AMA Recap: Gem Chasers & Transmute

Gemchasers
6 min readJan 14, 2021

Below is a full-recap of the AMA, for the gem chasers who couldn’t make it, or for anyone that’s interested. Feel free to have a read!

Telegram: https://t.me/GemChasers

Twitter: https://twitter.com/GemChaserz

0xC0nc0rdΞ:

We are full of ideas of new games as I am sure many of you are. As I said, development of really onchain nice games takes time.

0xFΔu5t:

We want to see what feedback we receive for the games we launch with and we will implement new ones based on that.

0xC0nc0rdΞ:

We are open anytime to any ideas of new games and new products to integrate into the platform but we want to finish exactly this laboratory. We want it to be real alchemy on the blockchain.

Gem Radar ✪:

It would be great to see a section where top holders have a say on which games can be added

0xFΔu5t:

After that, the goal is to make the games as independent as possible, by whatever means necessary. This will involved also expanding to other blockchains,s such as Polkadot and layer2.

We will also implement Chainlink oracles for direct on-chian price aggregation, once we feel comfortable with gas costs. Until that upgrade, we will be compiling price data off-chain, from uniswap feeds.

So much to do, so little time! :)

0xC0nc0rdΞ:

Anyone can verify the price values by any desired methods

0xFΔu5t:

All contract work is done and tested, ready to begin usage. Just waiting on us to finish the interface.

Gem Radar ✪:

perfect

0xFΔu5t:

As I began saying.. The goal is to make transmute a fully independent, on-chain, self-financing game ecosystem. The ETH blockchain is definitely the best place to start, to ensure adoption. And after that, we find nothing wrong with having the same identical games deployed on multiple blockchains, to take advantage of gas costs.

Gem Radar ✪:

How about the decentralization aspect. For it to be fully independant I think it being truly decentralized would be the best way to go about it. How would this be achieved?

0xFΔu5t:

And if Ether gas costs become prohibitive, players can just switch seamlessly in the interface, swap XPb tokens accordingly and take advantage of other chains.

I was just saying that.

We will depoy the fully on-chain versions of the games at the same time as the more affordable ones. We still have some way to go until we can offer FULLY independent betting games with such granularity that are also affordable enough to play.

But that’s what we are here to do.

Gem Radar ✪:

Awesome

0xFΔu5t:

Randomness is also not cheap at all. So for starters, in order to keep a high degree of activity, we will be sponsoring the randomness draws, for the hourly sessions.

Gathering experience with the games in a semi-managed form will give us the experience we need to make them self-sustaining and independent.

0xC0nc0rdΞ:

We suggest future players to read about other games on the initial platform too….also nice ones with nice features.

0xFΔu5t:

Wo we can do 0 work after that and just receive a percentage :)

Gem Radar ✪:

so the aim here is to have this on auto run

0xFΔu5t:

The chianlink integration, which guarantees we are not forging results, our step-by-step approach, our desire to improve the products and the definite room for improvement in the products.. are all reasons for the organic growth of the token and growing adoption over time.

0xC0nc0rdΞ:

I think for every developer this is the purpose

0xFΔu5t:

Yes, definitely. The aim is to have them work independently, on autorun with community governance, if that will be necessary for decissions.

Gem Radar ✪:

To sum it up, we will be seeing a transparent gaming/betting platform that aims to be fully indepedant and sustainable by achieving a decentralized ecosytem, which will be powered by Chainlink 🙂

0xFΔu5t:

That would be just a gem! Independent on-chain luck games… Which are a little more varied than just the plain lottery contract

0xC0nc0rdΞ:

Alchemy Transparent Platform!

Gem Radar ✪:

Definitely.

Alright, well we’ve preselected two questions from the community for you guys to answer

let’s move on to that!

0xC0nc0rdΞ:

let’s

0xFΔu5t:

yay

Gem Radar ✪:

@ALAMSP asks, What about other products or dapps other then games. Could we see Transmute implementing anything else? maybe some traditional defi options such as yield farming?

