the dual-token economy.
$PYR is the main currency of the ecosystem and acts as a settlement, staking, and gaming utility token.
$LAVA on the other hand is best described as a reward you get from playing video games on the Vulcan Forged network.
At present both tokens are ERC-20 tokens with not much information available about how they will appear or function post-launch on Elysium.
But, just so we’re on the same page, ERC-20 tokens are a type of token standardisation blueprint that ensures compatibility with the Ethereum network.
Occasionally, when new projects are developing, they will first be released as ERC-20 tokens on the Ethereum network as a proof of concept for the project.
If the project is viable, and once the new network is completed, the old ERC-20 tokens will be exchanged for the newly released Elysium blockchain’s native $PYR and $LAVA tokens.
So what about the tokenomics?
PYR – LAVA Tokenomics
Like so much of this project, as it is still in development, it is all liable to change and nothing can be said with 100% certainty.
However, at present, the $PYR token is an ERC-20 token and has launched with a max supply of 50 million, with around 50% in active circulation.
It is mainly used for payments, staking, and as a gaming utility token.
Secondly, there is the $LAVA token which is also an ERC-20 token and comes with a supply of 1 billion tokens.
Around 5% of this total supply is in active circulation.
The main use cases for $LAVA are as a reward for those staking PYR, or for those who are playing any of the Vulcan Studios games.
The $LAVA token itself can be used for liquidity on ElysiumSwap, formerly known as VulcanDex, which as the names imply, is a decentralised exchange within the Vulcan Forged ecosystem.
However, until it is released in its final form, it is worth taking everything that has been said as liable to change until the date of the Elysium blockchain’s official launch.
Vulcan Forged is always looking to innovate and is actively building up an ecosystem that can deliver on multiple fronts.
Looking to cover all angles, a blockchain, a web3 gaming studio, metaverse pre-builds, a decentralised exchange, and more.
In short, Vulcan Forged is looking to make a big splash in the crypto landscape.
Of course, as we all know, nothing is ever guaranteed in crypto.
Only time will tell if Vulcan Forged can deliver on the ambitious goals it continually creates for itself.