Polygem Whitepaper - Ishaan Singh

Please enable JavaScript to view the full PDF

Polygem Whitepaper v1.0.0 Overview PolyGem is the first esports decentralized ecosystem which encompasses streamers, players, teams and tournament operators and advertisers. PolyGem is here to build a decentralized social token & NFT platform allowing streamers, teams and fans to play, compete, own and earn in one single ecosystem in a completely decentralized manner with balance of power residing with themselves. Polygem wishes to harness the power of Web 3.0 to make commerce accessible and transparent to the entire esports ecosystem while protecting the IP of the creators and transferring power back to the community instead of aggregators like FB/ Youtube/ Other streaming platforms. The Polygem ecosystem will grow to generate millions of micro-entrepreneurs who will build on top of the Polygem blockchain to create their own smart contracts/tokens/NFTs on the Polygem platform. The Problem For Streamers and Content Creators ● Asymmetric Distribution of Revenue - As of today, less than 1% of the streamers in SEA make a sustainable income which is sufficient for them to continue their careers as streamers. This is due to major revenue bleeds via third parties. Polygem will work with the creators directly to ensure there is no leakage of revenue. ● Lack of Transparency - These intermediaries do not share any details of the revenue generated by the creator and simply hand them a payout without an explanation. Polygem will maintain full transparency by showing the creator exactly how much they made and when. For Fans ● Social Barriers w/ the Streamers - Fans often find it hard to have a 1-1 Interaction with their favorite streamers. ● Lack of proper incentives - Fans don’t get incentivized properly for showing support to their streamers. 2 For Teams • Additional Revenue Stream – Teams in Southeast Asia are currently struggling to monetize their talents (for who they pay significant costs). The Polygem ecosystem allows them to diversify their revenue streams and monetize their streamers via NFTs and Social Tokens. • Team Tokens – Similar to how streamers can be monetized via NFTs and social tokens. The teams can also now provide their fans with a deeper engagement via their own NFTs and social tokens. These tokens can be used to: o Voting in Polls for Jersey Design, etc. o VIP Rewards o Exclusive Promotions o VIP Discord Channels o Exclusive airdrops and games o Exclusive merchandise drops For Tournaments • Lack of Ips – Apart from a few major tournaments in the region, Southeast Asia suffers from a dearth of Ips which can attract the big teams and talents in the region. This is often due to the inability of the tournaments to have prize pools large enough to garner the interest of the top teams and talents. Additionally, there are no community tournaments due to the lack of a platform which allows them to create tournaments and distribute prize money. • Prize Pool – Tournaments can use PGEM tokens to increase their prize pools. Traditionally, prize pools have always been cash only. However, that presents several limitations due to the requirement for sponsorships, etc. With PGEM tokens, tournaments can offset a lot of that and use their own tokens as a part of the prize pool to make it more lucrative for participants. o Tournaments can also allow fans to donate PGEM tokens which will be used to increase the prize pool. This will allow them massive scalability in terms of the prize pool and scope of the tournament. • Community/Streamer Tournaments – Gamers can organize their own community tournaments by using a token buy in and winner take all tournament format. Participants pay an entry fee to enter the tournament and the winning team/individual takes home the entire pot. • Pro Tournaments – The aim for this is to allow pro teams to organize their own tournaments in the form of invitationals, etc. Multiple teams can then use their own tokens to contribute to the prize pool via buy-ins and fan donations. • Filling the void – The esports ecosystem in Southeast Asia suffers from a dire lack of Ips. Polygem will create multiple Ips spanning from the school level up to the pro levels. This will enable fans, streamers, and teams to create their own Ips along with the Ips created by the Polygem platform as well. 3 The Market The increasing proliferation of mobile phones and easy availability of games on the App Store and PlayStore along with innovations in both hardware and software are expected to have a positive impact on the growth of the global gaming market. Additionally, the growing adoption of mobile games which offer free-to-play business models is another trend that is gaining traction in the gaming market. Furthermore, with the rising popularity of esports, multiplayer video game competition between professional and amateur players, the gaming market is witnessing an accelerated growth worldwide. Some of the other factors propelling the gaming market are the empowering nature of games; availability of different genres, such as strategy, action, simulation, etc.; and a shift from physical games to online games. Looking forward, the global gaming market is expected to reach a value of US$ 287.1 Billion by 2026, exhibiting a CAGR of 9.24% during 2021-2026 (Newzoo Gaming). The core players of eSports value-chain are Game developers, Players, Streamers, Teams, Tournament Operators, and the eSports fans. These are the people that drive innovation and engagement. Augmenting their earnings and their fan following should be prioritized above all else and they should have full control on the same. With this objective of building micro entrepreneurs in mind, we introduce the Polygem solution as a decentralized eSports platform where ecosystem participants can “play-compete-own-earn”. 