Effort Economy is building a new category of apps called E2E - Effort2Earn. Their platform uses cryptocurrency, tokens, and NFTs to help increase brand awareness and user acquisition. It is designed to use a series of applications and engage users with different earning mechanisms like play2earn.
Its first application is Bengga, which features hypercasual games and allows players to earn for the time spent in the app. Currently in the beta stage for the Philippines only, the app already has 100,000+ downloads and is responsible for around 10,000 WEFFT (Wrapped EFFT) ESDT transactions on our network.
The company plans to go live with the Bengga app in September and rapidly expand to the entire South-East Asia region.
The Effort Economy ecosystem also includes the T6 League (beta), an eSports league that allows players to participate in internet tournaments with cryptocurrency prizes. Players will be able to convert the EFFT token into fiat, spend it with partner brands or convert it into ecosystem perks such as Bengga special booster packs.
Effort Economy will soon also feature DeFi products for staking EFFT tokens, NFTs and an NFT marketplace. All of these components will be deployed on the Elrond blockchain, further increasing the amount of tokens, transactions and soon NFTs and DeFi products available on our network.
“The combination between crypto and the play to earn model is responsible for the massive surge of interest for blockchain applications from the gamer communities in South-East Asia. We look forward to onboard them into the Elrond ecosystem through creative platforms such as the Effort Economy.” said Beniamin Mincu, Elrond Network CEO.
“We have set up the Effort Economy as a means of enabling rapid growth for businesses, brands and applications while onboarding millions of users that get rewarded in the process. Thanks to the fast and inexpensive transactions of the Elrond Network, as well as the low development effort required to integrate it into our products, we can scale our growth efforts much faster” said Troy Serafica, Effort Economy Creator.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
The Effort Token Network will smoothly and naturally bridge the gaps between consumers, corporations, apps, brands, cryptocurrency adoption, and market outreach irrespective of industry or use case. Helping apps and brands achieve business objectives by creating different engagement types that are interactive and fun.