Listed in MEXC Innovation zone, Sandbox token in SAND/USDT trading pair has reached a 42300% ATH from 0.01 USDT opening price to the highest 8.48 USDT for the past time.
What is Sandbox?
Launched in 2011 by Pixowl, The Sandbox is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralized platform for a thriving gaming community.
According to the official whitepaper, the Sandbox platform’s main mission is to introduce blockchain technology in mainstream gaming successfully. The platform focuses on facilitating a creative “play-to-earn” model, which allows users to be both creators and gamers simultaneously. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.
What makes Sandbox Unique?
The Sandbox is a unique platform because it introduces blockchain technology to the world of gaming. The gaming industry is a huge untapped market when it comes to the adoption of blockchain tech, and Pixowl saw that in 2011. By creating a universe where gamers can create and collect blockchain-based assets, the Sandbox aims to revolutionizes the market. It makes a niche for itself in the global market of gaming.
By focusing on user-generated content, the Sandbox creates a metaverse of involved players who contribute to the platform’s further development. Not only that, by introducing the SAND token, the Sandbox promotes decentralized governance and allows users to share their views and ideas about the development of the project. Thanks to the evolving technology, decentralized governance is becoming a must-have in blockchain-based projects.
The company started out with a bang and attracted support and investments from numerous big names in the gaming industry. These include brands like Atari, Helix and CryptoKitties.
What is SAND token？
There is a maximum and total supply of 3,000,000,000 SAND tokens. Currently, about 680,266,194 SAND tokens are in active circulation, which represents 23% of the total supply available as of March 2021.
Of the total token supply, about 25.82% was set aside in a company reserve. Another 17.18% were allocated for the seed sale of the token. The founders and team members secured about 31% of the total token supply distributed among them. Around 12% of the total supply were set aside for a dedicated Binance Launchpad Sale, and another 10% were dedicated as rewards to advisors on the project.
How is The Sandbox Network secured?
As the Sandbox virtual world is built on top of the Ethereum blockchain, it is secured by the proof-of-stake (PoS) consensus mechanism. The SAND token is a standard version ERC-20 token, which means owners can stake it and benefit from staking rewards.
Unlike the proof-of-work (PoW) consensus mechanism employed by the Bitcoin blockchain, PoS does not require vast amounts of electrical or computing power to validate transactions. It relies on stakeholders with the largest holdings in SAND tokens. The PoS consensus mechanism allows for a lot of diverse applications while still ensuring the security of staked funds.
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