4 The PolyGem Solution The Polygem solution is to create an interactive blockchain for all eSports ecosystem participants, whilst also maintaining transparency and decentralization; this ecosystem will be powered by an EVM-powered blockchain that will focus only on eSports. This blockchain will use the PGEM token (Polygem’s native token) to pay for transaction fees and will be integrated with the Polygon (MATIC) SDK. The Polygon’s token (MATIC) will play a crucial role in becoming the validators for the Polygem blockchain (thereby securing the network) and also providing cross-chain functionalities such as bridges (thereby making the chain interoperable with other chains). Smart contracts & Transparency Polygem will run on an EVM compatible blockchain that’ll allow developers and entrepreneurs outside of the core Polygem team to build upon the Polygem ecosystem. 1. Bring transparency in payments between the streamer, teams, tournament operators and the fans. 2. Will allow ecosystem participants to leverage social tokens to effectively remove the middleman and create applications that will leverage the Polygem user base. 3. Bring the liquidity from other blockchains (such as Ethereum, Polygon, BSC etc..) via interoperability. 4. Allow streamers to partake in creating NFTs, blockchain e-commerce and amplifying their user base with incentives. 5. Game developers in future can use Polygem API to build on-chain games. Social Tokens Polygem already has a community of 750k monthly active users and more than 70+ streamers. Social tokens are aspiration because they unlock accessibility and exclusivity to the team and streamers. 5 Each team and streamer will be issued Social tokens that represent their social clout. These social tokens will: ● Fans crave for accessibility Special access to fans like exclusive content, merchandise, and events. ● Allows streamers to incentivize and grow their user base with their creator tokens. And allowing fans to earn tokens by participating in various activities that will show support to the streamer. ● Allows traders to speculate on the social clout of the respective streamers. All fans need to buy social / Creator tokens using PGEM Tokens. The price of a social token follows a bonding curve similar to Bancor’s AMM curve. NFT Marketplace A NFT marketplace where fans can Buy and Sell NFT: 1. Iconic Moments of Tournaments 2. Player/Streamer Cards 3. Team Memorabilia 4. Livestream grabs of key game moments For each sale, Polygem will charge a transaction fee in PGEM Tokens. And the marketplace will be integrated with other major marketplaces such as Rarible or OpenSea in just one click. Evangelism Program The Polygem evangelism program will focus on high-traffic crypto websites and marketplaces to take part in the POLYGEM ecosystem where 15% of any sales will be rewarded as PGEM tokens for evangelists. This evangelism network will also include Influencers, News Networks, Streamers, Blogs and more. Decentralized/Centralized Integrations Besides integrations that are built core into the Polygem blockchain, many other applications can be built that are centralized/decentralized which can then be used to leverage the PGEM user base. A few applications that can be built are: 6 1. E-commerce Marketplaces 2. Live Streaming 3. Onchain Games 4. Reputation Ecosystems etc. The PGEM Token The PGEM token is the underlying token that is used to power the Polygem blockchain, provide liquidity to all of the various social tokens that will exist on the Polygem platform and boost the engagement on the Polygem platform. As more streamers, teams and tournament operators are on-boarded onto the PGEM ecosystem (with the help of PGEM incentives), they’ll attract more fans who crave for exclusivity and 7 accessibility and will interact with various activities on the platform and pay fees in social tokens. All social tokens can only be bought with PGEM tokens. The streamer/team/tournament operators, do their IPO of their own social tokens which are enabled on the Polygem platform and bought by PGEM tokens only. The platform will burn the PGEM tokens received from the fans and ensure that the value is paid back to the IPO promoters. The promoters can do the IPOs at a frequency which is dependent on the supply-demand of their social tokens. And every time an IPO happens, PGEM tokens are used and burnt; and the value is paid back. The social tokens are constantly consumed on the “access exclusivity” activities and burnt while more social tokens are infused into the system through loyalty driving activities such as drops, spinwheels, thus the combination of loyalty driving, and exclusive-driven activities will drive the demand for social tokens. As the clout of the promoter increases the demand for the social tokens will increase necessitating the need for new IPOs. P2P Social Token Exchange Every social token will be freely tradable by the community on Yugen and every transaction there will be a fee charged in the form of PGEM. All fees charged in PGEM are burnt and the value is distributed between the platform and promoter to create a recurring revenue stream for the promoter. NFT Marketplace Every promoter has the opportunity to create their own NFTs. Every NFT sale will charge a fee in PGEM. All fees charged in PGEM are burnt and the value is distributed between the platform and promoter to create a recurring revenue stream for the promoter. This creates a positive feedback loop for the PGEM token that helps fuel further Polygem ecosystem growth. PGEM Token Burn As described above, ipon performing various activities with the PGEM ecosystem, a certain fee is charged in PGEM tokens. This fee is in some activities dynamic whereas in other activities it is fixed based on the value that is transacted. This fee is always burnt from the ecosystem creating a scarcity of PGEM tokens from the ecosystem. 