0xC0nc0rdΞ:

We thought about that too. The first idea was to implement some geysers to incentivise our liquidity providers to gain some Xpb to play with. All is under development atm and YES, we want to offer a full defi experience.

0xFΔu5t:

We take pride in the fact that, even if gambling is a despicable and unworthy activity… at least it is a clear and simple value generating concept. People bet, some win, all bets go into the prize pool, which means profit from which further winners are paid.

0xC0nc0rdΞ:

and ofc, nothing is lost, all is transformed. Our protocol does that.

0xFΔu5t:

That means we will be able to clearly afford to offer yield farming, where the yiend i generated from actual value.

We do not intend to stray from the initial identity too much.

If other ideas will grip our interest and if we will be pleased with the state of the Transmute project, we will definitely pick up other, more challenging, maybe more high-brow projects.

That;s what we live for! :D

For example, options and compounded financial instruments sound very appealing to us, as a future project.

Gem Radar ✪:

@AldwynFox868 asks to create Transmute Protocol financial ecosystem and give it a boost in the start, will there be a buyback or a burn of a token supply? Can we see some interesting mechanisms like this in place?

0xC0nc0rdΞ:

The burn mechanism is included in game 1. All is described in the medium articles our Chief Alchemist posted.

0xFΔu5t:

We have a tool with which we can stimulate this, yes. Or halt it for that matter.

0xC0nc0rdΞ:

The buyback is actually made by the users…it is a very interesting mechanism….we think it will work as strategies of users are unknown to us.

Gem Radar ✪:

definitely!

0xFΔu5t:

The first game grants all XPb holders that hold over 1000 XPb the right to burn XPb for a guaranteed USDT reward.

We will be able to adjust thi sreward on a weekly basis.

Gem Radar ✪:

Amazing.

0xFΔu5t:

This way, we can lightly incentivize medium-term holding..

0xC0nc0rdΞ:

When a user wages an amount of tokens, they go into a pool even is the users won or lost the transmute. The tokens in the pool can be bought back by other users at a slightly lower price than on Uniswap, with ETh, contributing to the prize pool.

0xFΔu5t:

We really want to see how everything will work out, really eager to get started and see some user social pathways we can lay with :)

0xC0nc0rdΞ:

Game 3 also will be awesome.

:)

The Discord Experiment

0xFΔu5t:

yes, that one is quite interesting :)

Gem Radar ✪:

Well i guess all w have to do is wait and see, but for now we should show our support by participating in the pre sale 🙂

0xFΔu5t:

participating users all bet between 1 and 7 XPb and at the end of the day, whichever team has the least amount of contributors, wins everything

0xC0nc0rdΞ:

If you want to be part of this journey, you are free to join our channels. We will try to be there and support any of our contributors and future players/alchemists

The defi projects can not exist without the communities building them. That is a fact

0xFΔu5t:

That is very true. We have a lot of work to do still, but we promise you an interesting ride if you join us.

0xC0nc0rdΞ:

and by a lot, we mean a LOT

Gem Radar ✪:

no i agree, this one is going to be major. People will realize this.

0xFΔu5t:

The contracts are quite brief and simple, self audits should be easy, but anyway, I will get to writing detailed explanations for them, as soon as everything is operational.

0xC0nc0rdΞ:

The contracts contain mathematical expressions which are easy to solve by any adult. All you have to do is to know the syntax

0xFΔu5t:

:) right

Gem Radar ✪:

awesome!

Okay thats all we have time for today

0xFΔu5t:

That being said, we will also look for official audits asap

Thank you for bearing with us, Gem Chasers!

0xC0nc0rdΞ:

Agreed!

Gem Radar ✪:

We support you!

Thank you for being cool and explaining the tech side of things for us!

0xC0nc0rdΞ:

And don’t forget to always chase the Gems. Share them with the communities if you wish!

Toodles!

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