What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token

Notcoin operates through a Telegram bot, offering a unique blend of GameFi elements and play-to-earn opportunities. The bot rewards players with tokens for clicking, scanning projects, and more. The approach allows users to earn Notcoin by performing simple tasks without requiring any upfront financial investments​. This detailed Notcoin guide will educate you regarding every aspect the of ecosystem, which extends beyond the novel earning mechanism.

Read on to know what makes Notcoin unique, its origin, team, features, and how it stands out in the crowded crypto market.

Where to buy Notcoin?

Before we dive into the details, here are some of the top exchanges mentioned in this Notcoin guide. The following options are best suited for buying and trading NOT tokens.

Binance

www.binance.com

Buy NOT

Fees

0-4.50%

Supported cryptocurrencies

410+ and 1600+ trading pairs

Availability

U.K. & 150+

Features

•Supports over 350 cryptocurrencies and more than 1,000 trading pairs.

•Provides trading pairs such as NOT/USDT and NOT/TRY.

•Trading volume pairs account for over 51% of NOT’s trading volume.

•The NOT/USDT pair enjoys a liquidity score of over 820, ensuring efficient and smooth trading with minimal slippage.

•Available 24/7 through multiple channels.

•Provides a wealth of materials to help users make informed trading decisions.

•Offers a reliable and efficient trading environment for Notcoin users.

Bybit

www.bybit.com

Buy NOT

Fees

0.00-0.10%

Supported cryptocurrencies

620+ and 800+ trading pairs

Availability

U.K. & 180+

Features

•Bybit supports over 494 cryptocurrencies and 570 trading pairs, offering diverse trading options.

•Provides the trading pair NOT/USDT, which comprises over 11% of the total NOT trading volume, ensuring high liquidity and minimal slippage.

•Bybit offers perpetual futures for NOT, allowing traders to hold positions indefinitely with leveraged trading opportunities.

•Provides a demo account feature for risk-free trading practice, ideal for beginners and those testing new strategies.

•Offers low trading fees, enhancing cost-efficiency for traders.

•Round-the-clock assistance through multiple channels.

•Includes features like margin trading, market sentiment indicators, and leveraged tokens.

•Implements high-security standards, including SSL, 2FA, and a bug bounty program, ensuring a secure trading environment.

Unpacking Notcoin

Simply put, Notcoin is a novel initiative that allows players to earn crypto without stress. The game launched on Jan. 1, 2024, following a spell in beta mode from November 2023 onwards. Notcoin revolutionizes the way people interact with crypto by using a simple yet engaging Telegram bot.

Founding team: The brains behind Notcoin

The driving force behind Notcoin is a dedicated team from Open Builders. Reza Jafery, the founder, along with his co-founder Andrew Hayward, spearheaded this groundbreaking project. Both have a rich background in blockchain technology and game design, making them well-equipped to lead Notcoin.

Their goal is to make crypto accessible and engaging for everyone, leveraging their expertise to create a user-friendly platform that blends gaming and earning.

How will Notcoin grow? The project roadmap

Notcoin’s journey has been meticulously planned to ensure continuous growth and innovation.

• Q1 2024: The Notcoin Telegram bot was launched publicly, and user acquisition began, quickly gaining traction among Telegram users.
• Q2 2024: The introduction of NFT vouchers allows users to trade and earn Notcoins, adding a new dimension to the platform.
• Q3 2024: The platform aims to expand with new games and features, integrating seamlessly with the TON blockchain to enhance security and functionality.
• Q4 2024: The formation of the Notcoin DAO will mark a significant milestone, empowering the community to participate in governance and decision-making.

“When it comes to gaming, the blockchain shouldn’t be the leading sales pitch but the invisible technology that enables players to truly own their in-game assets and move them at will.”

Mario Nawfal, founder and Investor: X

Tracking the on-chain metrics for growth monitoring:

As we look ahead, Notcoin aims to introduce even more engaging games, improve security features, and foster a bought-in community. As a trader, you should always be on the lookout for relevant Notcoin news to track the progress of the ecosystem. 

Notcoin guide: How does the project work?

Even though Notcoin seems like a basic GameFi project or even a meme coin at times, several novel elements power this remarkable piece of machinery. Here are a few of them.

Unique consensus mechanism

Notcoin employs a unique consensus mechanism designed specifically for its Telegram-based ecosystem. Unlike traditional mechanisms like proof-of-work (PoW) or proof-of-stake (PoS), Notcoin uses a combination of proof-of-activity (PoA) and proof-of-interaction (PoI). This hybrid approach ensures that users earn tokens by actively engaging with the platform rather than merely holding or mining them.

Proof-of-activity (PoA) rewards users for their consistent engagement. Every action within the Notcoin ecosystem — clicking the coin, completing tasks, or participating in community events — is logged and verified. This approach enhances security and also decentralizes the token distribution, ensuring a fairer spread among active participants.

Proof-of-interaction (PoI) further incentivizes users by rewarding social interactions and community building. For instance, inviting friends to join Notcoin or participating in group activities earns additional rewards. This mechanism promotes a vibrant, interactive community crucial for the platform’s growth and sustainability.

To simplify, imagine a local farmers’ market where you earn rewards not just by setting up a stall (analogous to staking) but also by interacting with customers and other vendors. The more you engage, the more you earn, ensuring an active, bustling marketplace.

A quick Notcoin explainer:

Blockchain technology

Notcoin is built on The Open Network (TON) blockchain, leveraging its advanced features for enhanced performance and security. TON’s blockchain is known for its scalability and high throughput, which are essential for supporting the large number of transactions generated by Notcoin’s user base.

Transaction processing and validation

Notcoin transactions are processed and validated using TON’s multi-level sharding technology. This technology divides the blockchain into smaller, manageable segments (shards), each capable of processing transactions independently. This method significantly improves transaction speed and efficiency, allowing Notcoin to handle millions of daily interactions without congestion.

Notcoin smart contracts

Notcoin utilizes smart contracts to automate and secure transactions. Smart contracts are self-executing contracts with the terms directly written into code. In the context of the Notcoin project, these contracts handle everything from user rewards to NFT voucher exchanges. For example, when a user reaches a milestone or completes a task, the smart contract automatically releases the corresponding rewards, ensuring transparency and trust.

Decentralized ownership

One of the standout features of Notcoin is the decentralized ownership of virtual assets. Players truly own their in-game items and currency, stored securely on the blockchain. This ownership model means users can trade or sell their assets without reliance on central authorities.

Enhanced security and transparency

Blockchain technology inherently provides high security and transparency. Every transaction within the Notcoin ecosystem is recorded on the blockchain, making it immutable and transparent. This feature is particularly important in preventing fraud and ensuring that all user interactions are genuine and verified. The integration of these advanced blockchain features ensures that Notcoin is secure, efficient, scalable, and user-friendly. 

Notcoin’s burn mechanism: Promoting scarcity

The Notcoin burn mechanism is a strategic process designed to enhance the value of Notcoin (NOT) by reducing its total supply over time. This deflationary approach is intended to create scarcity, potentially increasing the token’s value and benefiting long-term holders.

How does the Notcoin burn mechanism work?

Manual burns

Initially the Notcoin team manually controls the burn process. This involves sending a specified amount of NOT tokens to an inaccessible address, effectively removing them from circulation. This method ensures precise control over the number of tokens burned and can be adjusted based on market conditions.

Automated burns

Future phases of the burn mechanism may include automated processes triggered by specific conditions, such as transaction volumes or periodic intervals. This ensures a continuous reduction in supply without requiring constant manual intervention.

Scheduled burns

Regular burn events see a portion of NOT tokens collected from transaction fees or other activities and permanently destroyed. These events are announced in advance to provide transparency and predictability for the community.

Impact on supply and value

By reducing the total supply of NOT tokens, the burn mechanism creates a scarcity effect. Assuming stable or increasing demand, this scarcity can lead to a rise in the token’s market value over time.

This is similar to burning mechanisms seen in other cryptos like Ethereum and Shiba Inu, which have successfully implemented such strategies to manage their token supplies and enhance value for holders.

Utility of the burn mechanism

The primary utility of the Notcoin burn mechanism is to manage the token’s supply and ensure long-term value appreciation in a bear or bull market. By continuously reducing the number of tokens in circulation, Notcoin aims to provide a deflationary model that supports the token’s price stability and growth. 

Notcoin traits

Notcoin is a new GameFi player characterized by its play-to-earn elements. Let’s dig into some popular Notcoin features.

Interactive gameplay

Users interact with the @notcoin_bot on Telegram, performing tasks such as clicking the coin, completing missions, and participating in community events. This simple, intuitive interface makes it easy for anyone to start earning tokens without the need for prior experience in crypto.

Quests and challenges

Notcoin regularly introduces quests and challenges that reward users for their participation. These activities range from daily tasks to more complex missions that require collaboration with other players. Completing these quests earns tokens and boosts the user’s standing in the community.

Leaderboard and competitions

Players are ranked on a global leaderboard based on their activity and achievements. This competitive element encourages continuous engagement as users strive to climb the ranks and earn additional rewards.

NFT vouchers

A unique feature of Notcoin is the introduction of NFT vouchers. You can earn vouchers by becoming an active participant and trading within the TON blockchain ecosystem. The vouchers represent future NOT tokens. Users can exchange them or hold them for potential value appreciation.

Referral system

The platform includes a referral system where users can earn extra tokens by inviting friends to join. Both the referrer and the referee receive bonuses, creating a viral growth mechanism that benefits all participants.

Collaborations with gaming platforms

Notcoin has partnered with several prominent gaming platforms, including Axie Infinity, Heroes of Mavia, and Pixels. These partnerships integrate Notcoin’s token into various games, expanding its use cases and increasing its adoption among gamers.

Notcoin guide: NOT tokenomics

To understand a project better, getting up close and personal with the tokenomics is necessary. Upon its launch on May 16, 2024, Notcoin released 100% of its total token supply of 102,719,221,714 tokens. This strategy diverges from traditional vesting schedules, aiming to create a fair distribution and reduce excessive selling pressure.

The token distribution is segmented as follows:

• 78% allocated to early miners and voucher holders.
• 9% reserved for an ecosystem fund.
• 5% dedicated to community incentives.
• 5% allocated for development.
• 3% designated for the Binance Launchpool.

During the pre-market phase, Notcoin users could earn NOT tokens through various activities, including in-game achievements and referrals. This phase saw substantial engagement, with over 35 million total users and peak daily active users reaching 6 million. The conversion rate from in-game Notcoins to NOT tokens was set at 1,000:1, allowing players to claim their tokens based on their in-game balance.​

As for the token use cases, NOT can be used for the following:

• Trading
• Staking
• In-game transactions

Notcoin has structured its token distribution to promote long-term engagement and community growth. After the initial mining phase, players can stake their NOT tokens within the game for a 30-day period, gaining access to exclusive staking pools and additional rewards. This approach encourages users to remain active and invested in the Notcoin ecosystem.

The extensive staking campaigns on platforms like Binance and OKX have already seen over $14 billion staked by users, reflecting strong community support. 

How to get and buy NOT tokens

As mentioned, you can acquire NOT tokens via the Telegram bot. Here are the basic steps to do so:

Access the bot: Open Telegram and search for @notcoin_bot. Start interacting with the bot to access the Notcoin game.

Earn notcoins: Engage in the game by tapping the virtual coin, completing tasks, and participating in community events to earn in-game Notcoins.

Claim tokens: Accumulate in-game Notcoins and convert them to NOT tokens at a rate of 1,000 Notcoins to 1 NOT token.

Airdrops: Participate in airdrop campaigns announced by the Notcoin team. Ensure your Telegram account is linked so you can receive the airdrops directly.

In case you simply want to buy the tokens without indulging in play-to-earn activities, here are a few steps:

• Choose a credible exchange.
• Create and verify your account.
• Deposit funds
• Choose the right trading pair.
• Place a buy order
• Secure tokens

Where can I store my Notcoin?

Provided you have purchased Notcoin (NOT) from our list of preferred exchanges, here are the best places to store them:

Ledger Nano X

• Traits: This hardware wallet is bluetooth-enabled and supports over 5,500 assets, including Toncoin (TON). Ideal for managing crypto on the go.
• Pros: Portable, solid security, suitable for both mobile and desktop interfaces.
• Cons: Higher cost, but worth the investment for serious TON holders and stakers.

SafePal S1

• Traits: This hardware wallet supports multiple blockchains, including Toncoin, with a focus on security. Integrates with DeFi, DApps, and NFTs.
• Pros: Affordable, compact, and secure with two-factor authentication and offline transaction confirmation.
• Cons: Lacks some advanced features found in higher-end models.

Tonkeeper

• Traits: Software, Non-custodial, user-friendly wallet designed for Toncoin. Available for Android, iOS, and as a browser extension.
• Pros: Easy to set up, secure, and integrates well with the TON blockchain for sending, receiving, and staking TON.
• Cons: Limited to TON network activities.

Trust Wallet

• Traits: Multi-chain wallet that supports Toncoin and over 40 other blockchains. Includes a built-in web3 browser.
• Pros: User-friendly, supports multiple networks, integrates with DApps via WalletConnect, seamless integration with Binance.
• Cons: Limited support for TON-specific DApps and smart contracts.

MyTonWallet

• Traits: Non-custodial wallet with advanced features for TON, available as a web and desktop app.
• Pros: Secure, supports staking and managing TON subscriptions, integrates with third-party services.
• Cons: Primarily focused on TON, limited support for other blockchains.

You can also tweak a few settings to store NOT on your MetaMask wallet. Here’s more about Tonchain:

Notcoin guide: Pros and cons

Every project has its hits and misses. Here are a few mentioned in this Notcoin guide:

Pros

• Play-to-earn model
• High liquidity and trading volume
• Strong community engagement
• Integration with TON blockchain
• User-friendly on Telegram
• Frequent updates and new features
• No crypto experience needed, so could help onboard the masses to web3

Cons

• Initial price volatility associated with NOT tokens
• Lack of a highly detailed roadmap
• Potential artificial popularity
• Concerns about sustainability
• Limited transparency from developers
• High competition in the market

Notcoin alternatives

Looking for other P2E options? Here are a few worthy alternatives:

• Axie Infinity (AXS): This is popular game with a strong community and earning potential through Axie battles.
• Sandbox (SAND): A virtual world focusing on user-generated content and creativity.
• Decentraland (MANA): A decentralized virtual world with real estate and various activities.
• Gods Unchained (GODS): This blockchain-based trading card game features real ownership of cards.
• Splinterlands (SPS): A fast-paced collectible card game with real-world rewards.

Notcoin guide: How does NOT differ from other cryptos?

As outlined in this Notcoin guide, the ecosystem distinguishes itself through its unique play-to-earn model on the Telegram platform, offering users an engaging, accessible way to earn tokens.

The strategic use of immediate token distribution and partnerships with major crypto exchanges like Binance enhances its market presence. Unlike traditional cryptos that often require significant investments or technical know-how, Notcoin’s user-friendly approach and strong community engagement make it a standout choice in 2024.

Frequently asked questions

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