8 PGEM Use-cases Unified Liquidity for Social tokens / Creator coins Creator coins are naturally scarce, with generally fewer than 100 to 15,000 coins in existence for each profile. This is because as more people buy a profile’s creator coin, the price of the coin goes up automatically at a faster and faster rate. This means that, eventually, it would take billions of dollars to mint even one more coin. The formula or “curve” for determining the price of a creator’s coin is as follows. Note that creator coins are normally bought and sold with the PGEM cryptocurrency, but we provide a dollar version of the formula for easy calculating: Price in PGEM = .003 * creator_coins_in_circulation^2 Price in USD = .003 * creator_coins_in_circulation^2 * PGEM_price_in_usd When you create a profile, there are initially zero coins in existence and thus the price is zero. If you want to buy coins from the profile, it will happily mint them out of thin air and sell them to you according to the price curve above, making it more and more expensive as more coins are purchased. The money you use to buy the coins gets “locked” in the profile in exchange for the coins. On the flipside, if you want to sell coins, the profile will happily buy them from you according to the curve using the money locked from previous buys. And so, buying creates coins while pushing the price up and locking money into the profile, while selling destroys coins while pushing the price down and unlocking money from the profile. This is often referred to as an “automated market-maker,” and it’s the same concept that powers protocols like Uniswap and Bancor Incentivising & Gamifying Engagement PGEM tokens will be used to incentivise engagement across the ecosystem. This includes activities like airdrops, competitions, lucky draws, proof-of-attendance etc. that will help grow the PGEM ecosystem. Staking For users who seek to get a portion of the PGEM inflation, they can stake their PGEM tokens and get rewarded from the inflation of PGEM tokens. Staking reduces the amount of PGEM tokens in circulation improving the token’s security and creates long term supporters for PolyGem. Social Token Offerings To bootstrap new and upcoming streamers with funds, the Polygem platform will allow streamers/teams to conduct social token offerings (like an Initial Coin Offering) where an 9 initial supply of the creator’s token is sold at a fixed price for PGEM tokens (Similar to how ICOs raise funds in ETH). Paying Transaction Fees The PGEM token will be used to pay for all the blockchain transaction fees that’ll be charged on the PGEM blockchain. Actions such as “liking a post”, “posting a comment” etc. all charge a transaction fee that is in PGEM. The PGEM token will power a EMV-compatible blockchain that will allow developers and entrepreneurs to write smart contracts that will allow business logic to be embedded into the blockchain. Developers can use popular smart-contract programming languages like Solidity/Vyper to build smart contracts and pay PGEM tokens for the creation of these smart contracts and interactions with it. Ecosystem Building ● All streamers and teams will be initially (or 6-8 Months) given fixed salary and some amount of PGEM Tokens. ● Incentives for Game developers who build on top of the Polygem chain. ● After a period of time, all streamers/teams who join Yugen Platform will be compensated via PGEM tokens only and not cash ● This will motivate the streamers / teams to work towards increasing the utility value of PGEM tokens ● For streamers/teams who are offered fixed salary + PGEM tokens, vesting period will start a little later and the amount of tokens that can be vested in initial months will be low. ● For streamers / teams joining late with only PGEM tokens will be getting a shorter vested period with a slightly higher amount to be vested in initial months as compared to point 4. ● The tournament prize money will be a mix of cash and PGEM tokens in the beginning and moving onto only PGEM tokens as Prize Money after a few months. (During promotion/advertisement the prize money will still be mentioned in terms of value of cash, but delivered as PGEM tokens equivalent to the cash prize money) ● Benefits to the streamers / team: This adds to our value proposition of providing alternate revenue sources to them and showing the increased value of tokens over a period of time to them instead of only fixed cash. Summary In this document we describe the Polygem ecosystem, the PGEM token and its utilities, and an overview of the features of the entire ecosystem. Combined, we see that Polygem can gear itself towards creating a more transparent, decentralized and empowered eSports ecosystem. 10