The post Why Gleec Transitioned From Secure Communications To Payments & Tokenized Art appeared first on Coinpedia Fintech News
For most blockchain developers these days, the focus of their efforts is no longer just about digital assets. Rather, it’s about building an ecosystem around those assets as a way of making them more “useful” for the people who own them.
With an expansive blockchain ecosystem, cryptocurrencies gain more purpose and utility, and that will often translate to increased demand. And if a digital asset is in high demand, there’s every chance its value will increase, much to the delight of anyone who owns it.
In the context of blockchain ecosystems, cryptocurrencies become a kind of “digital oil” that greases the wheels, allowing people to access the various products and services that are built on that network. For instance, the most famous blockchain ecosystem is Ethereum, and to use a decentralized application built on that network you’ll need to hold some ETH, as that’s the primary token used to pay the “gas fees” required to transact with any Ethereum-based dApp.
This is why the quality of the goods and services within a blockchain ecosystem has a direct impact on the asset’s value. The better those products and services are, the more people want to use them, and that means stacking up on those native assets. Those crypto assets are scarce, and so a broad ecosystem with tons of high-quality services is sure to help drive their price up.
In other words, if you’re looking for a good token as an investment, it’s essential to consider the broader ecosystem around that asset and understand what value it actually provides. That means exploring the various protocols and dApps within that ecosystem to see what they have to offer, how unique they are, and whether or not they’re likely to grow.
The best developers understand this and focus on building out novel ecosystems that can offer something that other networks don’t, and that has led to an explosion of decentralized networks all doing their own thing.
An Evolving Ecosystem
Take a look at Gleec, one of the oldest blockchain ecosystems around. It began life in 2015 as a network for secure communications, and that’s still a major focus of the project through Gleec Chat, which provides a secure, blockchain-based platform for encrypted messages.
Having embraced blockchain in 2017 and created a native token, GLEEC, that same year, Gleec has since launched numerous initiatives that aim to increase the utility of its native asset. Looking to build up an ecosystem that functioned around its communications platform and the GLEEC token, it first created Gllec Wallet. This later morphed to become the Gleec BTC Exchange, which makes the asset accessible to a global audience.
It has since added a global payments infrastructure with services such as Gleec Pay, which enables businesses to accept crypto payments, and Gleec Card, which makes it possible for crypto holders to spend their tokens at any store that accepts Visa cards. The company was notably one of the first to seize on the opportunity created by El Salvador’s decision to legalize Bitcoin, securing a license to convert Bitcoin payments into U.S. dollars at any store via the Gleec BTC Exchange.
Gleec also dabbled in play-to-earn games with Gleec Racing, a blockchain-based game that was created in collaboration with the Buggyra racing team. It was a comprehensive, adrenaline-fueled racing simulator where players could deposit GLEEC to compete in weekly Grand Prix races, with the winners taking home a significant prize pot paid out in GLEEC.
Diversity is a key theme for Gleec, and its latest initiative has seen it venture into the world of tokenized art with Raphael Coin, or the RAPH token. It’s a novel digital asset that represents a share of the recently rediscovered Rafaello masterpiece “Recto: Study for the Battle of the Milvian Bridge”. By purchasing RAPH tokens with GLEEC, users can become fractional owners of the authenticated artwork through Gleec’s transparent blockchain infrastructure, helping to preserve a cultural masterpiece for future generations.
Enhancing Utility & Value
Gleec’s strategy of exploring different use cases and applications makes a lot of sense, and has had a dramatic effect on the platform’s adoption. Previously, with its laser-focus on building a secure communications platform, it could only attract a very limited audience – and it was also competing in a very tough industry, with heavyweights like WhatsApp also offering encryption.
By expanding its horizons, it appeals to far more than just techno-geeks interested in encrypting their communications, with art enthusiasts becoming its newest target demographic. And now it’s taking that even further, once again reaching out to racing enthusiasts with its sponsorship of the Emirati rally car driver Aliyyah Koloc.
Such initiatives showcase the flexibility of Gleec’s regulated blockchain infrastructure and allow it to attract a much wider audience. With its growing ecosystem, Gleec offers a wide range of very useful services, enabling people to actually spend their crypto, use it to play games and invest. Such a strategy has also increased the visibility of Gleec, helping it to target new markets like El Salvador and grow its user base.
Having a broad blockchain ecosystem fosters more innovation, with insights from one area being applied to other projects building on the same infrastructure. It also ensures more efficient utilization of blockchain resources, supporting multiple applications and services. Meanwhile, Gleec’s regulatory-compliant infrastructure becomes more adaptable and versatile, making it easier to embrace new use cases for blockchain technology as they arise.
As Gleec’s ecosystem expands, it creates positive network effects that benefit every participant, with increased transaction volume for the GLEEC token meaning more liquidity and enhanced value for token holders.
By evolving from secure communications into a comprehensive payments infrastructure and an experimental platform for art tokenization, Gleec has transformed GLEEC’s utility and created greater value for token holders. It culminates in more positive network effects that benefit every participant, creating much brighter prospects for the blockchain’s future.
