Introduction to Guilds
Here at EtherChest we are always thinking of new ways to make participating in the Ecosystem rewarding and fun. NFTs and an Ecosystem currency allows our users to participate in staking ETH but what if there was more?
Guilds
In the coming weeks we will be launching Guilds which will allow users to stake Gems and earn EC-Gold, our in-game currency. Yes, for those of you who don't know our eventual goal is to make EtherChest an Open World RPG who's economy is driven by Ethereum 2.0 validators!
We are very excited to introduce Guilds, the first manifestation of the EtherChest game!
How do Guilds work?
Guilds come with staking rewards! When a user joins a guild by staking their gems In order to participate in Guilds there will be a few guidelines.
- To create a Guild users must have at least 1 Diamond Gem in their possession at time of creation.
- Guild Owners also have the ability to decide who gets to join their guild by implementing staked amount minimums and staking periods etc...
- There are three different types of Guilds
- *Ore Miners Guild
- This guild mines the Ore used by Blacksmiths to create weapons and armor.
- Receives EC-Gold for every gem staked and distributes the reward to the guild members.
- Blacksmith Guild
- Buys Ore from Ore Miners Guilds
- This guild uses the Ore produced by the Ore Miners Guilds to create weapons and armor.
- Receives EC-Gold for every gem staked and distributes the reward to the guild members.
- Receives random airdrops of tools which allow the creation of upgraded armor and weapons
- Merchant Guild*
- Buys weapons from Blacksmith guild and sells them in marketplace
- Pays Taxes
- Receives EC-Gold for every gem staked and distributes the reward to the guild members.
- Is allowed to purchase land at wholesale and sell in the marketplace.
- *Ore Miners Guild
How do I create a guild?
Once we launch guilds you will have the opportunity to create your own. To create a guild you must own at least 1 Diamond Gem. Once created, you will have the ability to name your guild, decide the type of the guild, update the guild badge and define staking minimums and staking period. To create a guild you will need to visit your dashboard inside of the EtherChest dAPP and click the Guilds tab.
Can I destroy my guild?
You can destroy your guild only if the creator is the only member left and all other members have un-staked their gems from your guild.
How do I join a Guild?
To join a guild, simply visit our Guild page(coming soon) and find the guild of your choice. Read the requirements and click join! Once you are in the Guild you will need to stake the required gems to begin earning your rewards.
Are my Gems locked in the Guild and do I still own them?
Your Gems always belong to you regardless of their status. You can unstake your gems at any point while being a member of a guild but it will take 1 full day for your Gem to become unstaked. Once it is, you can trade it like normal in our marketplace.
Will I still earn Ducats if my Gem is staked?
Absolutely! EtherChests strength comes from Ethereum 2.0 validators which reward gem users based on the type and number of gems a user owns. This does not change regardless of the gems status inside of the guild. You always earn Ducats as long as you own Gems. Staking your Gems gives you an extra bonus!
How can I use EC-Gold?
EC-Gold is our in-game currency. This means that you can use it inside of the game for purchasing, ore, weapons, armor and land etc.. EC-Golds value is based on market demand and are not redeemable from our Ecosystem for Gems, Ducats, Hive or Ethereum.
Can I sell my EC-Gold
Yes, you can go to our marketplace or a 3rd party exchange and sell your EC-Gold to other users.
Are weapons, tools and ore prices pegged?
No, the price of items inside of the game is determined by users. EtherChest Ecosystem does not dictate the price of any of our in-game items. This will allow for competitive pricing!
We will be adding more features and fine tuning the ones mentioned over the next few weeks so stay tuned and have fun!
Thank you for reading and stay tuned for next week!
Our mission is to use Blockchain Tech to its fullest capabilities and we look forward to being part of the Hive family! Thanks for reading and please give us a visit in our Discord for further explanation.
