Ancient8 (A8): The Key to Making Gaming Possible on Ethereum
Though there’s a huge demand for web3 gaming services right now, many blockchain networks are struggling to keep up. Systems like Ethereum are realizing they can't quite handle the volume of transactions that a game requires. Ancient8 hopes to step in and help make blockchain technology more suitable for the modern gaming era. Explore this guide to learn how Ancient8 provides the fast transactions and network security that web3 game developers need.
Key Takeaways:
Ancient8 is a gaming-focused Ethereum Layer 2 network. It uses Optimism and Celestia technology to create an affordable and fast way of developing games on the EVM.
Looking to trade Ancient8 tokens? Bybit now offers the A8/USDT Spot trading pair.
What Is Ancient8?
Ancient8 is a gaming-focused Ethereum Layer 2 network. It uses Optimism (OP) and Celestia (TIA) technology to create an affordable and fast way of developing games on the Ethereum virtual machine (EVM). Ancient8 has a community-driven approach that provides support and assistance for developers.
History of Ancient8
The Ancient8 ecosystem was founded in 2021 and is located in Vietnam. Its creators — Howard Xu, Nathan L, Thuat Nguyen, Jenny Nguyen and William Phan — are all web3 enthusiasts with a focus on gaming and investing. Their work to create a new system for gaming on Ethereum has attracted quite a bit of positive attention, and the project currently has over $10 million worth of funding from Makers Fund, Pantera Capital and other investors.
What Does Ancient8 Aim to Achieve?
The overall purpose of Ancient8 is to help shape the future of web3 gaming. The company hopes that the future will include vibrant metaverses where creativity and innovation are rewarded. In order to achieve this goal, Ancient8 aims to tackle many individual objectives:
Prioritize modularity to seamlessly integrate a variety of games into the system
Democratize gaming by putting control of the system in the hands of its users
Reduce gas fees and increase transaction speed in order to avoid roadblocks in blockchain development
Retain EVM compatibility in order to ensure new products are compatible with existing Ethereum projects
Design an environment that not only supports game creators, but rewards game players for their participation
How Does Ancient8 Work?
Ancient8 functions as a Layer 2 network that runs on top of the main Ethereum blockchain. Its system functions as an independent chain, but syncs with the Ethereum blockchain to store its underlying data. This design lets Ancient8 enjoy the network security of Ethereum while also offering faster transactions and more complex features than one can find on Ethereum alone.
To further refine their blockchain, Ancient8 uses technology from Celestia and OP Stack. These systems help to manage a modular design that splits Ancient8 into five separate portions. The five layers manage data availability, sequencing, derivation, execution and governance separately. This way, people only need to access the specific portions of the blockchain they're actually using.
Developers in the Ancient8 ecosystem can then design programs that run on the Ancient8 network. These decentralized apps (DApps) usually combine both smart contracts and software. The people who play games on Ancient8 will interact with the helpful interface, while the digital assets and data for the game will be stored on the Ancient8 blockchain.
Features of Ancient8
Ancient8 is much more than just a Layer 2 system. As part of its mission to create accessible web3 gaming for anyone, Ancient8 strives to ensure that its users have a variety of other helpful features as well.
Acceler8
Acceler8 is an incubation grant program for game developers. To help build a comprehensive ecosystem of games on Ancient8, the blockchain distributes funds to promising new projects. People who choose to build on Ancient8 can get all sorts of helpful grants to pay for development costs.
Airdrop
The Ancient8 Airdrop distributes tokens to community members within the ecosystem. You can gain eligibility for the airdrop by actively participating in forums and signing up for an account. Once you're a community member, check the airdrop page to see how many tokens you can get. The current round of airdrops will be live until Aug 17, 2024.
Staking
A8 token holders also have the option of staking their tokens. By temporarily locking your tokens, you help to stabilize the network, and you also get to earn rewards. A8 stakers are able to receive passive income from tokens while still being able to eventually sell their tokens.
Ancient8 Ecosystem
Ancient8's global game distribution platform already includes a variety of exciting games. Users can play SocialFi games, roguelike games and more. There's a marketplace where people can buy and sell digital assets as well. The ecosystem also includes blockchain bridges, crypto wallets and other helpful services for gamers. For developers working on Ancient8, the ecosystem offers premium security measures, NFT infrastructure and marketing tools.
Ancient8 Foundation
The Ancient8 Foundation is a set of core partners who help to shape the direction of the Ancient8 ecosystem. It’s headed by web3 gaming thought leaders, but anyone with enough A8 tokens is able to join and make suggestions.
Ancient8 Governance
Ancient8 plans to run using a decentralized autonomous organization (DAO). This management system allows users to submit and vote on proposals. Not only does this make Ancient8 more democratic, but it also allows for more potential creativity within the system. To obtain voting power in the DAO, users simply need to hold or stake A8 tokens.
Ancient8 Road Map
In the years since its founding, Ancient8 has successfully built and released a blockchain for developers to run games on. Its plans for the future are now pivoting to focus on long-term maintenance and growth.
First, Ancient8 hopes to secure additional funding and release scholarships for more game studios to build on its chain. Once this is complete, the network will then begin prioritizing its DAO. Finally, Ancient8 hopes to create a system that will be the largest blockchain gaming guild and metaverse community in Southeast Asia. It hopes to be able to provide scholarships to tens of thousands of developers, and to host a variety of esports games and tournaments.
A8 Tokenomics
A8 is the governance and utility token of the Ancient8 community. It's an ERC-20 coin with a total supply of 1 billion tokens that will be distributed as follows:
Community and ecosystem: 32%
Team: 20%
Treasury: 15%
Seed Round: 10%
Liquidity: 10%
Private Round: 6%
Public Distribution: 5%
Advisors: 2%
A8 Price Prediction
Ancient8 just released its token in late July 2024, and yet it's already been through a lot of changes. The coin spiked to an all-time high of $0.32 within two days of release before undergoing a slow yet steady decline in price. The coin’s price is currently fluctuating between about $0.10 and $0.15, which has led to some users claiming A8 might be a pump and dump or rug pull scheme.
However, despite some rumors about the token being a scam, other crypto investors remain positive. Some believe the token is simply correcting its price and will recover shortly. This view is backed by CoinCodex data, which suggests the token's price is likely to start recovering in late August 2024 and potentially reach $0.59 by the end of the year.
Where to Buy A8
Looking to trade Ancient8 tokens? Bybit now offers the A8/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the A8/USDT Spot trading page.
Is A8 a Good Investment?
A8 certainly has some promise as an investment option. The digital asset is being discussed a lot on social media at the moment, and this sort of hype often leads to increased prices for cryptos. Due to the token's price history, it's an especially good option for investors who like taking the risk of buying low-priced crypto and seeing if it can recover.
However, keep in mind that not all of the community engagement for A8 is positive. Some investors are concerned about the project's future, so it's wise to exercise caution. Research the company carefully before you make your own decision, and consider using risk management strategies prior to purchasing A8 or any other token.
Closing Thoughts
Ancient8 hopes to revolutionize the web3 gaming system by enhancing game development and operation. The Layer 2 network's ability to streamline development and speed up gaming transactions is certainly useful. However, the project is still fairly new, and hasn't yet proven it can attract a lot of users. If you're considering using or investing in Ancient8, follow the project to see how it evolves over time.
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