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Increasing technological advancement is giving way to new creations in the virtual world. Today, Virtual Reality creations are getting more popular for the tech-savvy generation to grow with. As a result, the need to get the VR technology to reach mainstream adoption is gaining more interest. Tech giants are releasing related products like Samsung's Gear VR Headsets. Though still complicated, new crypto-related projects are introducing ways to simplify the process. One which allows creating video games, experiences and virtual spaces without writing code is Voxelus.
The VR platform allows anyone regardless of skill level to create both "Voxelus Creator" and the "Voxelus Viewer". Voxelus Creator is a 3D design app for PC and Mac (open source building software). The Voxelus Viewer works on desktop PCs, Oculus Rift and Samsung VR headset devices.
Together, they make up the Voxelus system which enables users to create, purchase and sell content on a marketplace. The platform plans a revenue share with creators in the VR game industry. This points to the potential for its users in the future. Estimates show that the VR game industry will be worth $12 bln in the next five years.
The platform aims at getting some of the 2.5 billion unbanked people globally to use their mobile phones to create, buy and sell VR content.
To purchase new or premade content on the Voxelus marketplace, users need the in-game cryptocurrency, Voxels (VOX). VOX is the official currency of VR and the only form of money used within the Voxelus ecosystem. VOX could be best defined as the currency that powers the Voxelus ecosystem.
All the items on the platform are priced in VOX. It is used for the purchase and sale of all content, services and awards. The main excitement surrounds the possibilities that the in-game cryptocurrency can contribute to accelerating the spread of VR content.
Voxelus imitates Bitcoin's open source nature, Second Life and Minecraft to create its VR platform. With Voxelus being touted to be the leader in VR content, its use is expected to blossom as more less expensive VR headsets flow into the market. All content will be compatible with Samsung VR and Oculus Rift, with support for other VR environments. The estimated prices of Samsung Gear VR Headsets range from $99.99 to $299.99. VOX's use is likely to experience an uptake as VR adoption widens. A VOX is worth about $0.33 according to today’s market chart.
Voxelus was initially supported by one of the largest Bitcoin companies in the world, Uphold. The company transacted an equivalent of under 36% of the world's publicly available Bitcoin at some point. VOX was directly available for purchase on Uphold Wallet for free at first. It could be moved, converted, held and transacted with any form of currency, digital currency or commodity on the platform.
VOX was also the only cryptocurrency other than Bitcoin supported by Uphold. VOX could be bought at exchange rate with Bitcoin, via bank transfer, with a debit or credit card or with any currently held funds. Later, it was possible to convert and exchange VOX to any other currency or value supported on the platform.
Uphold enabled VOX to get equal functionality to Bitcoin. It also made it accessible to people around the world. Voxelus later took the technology in-house and discontinued the partnership with Uphold. Users with tokens stored at Uphold were advised to transfer them to the Voxels QT wallet. Now, its focus is on existing distribution arrangements with Bittrex and Shapeshift. It is also available on Livecoin, Litebit and Coinexchange mainly as a VOX/BTC pair.
VOX can be traded mainly for BTC on the cryptocurrency exchanges mentioned earlier. The traded BTC can be converted to cash or to other cryptocurrencies. If going for cash, the converted BTC can be liquidated and withdrawn through the banks. It is also possible to cash out through banks' automated teller machines. Alternatively, there are Bitcoin-backed debit cards like BTCC’s Mobi Card. They enable quicker and direct access to cash.
VOX is dubbed the first official currency of virtual reality. It is the only acceptable currency on Voxelus as the world’s first end-to-end VR content creation platform and marketplace.
It completed its private pre-sale of 1.2 million VOX for a total of 1,022 BTC ($350,000 USD at the close of the pre-sale). This represents the largest amount ever raised in a private crowdsale of a cryptographic token. The prior record was held by Swarm, which sold $250,000 of its tokens privately before selling a total of $1 million in the combined private-public crowdsale.
The VOX blockchain functions the same way as Bitcoin's. Its functionality has been made to equal Bitcoin's though serving the ecosystem of a VR gaming platform. Its being the main currency of a marketplace that is the worlds largest source of VR content explains its promises.
There is a projected upcoming explosion of VR content. As the platform's only currency, VOX is unique to bring real innovation to many. For example, it could make many attend a live concert or other big events as it allows users to buy Virtual Experience.
VOX is a Proof of Work Scrypt cryptocurrency that is fully premined. As a clone of Litecoin with 210 mln coins in supply, its mining is possible but not recommended. There is 0.00 block reward for mining blocks that are 2.5 minutes apart and with a 30 minute difficulty retarget.
Mining it would not yield much profitability. Rather, it would only get the miner transaction fees at most after having wasted much electricity and equipment. It is not clear if there are transaction fees levied.
VOX is not likely to be affected by block size scaling issues. Its consensus mechanism is majority controlled by stakeholders and its core development team. Written in a variation of Litecoin code, it adds a checkpoint server to prevent double spending. VOX is considered the first proof-of-work coin to include a checkpoint server.
To stimulate the market, Voxelus this year offered up to 33.3% equity stake in the company in exchange for the 15% of VOX in circulation. The idea is to increase the scarcity of the outstanding VOX as demand rises in the marketplace. It also provides users the opportunity to own equity in the VR platform at an attractive valuation. The equity stake will be in common stock in Voxelus, Inc., a Delaware corporation.