Cryptocurrency attributes
Other attributes
CycGo is a Web3 lifestyle app with accompanying Social-Fi and Game-Fi elements. Players are equipped with non-fungible token (NFT) bicycles and cycle to earn tokens, which can be utilized for leveling up and minting other bicycles. Users can decide to lease or sell their NFT bicycles on the in-app marketplace, and their token earnings are kept in the in-app wallet, which possesses a built-in swap feature.
The Web3 lifestyle app is built around a daily physical movement activity. In this move-and-earn concept, players equip themselves with bicycle NFTs, and they walk, jog, or cycle to receive game currency, which can either be utilized in-game, or cashed out for profit.
With Game-Fi, CycGo's advertised objective is to nudge people toward movement, combat climate change, link the public to Web 3.0, and use its Social-Fi aspect to build a platform that fosters user-generated Web 3.0 content. The game token is GRT, and the governance token is GCT. The platform takes taxes from in-app activities, like NFT trading, bicycle minting, and bicycle rental. The assets in the Cycgo app are owned by individual players, and earnings in the app are made by users.
To protect user assets, CycGo adopts a decentralized wallet. Player assets like Bicycle, BNB, GRT, GCT, and others are stored in the decentralized wallet. They do not need to be transferred to the inventory system. The system records the reward assets of the players riding (the centralized account possesses no private key), and withdrawals can be done in the decentralized wallet.
The stage 1 decentralized wallet is built into the game and supports the BNB chain‘s asset, possesses a swap (trade) function with liquidity, and a wallet backup function. The stage 2 decentralized wallet in development provides a multi-chain asset deposit and withdrawal and another UI/UX.
The game token is GRT, which means Green Ride Token. The governance token is GCT, which means Green CycGo Token. GRT has an unlimited supply. It is earned whenever a player moves in solo or background mode. The GRT contract address is 0x82338511b087c884411d7C17145f6e172Fe1B03f. The GRT is burned by bike minting, repair, leveling up bicycles, upgrading gems, and unlocking sockets.
The GCT is minted at the token generation event (TGE) and has a total of 1,000,000,000 minted. The GCT contract address is 0xD869Ead042e8D46017c74E3Accf8bb90b7eF565A. Thirty percent of the total GCT will be distributed to players through move-and-earn and governance participation. To support the longevity of the CycGo project, the overall release of GCT will halve once in three years.
The GCT earning starting date and earning mechanics will be revealed when the platform's Twitter followers reach 150k. The GCT burning mechanics (Destroying) and staking rules are revealed when Twitter followers reach 200k. Through the locking of staked GCT, players will get increased voting power.
The marketplace is where players can rent/lease or sell/purchase their NFT bicycles, badges, and gems. Filter and sort functions help navigate the marketplace.
CycGo aims to streamline the onboarding process by introducing a rental system. Through the provision of a smart rent/lease system, interested users can download the app and rent a bicycle. Users looking to rent can go to the in-app marketplace.
Players will be required to apply for a rental, and after they are paired with a leaser, they will be required to completely agree to the leaser’s rental terms prior to the approval of the rental. Each rental contract lasts about 24 hours, after which the bicycle is returned to the owner for repair. Rental agreements can stretch up to about seven days, depending on a renter’s credit rating. If the renter fails to fulfill the terms that are stipulated in the rental agreement, it results in a one-star deduction from their renter credit rating. When a renter finishes a session in solo mode, the smart contract distributes the earnings according to the rental agreement.
Though it is yet to be decided, the earnings of both the renter and the leaser are fixed. The system will incentivize renters with 0.1 credit for every successful rental agreement fulfilled. In the upcoming credit system, renters need to finish a set of “scholar” quizzes to enhance their credit rating. When their rating reaches 2/5, they are able to begin renting. The process ensures that they comprehend the fundamentals of the app and stops renters from underutilizing, misusing the app, or not yielding any returns. The credit rating is topped out at 5/5.
