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What Is Portal?
04/01/2024

What Is Portal?

04/01/2024
4,3

Discover Portal: A cross-chain platform transforming web3 gaming by offering a single access point across multiple blockchains for playing games, managing assets, and more.

Portal presents itself as cross-chain platform, which offers gamers a unified access point to play games, conduct transactions, manage assets, and more, across multiple blockchains.

Up to now, Portal has successfully integrated over 40 different blockchain technologies, including well-known ones like Ethereum, Polygon, Solana, Avalanche, and Arbitrum. From its extensive collection of more than 200 games, some of the prominent games featured are Star Atlas, Sipher Odyssey, DeFi Kingdoms, Crypto Unicorns, and Apeiron.

Source & Copyright: Portalgaming

Portal's mission is to enhance the functionality and accessibility of web-3 gaming, which offers players the opportunity to earn through gameplay. Traditionally, engaging with new games required navigating different systems, managing numerous cryptographic keys, and downloading various apps.

Portal intends to simplify this experience by managing complex blockchain interactions like bridges and liquidity pools behind the scenes, offering users a straightforward interface. This initiative aims to lower the entry barrier for new technology, potentially expanding the gaming community from millions to billions of players.

On February 21, Binance introduced Portal in its launchpool, marking it as the 47th project launched on the platform. This launch attracted unprecedented interest, with a record $9 billion in BNB and FDUSD staked in reward pools for a chance to earn part of the 50 million PORTAL tokens distributed during Binance's Launchpool campaign.

At the end of February 2024, Portal made its highly anticipated debut on Binance. This introduction rewarded airdrop farmers and Binance token holders with early access to staking rewards and other upcoming features, marking a significant milestone for the gaming token and cross-chain platform.

How Does Portal Work?

Portal bridges games across various blockchain networks by utilizing LayerZero's efficient and innovative messaging system. This integration allows diverse gaming ecosystems to interconnect through Portal's own currency, PORTAL, making it the standard currency for all transactions within the platform.

The operation of the Portal ecosystem is backed by a network of nodes, managed and run by the Portal community. These nodes create a layer of synchronization that connects LayerZero’s oracle-relayer network to Portal's Web3 framework. In practice, when a transaction spans multiple chains within the Portal ecosystem, LayerZero's messaging system initiates the transaction. 

However, Portal Nodes add an additional layer of verification to confirm the transaction's authenticity and legitimacy. This double-checking process is crucial to the Portal ecosystem, as it upholds the integrity of cross-chain transactions and, by extension, the security of the entire network it underpins.

Node operators can run these nodes either through cloud services or directly on their own devices, and they receive compensation in PORTAL tokens for their verification efforts. Rewards are distributed at the end of each 24-hour period, known as an epoch.

Source and Copyright: Portal's Whitepaper

Portal Ecosystem Overview

Portal Wallet: This cross-chain wallet streamlines web3 gaming by offering users a single identity across all games and partner networks on Portal. It handles security aspects like seed phrases and private keys, simplifying access with a straightforward single-click login using just a username and password. The wallet also integrates with platforms such as Magic Eden NFT.

Companion App: Portal's companion mobile app enhances functionality, allowing users to explore games, engage in ecosystem activities like staking for Portal farming, socialize, and trade assets across different blockchains directly from their phones.

Cross-Chain Functionality: Portal enables effortless connections across blockchain networks and marketplaces, facilitating easy asset transfers and multi-NFT storage. This interoperability significantly broadens the scope for both gamers and developers in the web3 space.

Portal Launchpad: Serving as a bridge between users and new NFT/GameFi tokens, the Launchpad offers users early access to emerging projects and provides developers a platform to showcase their creations. It acts as a nexus for connecting the Portal community with exciting new ventures.

PORTAL Tokenomics

PORTAL is a native and utility token of Portal ecosystem.
Utilizations of PORTAL include:

  • Transaction fee payments
  • The primary currency for in-game purchases
  • Granting voting rights to holders for influencing the platform's direction
  • Providing staking rewards in games
  • Enabling the purchase of nodes
  • Allowing for PORTAL mining

The total supply of PORTAL tokens is set at one billion, with approximately 167 million tokens (around 16.7%) available at launch. A significant portion of these tokens is allocated to the project team and advisors, along with the treasury. 

Source and Copyright: Binance Project Reports

Final Words

The Portal platform has an ambitious goal of changing web3 gaming, making it easier for regular users to engage with a broad spectrum of digital assets. It connects various blockchain networks, allowing quick access to digital collectibles, game tokens, and more. The compelling concept Portal, combined with the support from Binance, hints at a potentially successful future for this cryptocurrency. Nevertheless, it's still too soon to make any firm conclusions about the project's overall success. Our team will keep an eye on Portal's developments and make sure to keep you updated with the latest information.
 

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

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