8Hours Foundation ($EHrT) aims to integrate the real world into the blockchain to create beneficial implications for the time we spend with our friends and family. In line with this vision, the foundation partnered up with PlayTable, the world’s first blockchain-enabled game console, to facilitate social gaming platforms. EHrT, is the native currency of the PlayTable ecosystem. It is used for anything and everything for the PlayTable. Toymakers and game developers have to buy EHrT from the open market to register their toys or assign data to their products.
Powered by VeChain’s blockchain technology, VIMworld is a smart NFT platform for collectables and digital characters. VIMs, or Virtually Integrated Metadata, are digital collectable tokens living on the VeChain Thor Blockchain. Each VIM can be seen as a digital character with unique properties and capabilities. They can be traded, collected, or used in PlayTable games.
John Dempsey, the founder of the 8Hours Foundation, is both a gamer and a collector. These were exactly the same interests that allowed him to conceptualize the whole project and later be built together with his team and the community.
Dempsey felt the need to use technology to bring people together through the help of social activities, such as games.
He built the foundation to create a blockchain platform that encourages and rewards people when using it. The platform’s goal is to ensure that its participants can spend at least a minimum of eight hours per week being engaged in meaningful social interactions.
What is the 8Hours Foundation?
8Hours Foundation is an organization put together to build a real-life community even in the blockchain space. The primary purpose of the team’s efforts, as already mentioned, is to create a platform where people are rewarded for interacting with other individuals.
The foundation collaborates with PlayTable, a blockchain-based gaming platform, to spearhead a program called ‘Toy Reality’. This way, they can build a virtual social network that emulates the real world through the tokenization of real-life assets on the blockchain.
A mixture of real-world and blockchain data storage technologies power the whole platform. Furthermore, RFID technology and tagging enable the creation of their verifiable blockchain counterpart. The same set-up supports ownership tracking, asset journey recording, and asset customization.
Eight Hours Token ($EHrT)
Eight Hours Token, or the EHrT, is the native token of the platform. It can be used as a medium of exchange, fees payment, staking, and voting. EHrT also has specific functions that help run the whole platform. Mainly, these are:
- Authentic Asset Certificates (AAC) – In making blockchain representations of real-life objects, users have to spend EHrT. The process allows for the creation of AAC, which act as proof of ownership on a blockchain-counterpart of real-life assets. Additionally, these belong to the non-fungible token (NFT) classification, the same kind that allows for the tokenization of assets in the real world. For users to be able to register and join the platform, AAC’s are required.
- In-Game Currencies (IGC) – Through EHrT, users can create in-game currencies. These are tokens that developers can create to back the economy of their games. Since these currencies can work cross-platform, other gaming systems on the 8Hours Foundation ecosystem can use them as well.
- Colored Tokens – These tokens function like marks or records on an AAC that display their digital journey. This means that colored tokens can be referred to in looking for the history of an AAC’s ownership, its authenticity, progress, and wealth, among others. Furthermore, only developers can create new colored tokens and deposit them on AAC.
Other uses for the EHrT involve other financial services such as staking and rewards. But generally, EHrT is held by users for:
- Staking – Through a grants system, users can make investments in the projects built within the 8Hours ecosystem. This entitles stakers to receive benefits from a platform in the event that they grow.
- Reward – Through a rewards system, the platform incentivizes its users to participate in network activities, especially those that involve platform developments or updates. These users receive a proportional amount of EHrTs for their participation.
- Support – Users who want to show their support on a platform that is currently being built, that can freely use EHrTs to fund a project.
8Hours backs its transaction system with the VeChainThor chain. This allows it to support a multi-party payment protocol without requiring gas fees that platforms usually charge whenever users perform these transactions.
What is the VIMworld?
Powered by EHrTs, the foundation has created VIMworld, a collaborative initiative between them and PlayTable, with the purpose of establishing a gaming platform built within its own ecosystem.
VIMworld refers to a virtual community that gathers a collection of all Virtually Integrated Metadata (VIM) that its participants have created on the platform. These are powered by AACs that help VIMs store and verify data, record transactional history, as well as the whole journey of virtual objects, among others.
VIM holders can then join any community activity with other users, or simply interact with them. These interactions are made possible by games that get people to perform certain tasks.
Features of VIMs
There are several features that help distinguish VIMs from the usual NFTs. These are:
- User-managed – Owners of VIMs can only grow in value if the owner attends to them by participating in VIMWorld activities. In addition, they can be customized based on their history.
- Asset-powered – VIMs require users to spend EHrTs from time to time if they want it to grow. This means that VIMs can hold actual value and grow at the same time.
- Digital Representation – It is one of the more innovative aspects of VIMs. VIMs allow real-life objects like toys and collectibles to increase in value through their blockchain representations.
As of late, the ecosystem behind VIMworld is already composed of more than 2,100 community members and 7,000 VIM collectibles. It is now considered one of the most adopted digital platforms, overtaking CryptoKitties’s record back in 2017.
Gaining VIMs and Growing their Value
There are plenty of ways to gain VIMs, such as rewards when winning games from various platforms on the 8Hours Ecosystem, donations or incentives given out by the foundation, purchase from marketplaces, or acquisitions of toy packages.
Besides representing the ownership of a user on an item or a game, VIMs are also valued based on the amount of game data and progress they hold. They are classified into a variety of rarities and tiers, but can be easily upgraded by adding more EHrT in them. Furthermore, higher-tiered VIMs accrue bigger benefits for its holders.
VIMs can soon be traded on the VIMExchange, the marketplace that 8Hours designed to support all NFTs in the ecosystem. When more partnerships are established, VIMs can be made available for trading on other VeChainThor-compatible marketplaces.
Creating real-world use cases for blockchain technology is one of the biggest drivers for its adoption. And since social interactions have been reduced in this modern and digital age, having platforms that help alleviate this problem could certainly have a real use case.
If VIMworld and 8Hours succeed in their goal, it can be a very interesting case study for the benefits that blockchain can bring. The project shows a promising potential to prove that the technology behind cryptocurrencies can be an effective instrument in bringing people together.
Non-Fungible Token (NFT) Series: tutorials, guides and more
NFTs are digital collectibles and items that are traded on the blockchain. They can also be used as in-game items for blockchain games. NFTs have thus opened up huge new opportunities for artists, gamers, and collectors alike.
- For a beginners guide to NFTs, check out Non-Fungible Tokens Explained (ERC 721, ERC 1155)
- As to the current NFT trend, check out the debate I had with Yat Siu, Founder/CEO of Animoca Brands ($REVV) and $SAND on whether NFTs here to stay or just a distraction from DeFi.
For in-depth information on specific projects involving NFTs, check out the following guides on this website:
- 8Hours Foundation (VIMworld) $EHrT: The Next Evolution of Gaming?
- Enjin (ENJ) Explained: Blockchain Gaming Platform
- Enjincraft Review: Adding Blockchain to Minecraft
- MEME ($MEME): A DeFi Joke?
- Rarible ($RARI): The evolution of NFTs?
- REVV: Animoca Brands’ racing games go crypto
The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur.